How OTT Platforms are Transforming the Indian Entertainment Sector?
India currently holds the top spot in highest data usage per smartphone with an average of 9.8 GB per month globally, and the number is predicted to nearly double in the next five years. It was in 2016, the streaming consumption exploded when Indian billionaire Mukesh Ambani launched his Reliance Jio network offered cheap data to millions.
The increase in the usage of data paved the way for video streaming. Netflix and Amazon are now pouring money into India than other countries as both are shut out of China. Since its establishment in 2016, Netflix invested a lot in India bringing in 16 original series and 24 films including the popular gangster saga Sacred Games.
However, the streaming platforms are battling it out with Disney-owned Hotstar, which boasts 300 million monthly users and has bought the Indian Premier League streaming rights, which can earn them a lot as the country is mad about cricket. To compete against this, Netflix launched a mobile-only plan in June at 199 rupees. But, the mobile operators in India are giving away discounts and free streaming subscriptions with phone plans to keep customers on their apps and bring in more people to premium content in the hope that people will eventually pay for it.
The sudden hunger for content comes from companies that pay customers in the country to keep them on their apps with video content. Even food delivery apps launch original shows to reach more audiences. By studying user behavior, video content will help the food delivery apps. Even the payments apps, they started working with the streaming platforms to get content and monetize. Being a country which has great values for customs and traditions, India always brings the controversies with the snap of a finger. Even twitter trended #BanNetflixIndia for a while as certain nationalist organizations filed a complaint to police for defaming the religions.
OTT players state that Indians are still some way from wanting to pay for content. Studies say that India’s video streaming industry is set to grow at a CAGR of 21.82 percent to reach 11,977 crore by 2023. The 5G networks which are soon to arrive will enhance user experiences and create disruptions leading to newer business opportunities. Now content creators and distributors are improvising new ways to appeal to consumers to make the purchase.