The government has taken an initiative to ban 24 websites and apps for spreading obscene content online. Now, Ekta Kapoor’s company has suffered a loss.
The Ministry of Information and Broadcasting has tracked down 24 apps and websites that were spreading bold, obscene, and vulgar content, some of which were promoting soft adult content. OTT platforms like Ullu TV, Desiflix, and Ekta Kapoor’s ALTT were banned by the government. However, amongst the apps, one of the apps owned by Ekta Kapoor’s company, which has the highest market value, is also one of them. Due to the step taken by the government, Ekta Kapoor’s company has suffered a loss of about Rs 900 crore.
What did The Economic Times report say?
According to a report by The Economic Times, Ekta Kapoor’s annual report for 2023-24 had an investment of Rs 795 crore in OTT subsidiary ALTT Digital Media Entertainment. Earlier, it was known as ALT Balaji, but later changed to ALTT. The OTT platform was launched in 2017 to expand Balaji Telefilms in the business. Interestingly, the company has not only invested Rs 795 crore but also given a loan of Rs 103 crore to its subsidiary. The total comes out to Rs 898 crore.
What is the valuation of Balaji Telefilms?
As per the report, Balaji Telefilms has a valuation of Alt Digital Media Entertainment worth Rs 1209 crore, where producer Ekta Kapoor has an 18.16% stake in the company. Ektaa’s mother, Shobha Kapoor, has a 10.84% stake. Apart from them, Reliance Industries also has a 24.82 per cent stake in it.
Why did the government ban apps?
The government has banned these apps because they were spreading explicit and obscene content, where some of the family relationships were shown in a dirty manner. The government said, ‘OTT platforms will have to work responsibly. Freedom does not mean showing whatever comes to mind. Permission cannot be given to spread obscenity .’
The OTT platforms that were banned are ALTT, ULLU, Big Shots App, Desiflix, Boomex, Navarasa Lite, Gulab App, Kangan App, Bull App, Jalva App, Wow Entertainment, Look Entertainment, Hitprime, Feneo, ShowX, Sol Talkies, Adda TV, HotX VIP, Hulchul App, MoodX, NeonX VIP, Fugi, Mojflix and Triflicks.
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