This year, the over-the-top (OTT) platform industry of India continued its growth. It was mainly due to the increased investments in original content, experimentations with new pricing models and saw the entry of several new streaming platforms.
Leading the industry up front are Netflix, Disney+ Hotstar, Amazon Prime Video, ZEE5 and SonyLIV. They saw a rush in the advertising and subscription income.
Omdia’s 2021 report published on the Online Video Market and Consumer Trends shows that Netflix and Amazon Prime were expected to spend $340 million in 2021. During the year, this amount was said to represent 52% of the total OTT content investment.
65% of the total spending according to the report, was directed towards original content in Hindi. 400 original titles of films and series would be produced in 2021 by the global and the Indian OTT services by the projection rates.
The Future of India’s Online Video Market report published by the Media Partners Asia forecasted that the expected growth of Subscription Video On Demand (SVOD) revenues to go from $800 million in 2021 to $1.8 billion+ by 2026.
The Ad Based Video On Demand (AVOD) revenue is projected to go from $1.1 billion to $2.4 billion in 2026.
The key players will invest in local content, leverage sports and movies, and drive growth by bold prices. The OTT industry’s content investment was forecasted to hit $1 billion in 2021. With the local originals getting 30% of this pie and in the future to increase to 40-45%, the report said.
Amazon launched miniTV within its shopping app. It is a free, ad-supported video streaming service with web series, comedy shows, tech news, food, beauty, fashion, and more were curated by the service. BookMyShow launched its Transactional Video-on-Demand (TVOD), BookMyShow Stream in February this year with over 600 movie titles and 72,000+ hours of content and a specially curated library of Indian and international films.
OTT aggregator apps like ScreenHits TV and Prime Video Channels were another addition to the streaming industry. Direct to home (DTH) services are also now aggregating OTT to offer them as a part of a bundle.
Pricing witnessed another major change. While some platforms like Netflix and ZEE5 reduced their price, Amazon and Disney+ Hotstar increased their subscription prices.
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