The concept of home entertainment has evolved so quickly in India that it’s hard to catch a breath. In only ten years, digitisation has changed the whole market. From many families during a neighbourhood sharing one television for his or her favorite shows to the relatives and friends sharing a Netflix account, the days have certainly changed. It’s the age during which movies are shifting their base to over-the-top (OTT) streaming platforms services. The content has evolved tons and a shift within the consumption of content are often marked clearly.
OTT stands for over-the-top, initially named in reference to devices of a cable box to supply the user access to TV content. In OTT channels, content is delivered via a web .
OTT is simply a special channel through which video content is delivered to consumers. They’re basically online platforms for entertainment.Any device that’s not desktop, laptop, or mobile but is employed to consume OTT content are referred to as OTT Devices . Examples include Smart TVs, Apple TVs, Chromecast, PlayStation, Xbox, Amazon Fire sticks, and other streaming devices.
In the past years the amount of OTT platforms has increased.From 9 in 2012 to 30 in 2019 and backing the expansion ,market is exploded with affordable data packages. Because the video consumption has seen a unprecedented rise ,the data packages are helping consumers to enjoy them fully. The foremost rise is due to the lockdown in the Covid situation. Movies and web series of varied genres and languages form the main part of consumption on OTT platforms.
With the rise in people choosing OTT platforms, India’s video streaming Industry is close to be valued at INR 11.97K Cr by 2023. This is often linked to the surge within the number of internet users in India which are expected to cross 735 Mn by 2021 with quite 73% of them consuming content in Indian regional languages. In the India Watch Report 2019 ,Hotstar revealed that 40% of its total video consumption came from regional content on its platform.
From Ramanand Sagar’s Ramayana on Doordarshan to fan favourite shows on OTT platforms for millions to binge watch , India has seen the increase within the demand of online streaming platforms.
According to a survey report of Counterpoint Research’s,”Indians under 35 years aged , accounted for 89% of the entire Indian OTT video content platform users.” The age groups of 16-24 and 25-35 among young users contributed equally to the general market. Male users account for 79% of the whole users.
Overall, Top 5 metro cities account for 55% of the whole OTT video platform users, while Tier I cities account for a further 36% of the users. Many production houses back local OTT players, like SonyLIV, Voot, Zee5, ErosNow, and ALTBalaji. Such platforms are competing with foreign players like Amazon’s Prime Video and Netflix. The market is still focused on the ad-based model (AVOD), where advertisements drive revenues. However, subscription-based market (SVOD) continues to grow significantly in recent days.
According to KPMG Media and Entertainment Report 2018, the Indian OTT market is predicted to grow 45 percent to reach 138 billion by the highest of fiscal 2023. Consistent with a report by Ernst & Young, the numbers of OTT users within the country will reach 500 million by 2020, making India the second biggest market after the US.
According to Ormax Media’s research, the dimensions of the Indian streaming audience (number of individuals over 15, who watch online videos for a minimum of two hours every week on a minimum of one OTT platform) stands at 76.5 million. That’s not all OTT is predicted to grow at 22% a year to succeed in Rs 12,000 crore within the next four years.
A significant reason of rise is the penetration of smartphones even in small cities, on which content is usually viewed.The current Covid 19 pandemic and therefore the nationwide lockdown has not just stalled industries and economic activity, but has also led to vary in behavioural patterns in people, including that of digital consumption.
Current offerings of extended free periods to drive subscriptions on various OTT platforms could result as everyone’s new mode of entertainment and accelerated growth in consumption and monetisation in India.