India stands as a prominent global market for OTT Platforms, poised for significant expansion in the coming years. This growth is expected to be fueled by various initiatives such as Digital India and other progressive government programs.
The transition from traditional Doordarshan broadcasting to Direct-to-Home (D2H) services and subsequently to OTT platforms has brought about a remarkable transformation in the content consumption habits of Indians. The surge in OTT viewership has been a continuous upward trajectory, with the pandemic serving as an additional catalyst. Reports indicate that during the Covid-19 crisis, the average daily usage of OTT platforms skyrocketed to approximately two to three hours. This trend extends beyond the younger generations, including Gen Z and millennials, as even the older demographic of Gen X dedicates a considerable amount of time to these digital streaming services.
Factors that lead to OTT growth?
India, with its rich cultural heritage and diverse demographics, offers abundant opportunities for OTT players to connect with a wide range of viewers. As the OTT landscape evolves, it becomes fascinating to witness how these platforms adapt to shifting consumer behaviours and preferences. The dynamic nature of the market adds an element of curiosity to observe how OTT players navigate and cater to the diverse tastes and expectations of the Indian audience.
OTT Platforms in India:
1. Netflix
2. Amazon Prime Video
3. Disney+ Hotstar
4. ZEE5
5. SonyLIV
6. Voot
7. ALT Balaji
8. MX Player
9. Eros Now
10. JioCinema
11. Hungama Play
12. Hoichoi
13. Aha
14. Sun NXT
15. Vodafone Play
16. Lionsgate Play
17. ShemarooMe
18. Vi Movies and TV (formerly Vodafone Play)
Benefits of OTT Platforms in India
The Over-The-Top (OTT) platforms in India offer several benefits to users. Here are some of the key advantages:
1. Wide Range of Content: OTT platforms provide a vast array of content, including movies, TV shows, web series, documentaries, and live sports. Users have access to a diverse library of content from various genres, languages, and countries, catering to different tastes and preferences.
2. Convenience and Flexibility: OTT platforms offer on-demand streaming, allowing users to watch content whenever and wherever they want. Users can access their favourite shows and movies on multiple devices, including smartphones, tablets, smart TVs, and laptops. This convenience and flexibility enhance the overall viewing experience.
3. Original and Exclusive Content: Many OTT platforms produce their own original content, including web series and movies. These exclusive productions often feature high-quality storytelling, talented actors, and innovative narratives that attract viewers. Such content provides fresh and unique entertainment options.
4. Ad-Free Viewing: Unlike traditional television, OTT platforms usually offer ad-free viewing experiences. Users can enjoy uninterrupted content without commercial breaks, enhancing the overall immersive experience.
5. Regional and Local Content: OTT platforms in India cater to regional and local audiences by offering content in various languages and dialects. This helps in preserving and promoting regional cinema and diverse cultural content.
6. Cost-Effective: OTT platforms offer various subscription plans, including affordable options, which provide value for money. Users can choose from different pricing tiers based on their budget and preferences, making it an accessible and cost-effective entertainment option.
7. Personalised Recommendations: OTT platforms utilise algorithms and user data to provide personalised content recommendations. Users are offered suggestions based on their viewing history, preferences, and ratings, making it easier to discover new shows and movies aligned with their interests.
8. Accessibility and Inclusivity: OTT platforms have made content accessible to a wider audience, including those with hearing or visual impairments. Many platforms offer subtitles, multiple language options, and audio descriptions, ensuring inclusivity and equal access to entertainment.
Real Growth of OTT Platforms
The Indian market for streaming video services is currently experiencing its second phase of expansion and generated revenues of around $3 billion by the end of 2022. This growth signifies the substantial economic potential and increasing popularity of OTT platforms in India.
India boasts a staggering count of 424 million OTT users; however, out of this vast user base, there are 119 million active paid OTT subscriptions. These subscriptions are spread across a paying audience of 49 million individuals who engage in subscription-based video-on-demand (SVOD) services. This data highlights the significant potential for monetization within the Indian OTT market.
It is expected that the market size of OTT platforms by the end of 2023 will be $5 billion USD.
Conclusion
The growth of OTT platforms is quite amazing, with a great increase in the usage of the same. It is foreseen that the future of OTT will keep on scaling up. Let’s see what the future will hold.