This case study was developed using secondary data sources, including financial reports, press releases, analyst commentary, industry databases and news articles published between 2022 and 2025. All information has been compiled from publicly available sources to ensure factual accuracy/no primary interviews or proprietary company data were used. As the case study is based entirely on secondary information, no ethics review board approval was required, and no details have been disguised.
In November 2024, Reliance Industries Limited (RIL) and the Walt Disney Company’s India entities announced a landmark US$8.5bn joint venture (JV) to form a new streaming platform, JioHotStar. RIL emerged as the majority shareholder holding 16.6% directly and 46.6% indirectly through Viacom18, while Disney retained a 36.8% minority share. The JV rapidly became a dominant force, controlling over one-third of the Indian Media and Entertainment (M&E) industry. By May 2025, the JV had ascended to the third-largest global video-on-demand service, trailing only Netflix and Amazon Prime Video. Nita Ambani, wife of Mukesh Ambani, Chairman and Managing Director, RIL, also a promoter director of RIL, was appointed as the chairperson of the JV, and Uday Shankar, former head of Star India and Disney India, was appointed as the vice chairperson to reinforce continuity from past operations.This strategic restructuring helped Disney stay relevant in standalone operations in India, after significant setbacks, such as losing Indian Premier League streaming rights, declining subscriber bases, high content costs and a lack of platform-agnostic screening supported by seamless data broadband at competitive rates. While RIL disrupted the M&E market and offered innovative bundled products and took a last mover advantage in the erstwhile JioCinema, it gave the company a firm grip on India’s digital ecosystem. In 2025, JioHotStar contributed approximately 14% of RIL’s top-line revenue and a significant 35% of the company’s operating EBITDA, indicating a high margin as compared to the holding company’s capital-intensive energy sector business. Could the JV maintain strategic autonomy within RIL’s sprawling conglomerate structure, or should it demerge? Amidst platform fragmentation and shifting consumer habits, will the consolidation yield sustained shareholder value?
This case study is well suited for upper-level undergraduate students as well as graduate programmes such as MBA and Executive MBA.
