When was the last time you watched a movie or a show on your TV? If you were to answer this question right now, I am sure that, like most people, you probably don’t remember. Nowadays, it’s all about binge-able content and streaming platforms like Netflix, Amazon Prime Video, etc. Cable TV or DTH satellite TV is slowly fading into the same realm as the VCR. India, with its million-dollar entertainment industry, is also not far behind in this massive OTT boom.
What is OTT?
Before we get into the Indian OTT platform and its future, we need to talk about what OTT means. OTT, in simple terms, is a new way of distributing media to the masses over the internet without the need for cable and satellite TV.
India and OTT Platforms
I’m sure that the majority of Indian homes have DTH satellite services or cable TV. But in recent years, streaming services have started to gain popularity, especially among metropolitan areas rapidly. And not to mention the pandemic, with all the restrictions and work-from-home that was happening, gave a massive boost to streaming platforms. People who were stuck at home with very little to occupy their time turned to stream platforms like Disney + Hotstar, Amazon Prime Video, Netflix, and more to curb their boredom.
Currently, out of all the OTT platforms available in India, Disney+ Hotstar is the most popular. A few homegrown brands like Voot and Sony Liv are also making waves in this sector. However, most of these homegrown brands tend to stick to shows that already air on TV.
But with stiff competition, they have been gearing towards producing original content that can capture the public’s attention, similar to what Netflix and Amazon Prime are doing.
Is OTT the future of Indian media?
According to an RBSA Advisors report, the Indian OTT market is predicted to reach $12.5 Billion by 2030. This development can be attributed to various reasons, like India’s huge population, about 1.3 billion are under the age of 35 years. With more young people flocking to streaming platforms, you can bet that OTT platforms have a huge potential to succeed since they generally market themselves to younger people. Better connectivity in the rural areas can also be a contributing factor.
Right now, Indian OTT platforms are much more prevalent in metropolitan areas. The Tier 1 cities make up nearly 55% of the consumption of these OTT platforms. In rural areas, satellite DTH and cable still dominate. This means that there is a vast untapped market in rural areas. If properly channeled, it could mean great things for the Indian OTT platform. Provided they make excellent and relatable content that can be binged by the general public.
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India, with its vast market potential, spells excellent news for the OTT streaming market. Not just for consumers but also for producing quality content across different platforms. So with that said, I think we can all agree that the future is nothing but bright for India’s OTT platform.