India’s video over-the-top (OTT) market is expected to reach $12.5 billion by 2030, up from $1.5 billion in 2021 due to better networks, digital connectivity and smartphones, according to a report by RBSA Advisors.
It was reported that the next wave of growth in the OTT landscape would come from Indian communities in tier II, III and IV cities. These include players like SonyLIV, Voot, Zee5, ErosNow, ALTBalaji, Hoichoi and Adda Times among others.
According to the report, the Indian video OTT market will grow from $1.5 billion in 2021 to $4 billion in 2025 and to $12.5 billion by 2030.
The audio OTT market – where players like Gaana, Jio Saavn, Wynk Music, Spotify and others participate – is also expected to grow by $2.5 billion by 2030 from $0.6 billion in 2021.
It was noted that COVID-19 pandemic was a game-changer, and numerous video streaming platforms including Netflix, Amazon, Hotstar, Voot, SonyLIV, and others, had gained immense popularity in India.
Furthermore, the report indicated that over the next four to five years, OTT platforms will become highly competitive and will compete to become consumers’ preferred option.
By 2024, subscription video-on-demand will account for 93 per cent of total OTT revenue (compared with 87 per cent globally) due to investments made by OTT services such as Netflix, Amazon, Disney+ Hotstar, among others, the report said.
