The Indian OTT streaming industry is expected to grow to $13-15 billion over the next decade at a CAGR of 22-25 percent, according to a report on media and entertainment.
The OTT (over-the-top) industry is constantly growing and is one of the most competitive amongst emerging markets with over 40 players representing all types of content providers, said the report from industry body CII and Boston Consulting Group (BCG), PTI reported from New Delhi.
This has been led by “strong tailwinds” from basic enablers being in place for digital video streaming such as affordable high-speed mobile internet, doubling of Internet users in the last six years, increased adoption of digital payments.
Moreover, it has been also helped by India specific price points offered by global players such as Netflix, Prime Video and Disney+Hotstar, offering plans in India at 70-90 percent cheaper than the US.
Besides, the OTT sector is also witnessing a rise in investments in Indian original content. This has led to growth in hours of original content available to users.
“Strong content also helping capture eyeballs outside India,” the report said, adding Indian OTT can cater to international demand by targeting the Indian diaspora and markets that have language similarities.
There has been a remarkable surge over SVOD (subscription video on demand) content over the last few years and is expected to overtake AVOD (advertising-based video on demand), it added.
“This strong growth in the subscription is due to various initiatives taken to expand the user base through bundling and pricing innovations, amply supported by significant investment in content,” said the report titled ‘Blockbuster Script for the New Decade: Way Forward for Indian Media and Entertainment Industry’.