According to a media report on Monday, the over-the-top (OTT) streaming video market in India is predicted to reach $7 billion by 2027.
The OTT streaming video business in India is currently in its second growth phase, with total revenues expected to reach $3 billion in 2022, according to Livemint, quoting a report published by Media Partners Asia (MPA).
New, affluent local players are vying for market dominance in India, lead by Viacom18, which has recently raised new capital and is supported by Reliance, Bodhi Tree, and Paramount. The report stated that established firms like Sony and Zee are going to unite to build a powerful online video and television sector.
According to MPA data, India had 97 million OTT subscribers by the end of March. With revenues of more than Rs 17,000 crore in 2021, it is one of the OTT markets with the fastest growth. Subscriptions made up almost Rs 5,200 crore of this total. SonyLIV is now a significant player in this sector thanks to its comeback.
Globally dominant companies and freshly capitalised indigenous players are anticipated to face increasing competition in the Indian market. However, telcos’ market presence, together with the advertising video-on-demand (AVoD) sector and low-average revenue per user (ARPU), large volume subscription video-on-demand (SVoD) services, continues to be crucial.
Online video revenue in Total Asia Pacific will increase by 16% year on year (YoY) in 2022 to reach $49.2 billion, predicts MPA in its report titled Asia Pacific Online Video & Broadband Distribution 2022. UGC (user-generated) AVoD will contribute 37%, premium AVoD will contribute 13%, and SVoD will contribute 50%.
China, the largest market in Asia Pacific, will produce $11.2 billion of revenue in 2022, accounting for 48% of the region’s online video revenue. 20 online video platforms will account for 67% of all APAC online video revenues, according to MPA’s analysis.