With the existing traditional television in India, the rise of Over-the-Top (OTT) platforms is phenomenal. The online streaming platforms have paved the way and the demand has surged up thereby gaining massive popularity. People from all walks of life are leveraging the digital supremacy of these platforms. Know why the emergence of ott platforms in India.
There has been a huge shift in the broadcasting of quality content. From Ramanand Sagar’s Ramayana to Hwang Dong-hyuk’s Squid Game, the audience has benefitted from a single entertainment source.
Currently, there are more than 40 providers of OTT in India. The impact of this seismic shift in the displaying of the content is triggered by different levels of society. Not only the audience but the brand marketers are also leveraging the in-trend OTT content to attract the users’ attention. Recent studies say that the size of the content consumption in the OTT market has shot up from 181 billion to 204 billion in the year 2021.
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Content streaming platforms are taking over the conventional methods of entertaining the audience. The reason behind the expansion of this market is still uncertain but it certainly has impacted the highly diverse Indian audience.
Different Aspects of OTT platforms in India
- Indian Viiewership of the OTT Platforms
In recent years, the digital industry is growing rapidly. While the world was shaken due to the pandemic strike, the online streaming industry in India has seen a whopping surge in the viewership of the OTT platforms. Studies reveal that the content consumption among the Indian audience is highest among the 15-35 age group.
A report released by a Media and Entertainment Studies say:
- By the year 2023, India is going to experience prodigious growth in OTT viewership. Currently, India stands at 350 million viewers which are expected to project up to 500 million users.
- Disney+ Hotstar is leading the OTT game show with a figure of 43 million subscribers followed by Amazon Prime and Netflix with 17 and 5 million subscribers respectively.
- Hotstart solely dominates the market with 29 percent of overall viewership.
- By the end of 2023, 85 percent of Indians will be ready with easy internet access with subscribers between 35-44 years of age.
- Many venture capitalists have invested a whopping 1 USD in the OTT industry.
- The OTT trend is prevalent among the younger generation due to the streaming of quality content and easy user interface.
Expansion of the OTT Industry
The OTT industry is on a major boom and one of the major reasons for the proliferation is its convenience of use on a global scale. A supporting device and a stable internet connection are all you need to customize your preference for entertainment. Urban areas in India are well acquainted with online content streaming platforms and still, the expansion of Netflix proceeded.
The contributing factors to this expansion are:
- The Indian users have accessibility to smartphones and they understood the use of digital consumption that led further led to the expansion of OTT.
- Many internet service providers in India conferred cheap accessibility that increased the consumption rate for the users.
Smartphones have reached the rural corners of the country and this led to the OTT adoption more apparent. Its impact could be seen in the Indian audience engaging in high-quality content that has compatibility for various devices. This made the developers and producers realize the potential of the users to generate higher revenue.
How has Covid impacted the OTT platforms?
An Indian user spends its time close to 11 hours on the smartphone watching video content on the OTT platforms. It is thrice the numbers that the global audiences spend time on.
Amidst the pandemic hit, the average subscription rate for the OTT platforms has increased by 70%. There is a huge demand for diverse and quality content streaming on the internet. Even the high-profile production houses are in the queue of knocking on the doors of OTT giants.
With effective virtualization, OTT streaming is a robust way to reach the audience and interact with them. With the increase in demand and trend of content streaming, there is re-stratification of the content models and distributions.
What is the future of OTT platforms?
Today, OTT platforms are growing against the odds and breaking through the vital entertainment forte in India. With the rise of OTT platforms, the television industry might be in the fall. However, this might be a bit harsh to gulp this fact down. TV and OTT industry might grow side by side and gain success in the entertainment industry.
Currently, the OTT platforms are successfully reigning the urban audience. To succeed in the future, there can be made an approach to digital penetration in rural areas.
There are many OTT platforms that broadcast niche content and to stand out against these factors, catering a diverse content and breaking the language barriers can help the new-age businesses to succeed. Lifting the language barrier from the top-tier content can be differentiating factor to penetrate the success lane among the existing giants.
With the changing trends, the newbie businesses will need to optimize their business models and strategies frequently to match the trend. Additionally, paid collaborations and partnerships over the value chains drive the effectiveness of the OTT platforms.
OTT platforms have resolved the hassles of watching the movie’s first-day first show.
The upcoming decade in this arena will dominate the OTT platforms with original and intriguing content with new-fangled technology, analytics, and user-friendliness. The streaming pattern in the coming battle among the streaming platforms will transform the way of the consumption of the content.
Push your OTT content to greater heights
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