Binge-watching is the new weekend plan, originals are the new movie date, and Netflix and chill is the new escape from a regular day. The increasing drift towards the consumption of content from over-the-top or OTT video streaming platforms such as Hotstar, Amazon Prime Video, Netflix and other popular names by the youth of the country is plainly visible in India.
PricewaterhouseCoopers (PwC) in its report titled “Global Entertainment & Media Outlook 2019-2023” predicted India’s video streaming industry to be valued at INR 11.97K Cr by 2023. While the numbers show that the Indian OTT industry is still at its nascent growth stage, the entry of more than 30 streaming platforms in a span of barely three years speaks volumes about the massive potential this industry has. The rapid growth has not only provided a wide berth for content creators and owners but also advertisers and brands in the digital consumer market.
But the biggest issue in the Indian OTT market is the fact that Indians are not yet embracing paying for it wholeheartedly. Four out of five Indian users admitted to sharing their OTT log-in credentials with friends or family as per Vidooly’s “Indian OTT Landscape” report. The online video analytics and marketing company’s survey report summarises subscription behaviour, content and genre types, devices used, frequency and occasions of consumption, content library, consumption, revenue models and other important parameters.
While the rate at which subscriptions are rising in the Indian OTT industry is phenomenal, there’s still a large opportunity in terms of the addressable base that is still not paying for streaming subscriptions. Vidooly’s survey states that the platforms have recognised the price-sensitive nature of the Indian audience along with changing preferences and personalised experiences. This has led to the provision of multiple screens and the introduction of cheaper subscription plans by these platforms.