The Rise Of OTT Platforms In India
The explosive growth of Over-the-top (OTT) platforms in India has disrupted the entertainment industry that delivers the content over the internet and has become one of the most popular platforms that is available to the consumers at all times. Ever since the Cable TV got introduced we saw the growth in the ‘90s. This has led to new opportunities for Marketers, Content creators and Artists. The biggest beneficiary, the Indian viewer is loving it and can’t seem to get enough as its one of the most important services that defines its role in the modern era and the media.
As per the India Brand Equity Foundation (IBEF), the OTT market in India was worth $577 million in 2019. No one can dispute the sudden rise of this industry. Whether its Kaleen bhaiya from Mirzapur or Gaitonde from Sacred Games, they have seeped into our daily lexicon and are part of our conversations. India’s OTT industry has witnessed a rise and has acknowledged this growththrough its subscribers. The recent study shows that OTT platforms have witnessed a 30% rise in paid subscribers between March and July 2020 especially during the covid lockdown times. As on date, we have 40 OTT service providers in India. Some of the top platforms are Disney Hotstar, Amazon Prime, Sony Liv, Netflix and Voot as most Indian viewers love entertainment and the content especially in Hindi and regional language viewers has increased from 22.2 million to 29.0 million in this year. Besides these top platforms there are several other production houses backed by local OTT players such as Zee5, Eros Now and ALT Balaji who are also in competition with the global players and trying to create a mark in the OTT entertainment industry.
The Covid-19 and the lockdowns resulted in people to stay at home and led to increase in the paid subscribers for these OTT platforms and also the filmmakers are choosing the OTT platforms for their new releases. This gave people the time and incentive to consume this content like never before. With Cinema halls shut and no new content being produced on TV channels, viewership spilled over onto OTT platforms. Bollywood stars jumped on board meeting with stupendous success. Some of the notables are Saif Ali Khan, Nawazudin Siddiqui and Radhika Apte in Sacred Games, Manoj Bajpayee in The Family man, Pankaj Tripathi in Mirzapur, Abhishek Bachchan in Ludo and Emraan Hashmi in Bard of blood.
What we’re witnessing is just the beginning of a huge shift in consumer preference. Watch this space, as we keep a close eye on this sunrise sector.