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Competition Intensifies on the Back of Content Strategies to Tap into $3 Billion Market Potential
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The OTT video market in India is gradually becoming a mainstream entertainment destination in the midst of growing Internet users. With the rapid commoditization of data and the ongoing price wars, online video streaming is a more feasible option today than ever before. This has led to the influx of many global, local, and independent platforms in the past year that are hoping to capitalize on this vast growth opportunity in the market. As operators optimize their operations with advertising revenues, they are evolving content strategies and marketing effectively to reach the masses. The focus has shifted from the urban youth to mass market, regional audiences across multilingual backgrounds.There is a disconnect between the total addressable market of Internet users and the served market, as a majority of the population has access to erratic and slow broadband speeds. The focus on Hindi and English programs has gradually shifted toward regional content, thus catering to a larger audience. Monetization of platforms remains one of the biggest challenges for operators, as they depend on advertising for their revenue. The inclusion of regional content has paved the way for mass-market adoption as opposed to the initial niche offering. Live sports and other marquee titles going online has reiterated the growth opportunity for OTT video, attracting global Internet companies to invest and enter this lucrative market.
This study provides a detailed analysis of the OTT video services market in India, including the market opportunity and growth prospects in terms of advertising as well as paid services in viewership and revenue from 2017 to 2022. It illustrates the ecosystem and provides insights of key market participants and company profiles of new entrants, and analyzes the impact of the ongoing price war in telecom services in bringing about a drastic change in the way video is consumed in India. It also provides an overview of consumption patterns in terms of duration spent, content preferences, languages, live sport coverage, and availability of exclusive programming. The rising trend of curating original content and other content strategies is captured in the study.
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