Online video streaming site for Indian entertainment content, Spuul is in discussions with Softbank and a few other investors to raise $100 million to scale up its operations.
The Singapore based company has India as its primary market. It was founded in 2010 by Sudesh Iyer, S Mohan and Subin Subaiah. Sudesh Iyer was the founder of Sony Entertainment Television in India.
Spuul has a database of over 1000 movies and has tied up with Indian production houses like Eros to serve premium content to its users. It is trying to disrupt the streaming experience by offering content across platforms – mobile (iOS, Android), Web, TV (Samsung, Panasonic, LG), Airplay on iOS, and Chromecast on Android.
This Internet company is profitable. It monetizes on the free content through advertisement, and the paid content is available via subscriptions. The cost of the subscription content varies as per the geographic location of the user. As per a coverage by ET, has monthly revenue of $1.5 million and is registering 80 to 100% growth annually.
The above graph shows where India stands globally when it comes to online video consumption. According to a report by Deloitte, there is a rise in on demand content consumption globally, which is mainly being fuelled by mobile devices. India is seeing a rise in Internet users, smartphone penetration, and now with the gradual spread of 4G networks, it is likely that the above shown position will change. Currently with Netflix and Hulu not showing any signs of entering the country, the space for on demand video entertainment is open for companies like Spuul.