BIG TIMES AHEAD!
Video OTT market in India – which primarily comprises content streaming services – is likely to be ranked among the top 10 markets globally with a market size of USD 823 million (about Rs 5,363 crore) by 2022, according to a ASSOCHAM-PwC joint study. This fact comes as hardly surprising now with the ever growing digital industry in India.
People are constantly consuming content on the go. Not only with respect to watching films or series online, but also sports to a certain extent. The biggest example of that is IPL whose viewership on Hotstar has increased significantly since the last 2 years, especially with it offering interactive services along with streaming the matches.
But a few big factors in why the video OTT market in India is going to grow to such a large scale are, increase in the number of people who use smart phones, cheaper tariff rates and most importantly convenience. It is also said that the number of smart phone users in the country is expected to touch 859 million by 2022 from 468 million users in 2017, growing at a compound annual growth rate of 12.9 per cent.
Ever since Jio has entered the market, it has changed a lot of things and for the good. There had been a time when we would be getting about 1-3 GB of data to use for a month but in the recent years that has changed and now we get that much data to us per day and at much cheaper rates.
Both these things have in turn made it convenient for the consumers to consume content on their phones, tablets, laptops, and what not. With lower-than-ever data tariffs and increasing smart phone penetration in the country, it is safe to assume that the video on demand (VoD) market will be a significant beneficiary of these developments. The industry is going to reach almost a billion USD and everyone is going to be wanting a piece of the cake.
It is really good to see the rate with which this digital industry is growing but I would hardly say it is surprising. One more thing which I think doesn’t come as much of a surprise is that the Indian television industry is set to grow from USD 13.3 billion in 2017 to USD 22 billion in 2022 as well, according to the same report. Initially everyone thought, okay, maybe OTT is going to replace so many things even the pleasure of watching a film in theatres but it won’t and clearly it hasn’t. If anything it has been proved that if the content is good people are willing to consume it, be it in anyway.
By – Amul Vikas Mohan