Why Eros Stock Jumped Monday
Shares of Eros International (NYSE: EROS) jumped on Monday. The stock was up about 8% as of 11:46 a.m. EST.
The stock's gain followed news that the South Asian over-the-top entertainment platform is collaborating with Alphabet's YouTube Music in India in a promotion to get more users to sign up for its Eros Now streaming TV service.
Image source: Getty Images.
As part of the collaboration, an Eros Now subscription will be offered to new YouTube Music premium and Google Play Music subscribers in India for 99 Indian rupees, giving users access to Eros Now for 90 days. After this 90-day period, customers will be billed normal monthly subscription rates for the two services.
"Amongst several initiatives we deeply invested in growing the base of paid digital subscriptions in India and this strategic alliance with YouTube and Google is another example to ensure we are able to move the needle for the growth of this business in India, while providing for a super value to our consumers," said Eros CEO Rishika Lulla Singh in a press release about the collaboration.
This collaboration should help Eros continue its rapid growth in Eros Now subscribers. In Eros' fiscal second-quarter update before market open last Friday, the company said its Eros Now subscribers increased 81% year over year to 23.5 million.
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