According to a new report by UnivDatos, the OTT Market is expected to reach ~USD 15 Billion in 2032 by growing at a CAGR of ~17.3%. OTT (Over the Top) platforms are the digital service providers that enable the distribution of audio, video, and other media content directly to consumers over the internet as opposed to through Pay TV operators like cable and satellite. Such latest streaming sites like Netflix, Amazon Prime Video, and Disney+ have come as important innovations that offer users a great content library on movies, TV series, documentaries, and many more. They adapt to different users, then provide suggested lists, and easy-to-use apps, and can be played on several devices such as phones, tablets, smart TVs, and computers. Most OTT platforms are available through paid services with others coming with advertisements or pay-per-view; this improves viewership experience depending on the choice of a given platform.
KEY GROWTH DRIVERS:
The Indian OTT market has grown rapidly only within the last few years due to high internet usage, the ubiquity of smartphone devices, and shifting trends in consumers’ preferences to streaming media. Competition is high with many players like Netflix, Amazon Prime Video, Disney+ Hotstar, ZEE5, JioCinema, and more. The market has many options for all kinds of audiences with choices in terms of languages and genres. Operations are done both online and offline, and content is localized based on the regional audiences which makes it even more competitive. In providing new content and working with regional directors, the array of options has expanded even more, enticing subscribers’ interest. Also, competition fosters novelty in content distribution, promotion techniques, as well as monetization approaches, including dual paywalls and ads-formed products.
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• In June 2024, ‘Hari Om,’ a new mythological OTT platform, was launched. Hari Om aims to offer a digital repository of Indian mythology and traditional narratives. The platform intends to cater to the growing global interest among younger audiences in Indian culture and spirituality, serving as a gateway to explore Indian traditions.
• In August 2024, Reliance Industries Ltd (RIL), which will control the merged Star-Viacom18 entity once it receives regulatory approvals, announced consolidating its streaming services under a single platform, JioCinema.
The report suggests that Increasing Internet Penetration is a significant factor driving the growth of the OTT market in the coming years. Higher rates of Internet usage across the population have been an essential factor influencing the market size of the OTT industry in India. Thanks to cheap smartphones and mobile internet, the number of people connecting to the internet has increased especially in the urban and semi-urban centres. As per the latest records, more than one billion Indians are now active internet users of which around 550 million are using the internet on their mobile handsets. This wide network makes a large audience interested in OTT platforms that have differentiated content that is easily available at any time. The availability of 4G technology and now 5G has also greatly boosted streaming quality as instances of buffering are minimized. Besides, going further, the governmental programs aimed at increasing levels of digital inclusion and strengthening infrastructure of internet availability in rural areas extend the market to potential subscribers to OTT solutions. The OTT services and content consumption can grow rapidly because the number of internet users, who can be reached initially for the platforms, increase and the target can offer the content according to regional languages and culture to the consumers. Various kinds of content are available on the internet, the OTT market in India has gained momentum because of the internet availability and its matching content.
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Sports Segment Gaining Maximum Traction in the Market
The sports segment in India’s OTT market has been growing rapidly in recent years due to factors like a rise in internet connection, smartphone usage, and a shift in consumer demand. With the onset of more followers of different sports, especially cricket, new digital platforms like Disney+ Hotstar, SonyLIV, and Viacom18 have increasingly gone for acquiring rights to stream only specific leagues and tournaments. This shift has not only increased the viewership but also generated huge advertising revenues. In addition, there has been constant innovation in terms of the new regional sports leagues and specific tailored sports content this has helped broaden the target audience and make the sports OTT an active and significant part of the Indian entertainment sector. Consequently, this segment looks forward to further growth, as content innovations and partnerships give it added value.
Conclusion
The Indian OTT market is rapidly growing, with advancements in the media & entertainment industry leading to improved outcomes. The market is expected to increase as new innovative content is developed in the coming years. Thus, the Indian OTT market represents a significant opportunity for companies to make strategic alliances to launch a diversity of quick services for the country’s population. With continued development, more advanced services will likely become available, improving consumer outcomes.
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