Our entertainment experience was radically impacted as a result of the epidemic and subsequent lockdowns. We progressed from ‘Let’s go to a fantastic movie’ to ‘What should we watch on Netflix?’ Movie premieres and live sporting events such as the Indian Premier League (IPL) and others have shifted to OTT. For example, Netflix and Zee5 distributed Kangana Ranaut’s Thalaivi and Amitabh Bachchan’s Bob Biswas exclusively on OTT platforms. Web series such as The Family Man, Sacred Games, Aarya, Special Ops, Aashram, Mirzapur, and others have surely increased the popularity of OTT.
However, since the epidemic, the tendency has only grown, fueled by the several advantages that OTT provides over traditional transmission. The battle for the remote is over with streaming TV. On their personal devices, each member of a household may watch their favourite shows. Consumers have a plethora of language options, content diversity, and on-demand watching options when it comes to content. More consumers are cutting the cord and switching from traditional TV subscriptions to internet-based streaming services, demonstrating their preferences. According to Boston Consulting Group, India’s OTT content business is at a tipping point, with a market size of $5 billion expected by 2023.
In India, the OTT revolution has come a long way from only two OTT platform providers in 2012 to almost 40 companies now. According to Phando Corp estimates, India’s OTT video market has developed at a scorching rate of 300 percent since 2019 to reach 680 million MAUs in 2021, with rural and tier 2 & 3 city consumption accounting for 80 percent of the total.
The business climate in India is vibrant and exciting due to the country’s enormous population and relatively young age demographics. In India, digitally aware young customers are dispersed around the country, with a diverse set of interests, languages, and an appreciation for multi-cultural entertainment. OTT and streaming media are here to stay as content and technology join together to produce a solution that caters to this unique business climate.
