Hyderabad-based Silly Monks Entertainment (SMEL), engaged in digital entertainment and associated with movies such as Baahubali, Rudramadevi and Eega, among others, is planning to acquire and create content in various languages and dub the same in local languages for distribution across the YouTube channel. The company, which recently raised Rs 15.12 crore through an IPO, focuses on content aggregation, customisation and deployment of content, both in the audio and video formats, for mobile carriers, devices and music stores in India and overseas. Announcing its trading on the National Stock Exchange (NSE), CEO Sanjay Reddy said shares were listed at a premium of 20% at Rs 144 over the issue price of Rs 120. Silly Monks is the first digital entertainment company to be listed on th NSE’s small- and medium-sized enterprises (SME) platform, Emerge. The proceeds from the IPO will be used to acquire audio and video content to expand its presence across the country and for general corporate purposes, Reddy said. According to data available with the NSE, the company’s IPO, which was opened for subscription on January 5, 2018 and closed on January 10, was subscribed 17.23 times.
Founded by media and entertainment specialists Sanjay Reddy and Anil Pallala in September 2013, the company has a multitude of popular digital media properties such as MonkStar Music and more than 990 YouTube channels delivering 400-odd million views per month. While the focus is to create and manage content for YouTube, the company has been steadily making forays into the movies — both distribution and production with music acquisition portfolio through its mVAS vertical and web series production. “While our movie and short film acquisition numbers are showing steady growth, we believe in creating a larger base with aggregating and creating content for various OTT platforms simultaneously,” Reddy said.
On the trend in the digital entertainment industry, he said nine out of 10 internet users in India will be in the regional language space by 2021. Silly Monks believes that the over-the-top (OTT) content space, which is currently ruled by Amazon and Netflix, is now beginning to define itself, thereby allowing for immense potential of parallel growth as also carving out niches. With the advent and wide spread shift to 4G/5G bandwidth, players have shifted from the traditional mode of watching from television to laptops and smartphones.