Content creation and consumption are both increasing at an unprecedented rate and will have to grow exponentially to keep up with the skyrocketing demand in the Indian market. But the big challenge for companies is aligning their operations and leveraging data to streamline the content creation efforts.
By 2025 it is estimated that 463 Bn gigabyte data will be created per day and a lot of this will be used to determine what kind of content consumers want. This is a surge of 10.5 times compared to the 44 Bn gigabyte of daily data created in 2016. The wider penetration of internet services and smart devices are the two primary reasons behind the surge in content consumption in India. The advent of an internet economy has made grabbing eyeballs — and therefore consumer attention — a crucial success factor for entertainment companies and startups, particularly the OTT video streaming market.
A study by Microsoft in 2015, noted that the average human attention span has decreased over the decade, from 12 seconds (in 2000) to 8 seconds (2015) and with short videos driving much of the social media consumption these days, this is bound to drop further. Therefore, beyond just creating content, startups have to consider what kind of content will work.
In our latest report which measures the impact of Covid-19 on the Indian startup ecosystem, we concluded that there was a surge in total session time per user among major OTT platforms such as Netflix (73%), Amazon Prime Video (47%) and MX Player (27%) between 5 February to 29 March 2020.