Video Streaming To Drive India's Entertainment And Media Industry

India’s OTT video market will grow at a 21.8% CAGR from Rs 4,464 core in 2018 to Rs 11,976 crore in 2023, says a report

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With the increase of OTT (over-the-top) videos, online gaming and Internet advertising, the Indian entertainment and media industry is expected to reach Rs 451,373 crore by 2023, growing at a compound annual growth rate (CAGR) of 11.28 per cent between 2018 and 2023, according to PricewaterhouseCoopers (PwC)’s Global Entertainment and Media Outlook 2019– 2023.

“India is the fastest growing entertainment and media market globally and is expected to keep that momentum. Our research shows that in the next 5 years India will see significant growth in OTT, online gaming and Internet advertising. Growth in these sub-sectors spurs from the growing trends around personalization and increased digitalization,” said Rajib Basu, Partner, and leader – Entertainment and Media, PwC India.

“Today’s consumer can now control their own media consumption through an expanding range of smart devices and curate their personal selection of channels using OTT services. Content is being pitched not at audiences of billions but separately at billions of individuals. The soon to arrive 5G networks will create further use cases, enhance user experiences and create disruptions leading to newer business opportunities.long-term players in the entertainment and media space need to gear up to take advantage of such opportunities,” Basu added.

Key Highlights

OTT Video: India’s OTT video market will grow at a 21.8% CAGR from Rs 4,464 core in 2018 to Rs 11,976 crore in 2023. Subscription video-on-demand will increase at a 23.3% CAGR from Rs 3,756 crore in 2018 to Rs 10,708 crore in 2023. The potential of India’s enormous scale will become reality during the forecast period with its OTT video market overtaking that of South Korea to become the eighth-biggest market in the Industry InsIghtworld by 2023.