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- Streaming giants Netflix, Inc (NASDAQ:NFLX), Amazon.Com, Inc (NASDAQ:AMZN), and Walt Disney Co (NYSE:DIS) on Friday confidentially explored ways to dodge India's new tobacco warning rules.
- The executives of the streaming companies, and India's Viacom18, which runs billionaire Mukesh Ambani's JioCinema app, held a closed-door meeting, where Netflix warned the rules could prompt production houses to block their content in India, Reuters cites familiar sources.
- They also discussed possible legal challenges in claiming that other ministries - IT and information & broadcasting - have powers over streaming, not the health ministry.
- The Indian health ministry ordered streaming platforms to insert static health warnings during smoking scenes within three months. The regulator also wants at least 50 seconds of anti-tobacco disclaimers, including an audio-visual, at the start and middle of each program.
- Amazon and other companies found it impossible to edit the films in three months and decided to consult lawyers and protest.
- Filmmaker Dylan Mohan Gray flagged the new Indian rules as "harassment," as it did not regulate murder, war, and highly violent crime scenes similarly.
- India is a hot market for streaming giants, and executives fear business impact and higher costs.
- Price Action: NFLX shares traded lower by 1.22% at $398.22 on the last check Friday.
- Photo by Ivan Marc via Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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