The Multiplex Association of India (MAI), representing multiplex operators across the country, expressed deep concern over the proposed acquisition of Warner Bros Discovery by streaming platform Netflix and said it warrants “careful scrutiny”. It noted that this will pose a direct competition and economic threat to India’s theaterical and broader film economy. From the Indian entertainment landscape perspective, analysts beleive this will enhance Netflix’s positioning and market share within the overall India OTT market.
On Friday, Netflix said it has inked a definitive agreement to acquire Warner Bros Discovery (WBD), which includes its film & TV studios and streaming business (HBO/HBO Max).
The industry body added that India’s cinemas depend on a steady and diverse flow of “compelling films” to attract audiences and sustain a vibrant theatrical ecosystem. The acquisition of one of the world’s leading studios by a dominant streaming platform that has historically deprioritised theatrical releases poses a direct competition and economic threat to India’s theatrical and broader film economy, it noted.
Kamal Gianchandani, President of the Multiplex Association of India, said: “The Indian theatrical market thrives on choice, scale, and cultural diversity. Warner Bros has historically been a key partner to Indian cinemas, contributing consistently to our release calendar with successful global and local titles. Cinemas in India are more than entertainment venues. They are cultural hubs and significant economic contributors. They support millions of livelihoods across production, distribution, exhibition, F&B, and ancillary services.”
He claimed that Netflix has consistently made it clear through its limited and highly restrictive approach to theatrical releases that it does not believe in the cinema-first model. “If this acquisition proceeds, the risk is two-fold, a meaningful reduction in high-quality content for cinemas, and the potential for shortened or non-existent theatrical windows. This would inevitably impact revenues, limit consumer choice, and weaken the broader ecosystem of film production, distribution, and exhibition in India. A consolidation of this magnitude warrants careful scrutiny. MAI will continue to highlight these concerns to regulatory authorities both in India and internationally,” he added.
Influence on India’s M&E landscape
Karan Taurani, EVP, Elara Capital, said the acqusition has the potential to position Netflix as the platform with the strongest recall for movies, originals and global TV content, significantly deepening its catalogue beyond any other competitor. This will enhance Netflix’s offering in the Indian M&E landscape and improve its positioning and market share within the overall India OTT market at a time when JioStar has a dominant position in live sports.
“This may help Netflix raise ARPUs in a price-sensitive market like India over the near term, supported by a wider content slate and deeper catalogue; Netflix may also be able to renegotiate minimum guarantee and distribution deals more favourably with its partners, given its expanded content variety,” he added.
He pointed out that Netflix is the market leader in India’s subscription video on demand segment, while JioStar is the second largest player in the advertising video on demand market after YouTube.
“It will also strengthen Netflix’s movie, IP and franchise production capabilities, potentially resulting in higher film production activity in India for both direct-to-OTT releases and theatrical films,” Taurani stated in an analyst note. At the same time, he pointed out that the importance of the Indian Premier League rights will rise further for JioStar, as they will have to retain IPL digital media rights in the 2028 IPL rights auction, to maintain their dominance in India OTT market with large players like YouTube & Netflix.
Elara Capital also beleives the acqusition will have a negative impact on other OTT platforms, particularly broadcaster-led OTTs and Amazon Prime, as the growing dominance of JioStar and Netflix may limit ability of others to scale in India OTT market. Taurani said it will also have a negative impact on linear TV broadcasting industry as competing OTT platforms become larger and larger with deeper content offerings, leaving limited headroom for broadcaster OTT expansion.
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Published on December 6, 2025
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