India OTT Market

Abundance of readily available material is boosting market growth

The desire for over-the-top (OTT) content in emerging nations has led to its recent growth. The market CAGR is being supported by a number of factors, including the abundance of readily available material. With subscription income included in, the value of the OTT market in India is approximately ₹10,500 crore. With a 20% annual growth, this is predicted to reach ₹12,000 crore by FY 2024 and ₹30,000 crore in FY 2030.

There is a noticeable surge in the demand for new OTT entertainment content, and an increasing number of OTT service providers are introducing new content on their platform and offering part of the current content for free. As part of their #BeCalmBeEntertained campaign, websites like Zee5 and Amazon Prime Video have made a few of their episodes available for free viewing in order to satisfy the growing demand from viewers. In addition, there has been a roughly 80% increase in subscriptions and a more than 50% increase in time spent on the Zee5 platform, an Indian over-the-top service provider.

Additionally, Amazon Prime Video now offers a selection of its kid-friendly content for free in India.

Furthermore, the OTT market is expanding as a result of increased smart device penetration and easier access to faster internet. The proliferation of smart TVs, tablets, smartphones, and other connected devices has increased user access to over-the-top (OTT) content. Customers can view their preferred TV series, movies, and other content on demand more easily with these devices since they support streaming apps and have internet access built in. Additionally, flawless streaming experiences have been made possible by the availability of high-speed internet connections, such as broadband and 4G/5G mobile networks.

There are geographical differences even if the number of Internet users is rising. These elements have propelled the expansion of over-the-top (OTT) platforms, drawing a large number of users and boosting revenue from advertising and subscription fees. Because of this, broadcasters and traditional media corporations have realized the value of over-the-top (OTT) content and have either started their own streaming services or teamed with already-existing OTT platforms to take advantage of this growing industry. Thus, this is also driving the OTT market revenue.

India is anticipated to develop rapidly over the course of the forecast period due to improved payment options, faster bandwidth, increasing 4G coverage, rising smartphone and pay-TV use, dropping data prices, and rising per capita income. It is anticipated that the rollout of LTE and 5G will hasten market expansion in this sector. To increase the value of their offerings, a number of local telecom providers have started to combine OTT services with their data plans. This is supporting the market's growth.

Moreover, it is expected that this nation's growing consumption of online video content will hasten the adoption of OTT services. Furthermore, due to additional perks like on-demand services and accessibility, a growing number of people are choosing video streaming services over traditional television for their entertainment needs. The number of people using pay-per-view and streaming services in India is predicted to increase exponentially. Netflix, an over-the-top (OTT) streaming service, anticipates having 4.6 million paying users by the end of 2020.

As a result, during the projected period, an expansion of the client base is anticipated to fuel the growth of the India OTT market.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the OTT market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, OTT industry must offer cost-effective items.