NDTV Convergence launches online shopping portal
The platform will offer products from a wide range of categories like mobile, electronics, lifestyle, home, kitchen, and more, from the top brands across India
NDTV Convergence, a subsidiary of NDTV, has launched an online shopping portal called NDTV Shopping. The platform will offer products from a wide range of categories like Mobile, Electronics, Lifestyle, Home, Kitchen, and more that include products from the top brands across India.
NDTV Shopping will also search for top deals on various products to help users save big. The platform's team of reviewers will filter the best of the best products from the sea of offers.
"After months of hard work, glad to finally announce the launch of our new portal: NDTV SHOPPING. Trying to help people make informed buying decisions!!" NDTV Convergence, SVP Partnerships and Alliances, Vaibhav Sehgal, announced on LinkedIn.
NDTV Convergence, which is NDTV Group’s digital arm, recorded its highest-ever revenue in 2019-20 with a 21.4% EBITDA margin. The company also has an ad sales deal of more than Rs. 350 crore in the APAC region with the content discovery platform, Taboola.
According to NDTV's FY20 annual report, Facebook had partnered with NDTV Convergence as a part of its “Watch” platform initiative to provide video content to Facebook. Convergence has also been on-boarded by Facebook for its “Star” program, a pilot program for micropayments to reward content owners and publishers.
Further, Google has partnered with NDTV Convergence as a premium publisher to launch its new content format in India, “Web stories”. Convergence was chosen as a part of the Google News Initiative earlier in December 2018; the project was rolled out in November 2019.
It is working with Google to introduce new innovative interactive experiences in India for online video. The two are also working on a greenfield project around the dissemination of audio news across devices. Its YouTube subscriber base has increased by 105% over the last year and the average monthly revenue has more than doubled.
In FY20, NDTV Convergence sold 100% of its shareholding in Fifth Gear Ventures Limited (Carandbike.com) to Mahindra First Choice Wheels Limited, a subsidiary of Mahindra & Mahindra. The company is the exclusive sales representative for carandbike.com.
Convergence has recently re-launched its education site in association with Career 360 for a deal worth several crores. Consumption of video content (video views) has grown by more than 170% year on year for Convergence.
NDTV Convergence had posted a profit of Rs 19.47 crore in FY20 compared to Rs 19.8 crore in the previous fiscal. Revenue from operations jumped to 155.6 crore from Rs 152.9 crore. Total expenses stood at Rs 139.4 crore as against Rs 130.3 crore.
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