Increasing Craze Of Ott Platforms In India
Category: Total VDO Date Published: July 25,2022
India’s OTT industry is growing like never before now,
against the backdrop of pandemics. The regional OTT platforms have also
contributed to the rise
Another year has been lost
to the pandemic, and various sectors such as real estate, hospitality, and
mobility are counting their losses and making projections of when they’re
likely to attain their pre-Covid growth levels. Amid this doom and gloom, the media and entertainment sector presents an
encouraging picture. According to a recent report by the Confederation of Indian
Industry and Boston Consulting Group, India’s media and entertainment industry
has revived to pre-Covid levels and is expected to grow to $55-70 bn by 2030 at
10-12% CAGR, driven mainly by strong growth in OTT, gaming, animation, and VFX.
The report explains that the
media and entertainment industry contracted by 10% year-on-year in 2020, its
market size decreasing from $26 bn in 2019 to around $24 bn in 2020. This contraction was mainly due to a decline in advertising
revenues across mediums such as print, television, and radio. However, digital
led-consumption of OTT services and gaming is now driving the growth, helping
the industry grow 12-16% year-on-year in 2021, to a market size of $27 bn. Today, OTT has a 7-9% market share in India’s $27 bn M&E
industry. However, by 2030, its market share is expected to increase to
22%-25%. Meanwhile, television’s market share will decline from around 35% to
24%. The growth in the number of Indian households with a Pay TV
subscription, such as Tata Sky and Dish TV has more or less stabilized, only
growing at 2%. However, India is seeing a growth of 51% in the number of
households with a subscription-based video-on-demand service or SVOD.
This growth in
subscription-based OTT services offered by the likes of Netflix, Amazon’s Prime
Video, and Disney+ Hotstar can be attributed to the improved internet and
smartphone penetration and payment mechanisms.
As the experts pointed out,
the Indian OTT industry has just started scaling up and will continue to
remain a high-volume market. Hence, expect more pricing experiments and
bundling of OTT services with your mobile data plans as more global streaming
players tap into the Indian market.
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- Increasing Craze Of Ott Platforms In India