Locomotive Global Inc. sold a majority stake of the company to Chicken Soup for the Soul Entertainment. The acquisition aims to expand its content production while setting up for more growth in India.
Chicken Soup for the Soul Entertainment operates streaming of advertising-supported video-on-demand (AVOD) networks and is one of the largest and leading brands. The company last week announced the acquisition of the majority share in Locomotive Global Inc.
Locomotive Global Inc is a leading media production company based in India. Scott Anderson, who was strategy head of programming and acquisition for the Hallmark Channel. Scott Anderson also worked with Starz/Encore and Liberty Media Corporation.
Scott Anderson along with Sunder Aaron who is also co-founder of QYOU Media India and former EVP for Sony Pictures Television Networks India runs the company.
Locomotive Global is contributing to a number of original productions. An original series in development with Amazon Prime Video, as well as remakes of well-known series including Ray Donovan for Netflix India in Indian Languages, are produced and developed.
Expansion into India has been a dream for Chicken Soup for the Soul Entertainment. In an international expansion strategy partnering with an ambitious and promising company like Locomotive Global is the cherry on the top.
Locomotive’s revenue, cash flow, and presence in India satisfy the motive of acquisition and allow the company to utilise as a base for further expansion in the region. Locomotive’s expansion plans are a top priority and vital for the international strategy.
There continues to be a major opportunity to produce high-quality content for platforms and services in India such as Amazon Prime Video, Netflix, Hotstar-Disney+, and others. The demand for original movies and series is high amongst the rapidly growing OTT user base.
Western markets have higher production costs as compared to India. The saved sum can be utilized to improve development and production capabilities to meet this growing demand for quality content. High-quality productions for Chicken Soup for the Soul Entertainment’s AVOD networks at lower costs are also a priority.
Provided with the rapid expansion of broadband connectivity, FAST channels, and usage of connected televisions. The AVOD business is destined for massive growth in India. Partnership with Chicken Soup for the Soul Entertainment provides the required strength to juice the opportunities presented.