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Online video market to reach $5 billion in India by 2023: Report
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SME Times News Bureau | 20 Nov, 2018
The market for over-the-top (OTT) content, which is video content that
is delivered over the Internet as an alternative to traditional media,
will reach $5 billion in India by 2023, from $5 billion in 2018,
according to a new report on Tuesday.
This growth is being driven
by rising affluence, increase in penetration of data into rural markets
and adoption across demographic segments including women and older
generations, according to the report by global management consulting
firm Boston Consulting Group (BCG).
"Majority of India has a
single TV per household. Affordable data has created an alternate medium
where consumers, for the first time, can tap into content based on
individual preference at a time and space convenient for them," said
Kanchan Samtani, Partner and Director, The Boston Consulting Group.
"Whilst
the current market operates with a largely advertising paid content
paradigm, consumers are not averse to paying for convenient content
access that OTT unlocks," Samtani said.
The report tilted
"Entertainment Goes Online" is based on a consumer survey designed to
understand consumers' motivations in adopting OTT content over other
conventional modes of content delivery.
Survey results showed
that there is room for many types of OTT models such as SVOD
(subscription-based platforms), AVOD (advertising-based platforms) and
TVOD (transaction-based platforms) to succeed in the market.
Of
the estimated 650 million Internet users in India by 2023, nearly half
are expected to be from rural areas and with development of regional
content by various players, the rural market is poised to become a
significantly large opportunity for OTT players, the study added.
Indian
content, including music, Bollywood content and cricket, have a large
following in the Indian diaspora also, the study added.
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