Lionsgate is betting big on streaming. Its fast-expanding streaming arm StarzPlay has already launched in around 60 major markets across the globe, including in India (as Lionsgate Play). As the studio seeks to put its streaming platform into fast gear, it has decided to raise $1 billion via a bond sale. Lionsgate will use the proceeds of the bond sale to repay its outstanding debt.
The move will give Lionsgate room and leeway to invest in expanding its streaming business, which has seen a considerable spike due to the Covid-19 pandemic and subsequent lockdown conditions across the world.
To make a sizeable dent in the international streaming market, dominated by deep-pocketed streamers – Netflix, Disney Plus and Amazon Prime Video, Lionsgate and StarzPlay must build an attractive originals library – via both acquisition and production. Recognising the role of original content in shoring up value, Lionsgate’s India entity Lionsgate Play has announced two Indian Originals in the last three weeks alone – to be developed and created in India.
It has also acquired original shows and films from content creators. Today, it bought European and Latin American streaming rights for Peacock’s upcoming star-studded limited series Dr Death. Hopefully, Lionsgate’s latest move to raise $1 billion will help it to achieve its expansion goals faster.
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