Time to hit reset and accept the new normal. Our series of in-depth stories and analysis on the changing dynamics of India’s tech landscape in a post-Covid19 world — from how industries and sectors are transforming to new opportunities, evolving consumer behaviour, the new rules of venture capital, M&A and more.
Globally, analysts are busy assessing the maelstrom brought about by Covid-19. For some sectors, this pandemic has sounded the death knell, particularly businesses in travel and hospitality, but the supply chain disruption has impacted manufacturing everywhere. However, even amid this global stock market bloodbath, some sectors have risen to the top owing to the behavioural changes in consumers. Stuck at home, consumers have shown a higher appetite for over the top (OTT) video and music streaming than ever before.
Over the last few years, a chunk of the digitally-sophisticated audience has shifted its interest to new-age OTT platforms as the source of entertainment and recreation. Netflix, Amazon Prime, Hotstar, Gaana, Spotify, Khabri, HubHopper, Aawaz have been seeing healthy growth in the Indian market, paving the way for healthy competition. Yet on the monetisation front, the situation has been bleak.
Although until now, each of these platforms has been running in isolation and growing in silos, with little or more collaboration and partnerships, things have changed with Covid-19.
Due to the lockdown, news studios are closed, production houses have downed their shutters and offices are shut and people now have more time than ever. Undergoing the second phase of lockdown for another 18 days, people are now gradually adopting the new in-home lifestyle leading to daily behavioural shifts in all choices.