Amazon Prime Video and Netflix, two American OTT streaming and production firms, are spending big on India, citing the immense growth potential afforded by a population of 1.3 billion people.
While Netflix dropped its membership pricing by up to 60% in December to extend its base in India, Amazon Prime Video (APV) stated on Thursday that it will treble its content investment in the country, primarily in original Hindi, Telugu, and Tamil movies and web series.
At Amazon’s First Prime Video gala event on Thursday at the JW Marriott hotel in Mumbai, Vice President Kelly Day made the news. To cater to a multilingual, multicultural society, over 40 original films and series in Hindi, Telugu, and Tamil are in the works.
Original films have been enlisted for Madhuri Dixit Nene, Kangana Ranaut, Shahid Kapoor, Vidya Balan, Sonakshi Sinha, and Siddharth Malhotra, among others. While Kangana Ranaut will make her cinematic debut with “Tikku Weds Sheru,” Madhuri Dixit has been cast in “Maja Maa,” her first web-film.
The move, according to experts, has the potential to upset the OTT market, as well as the Indian film industry, media, and advertising sectors.
According to a report by Deloitte, India’s video streaming market is expected to grow at a compounded annual growth rate of more than 20% over the next decade, reaching $13 billion–$15 billion, owing to original content and pricing innovations.
Because smartphones have become the country’s favorite screen for entertainment, Amazon Prime Video seized the chance.
Disney+Hotstar is India’s leading OTT provider, according to a 2021 industry analysis by research company Media Partners Asia, with 51 million subscribers because to its cricket offers. Amazon Prime is the second-largest player in India, with 22.3 million members to Netflix’s 6.1 million.
“Movies created in Indian languages are seen in roughly 150 countries, with foreign audiences accounting for 15% to 20% of overall viewership.” As a result, APV’s India outreach will have a worldwide influence, allowing it to extend its subscriber base globally,” according to an industry analyst.
APV launched Prime Video Store, a transactional video-on-demand (TVOD) movie renting business in India, a few months ago.