The stock of Zee Entertainment fell 2.68% to Rs 470.30 on BSE on Thursday, hitting a 20-month low amid concerns investments in its video-on-demand website Zee5 are likely to drag margins in the near term. The Zee Entertainment stock declined about 6% in the past three days. Market participants said Zee5 would require to spend more on quality content to drive viewership and compete against large players with vast video streaming experience. They also said competing with digital and over-the-top platforms such as Netflix, Amazon and possibly a larger domestic rival like Reliance Jio Infocomm will be an overhang. Earlier this year, ALTBalaji, the over-the-top video content provider wing of Balaji Telefilms, entered a deal with Reliance Jio to make available its original content on the Mukesh Ambani-led telco\u2019s digital platforms such as Jio Cinema and Jio TV. \u201cThey will have to increase the expenses to gain the market share and to stay in the competition. In live streaming, they will have to compete with big players like Amazon and Netflix which could put pressure on their margins for the next two-three years,\u201d A K Prabhakar, head of Research at IDBI Capital. So far in 2018, Zee Entertainment declined by 19.2% against Sensex\u2019s gain of 12.3%. Of the 38 analysts who track the stock 24 gave it a \u2018buy\u2019 rating, 10 a \u2018hold\u2019 and four analysts gave a \u2018sell\u2019 rating.