Consumer tastes are dynamic and ever evolving. Nowhere else is this more obvious than in the content they consume. India as a media and entertainment market has been undergoing evolution with viewers’ tastes maturing. This, in turn, is leading to rising demand for original and varied content.
The COVID-19 pandemic has only accelerated the pace of change. Lockdowns and restrictions on mobility and socializing have confined people within their homes. In addition, lockdowns also necessitated closing down of cinema theatres and multiplexes. In order to address boredom and find new ways of keeping themselves engaged, people have naturally turned to OTT platforms for consuming good content. Film makers have also pivoted on OTT platforms for launching their new releases.
Other factors supporting the rising popularity of OTT amongst Indian consumers include factors such as better network bandwidth and connectivity as well as emergence of a range of pocket-friendly devices capable of streaming multimedia. A recent KPMG India report estimates that Indian online video subscribers will grow over 500 million by 2023 primarily due to these factors. This is also a reason why tier 1 and tier 2 cities are seeing a growth in the number of new OTT subscribers. This has led the media and entertainment industry to keep a sharp eye on the possibilities represented by OTT. Kenneth Research’s OTT (Over-The-Top) Market report for 2021 estimates that the Indian OTT market is set to reach Rs 237.86 billion (USD3.22 billion) by financial year 2025, from Rs 42.50 billion (USD576.73 million) in 2019.
Which content is capturing eyeballs?
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