STREAMING WARS

THE ONLINE CURATED CONTENT MARKET IS EXPECTED TO SEE A CAGR OF 13.9%, MAKING IT THE FASTEST-GROWING SECTOR. THE IRONY, HOWEVER, IS ITS STRUGGLE FOR PROFITABILITY.

- AJITA SHASHIDHAR

When Sanjay Leela Bhansali ventured into streaming with Netflix’s Heeramandi: The Diamond Bazaar, the ₹200-crore spectacle was a showcase of grandeur, set design, evocative music, and powerful storytelling. Set in pre-independence Lahore, the eight-episode series delved into the emotional conflicts and tragedy underneath the glamourous lives of the courtesans.

Its success was, however, global—it featured in Netflix’s Top 10 non-English shows for six straight weeks across 43 countries, garnering over 15 million views. Even Netflix co-CEO Ted Sarandos hailed it as the platform's best-performing Indian original. And while Heeramandi was an outlier, others, including films Laapataa Ladies and The Diplomat, and series The Royals, also made it to Netflix’s global Top 10.

Indian original series and movies have been topping the global charts of rival Amazon Prime Video, too. Shows, including Paatal Lok, The Mehta Boys, Dupahiya, and Khauf have found international audiences. In 2024, Indian content trended in the platform's global Top 10 every week.

India’s emergence as a global storyteller has been further validated by the warm reception of Homebound, a Dharma Productions film that earned a nine-minute standing ovation recently at Cannes. Streaming arms of traditional broadcasters, including Sony LIV and ZEE5, are also upping their ante. Sony LIV’s focus on authentic Indian narratives such as The Waking of a Nation and Freedom at Midnight has grabbed eyeballs. ZEE5's film Mrs., a remake of the Malayalam movie The Great Indian Kitchen, logged 150 million streaming minutes in its first week.

The profitability puzzle