JioCinema: Reliance Industries-owned streaming platform JioCinema has announced a reduction in the prices of its premium offerings. The decision comes as competition heats up with industry giants like Netflix and Amazon Prime.

Reliance, through its media unit Viacom18, holds a substantial share of India's lucrative $28-billion media and entertainment market, boasting multiple TV channels and the popular JioCinema streaming app.

According to a statement released by JioCinema on Thursday, the ad-free version of its premium service will now be available at an introductory price starting from as low as Rs 29 ($0.3480) per month for a single-device streaming subscription. For those opting for the "Family" plan, allowing streaming on up to four simultaneous devices, the price will be Rs 89 per month.

Previously, the premium offering was priced at Rs 99 ($1.19) per month or Rs 999 annually for streaming on up to four devices simultaneously, albeit without an ad-free experience. Existing JioCinema premium subscribers will automatically receive the benefits of the "Family" plan at no additional cost.

JioCinema, renowned for offering free streaming of the IPL cricket tournament, clarified that the revised pricing is exclusively for premium content. Free streaming of matches and numerous other shows will continue unaffected.

Mukesh Ambani, the richest person in Asia and the chairman of Reliance Industries, is known for disrupting competitors in India's price-sensitive market through competitive pricing strategies.

This reduction in prices positions JioCinema more competitively against global rivals like Netflix and Amazon, particularly following recent developments such as the agreement with Disney to consolidate India TV and streaming assets, as well as content partnerships with major players like Warner Bros Discovery and NBCUniversal.

Among its diverse offerings, JioCinema hosts popular titles such as "Succession" and features beloved characters like Harry Potter, alongside a wide array of content catering to younger audiences, including popular Japanese anime series like Pokemon.

(With Reuters inputs.)