In 2024, the Over-the-Top (OTT) video market in India is experiencing significant growth and evolution, with experts projecting a revenue of US$4,144.00 million. The landscape is marked by a surge in hyperlocal content, personalization, and the introduction of advertising-based video-on-demand (AVOD) services.
The Indian OTT audience has expanded to 481.1 million users, with a focus on enhancing user engagement through virtual reality, interactive content, and personalized experiences. Major players like Netflix and Amazon Prime Video are intensifying their regional content offerings to cater to diverse audiences, with a particular emphasis on local languages and cultural content.
The future of OTT platforms in India appears promising, with continued growth expected in subscription numbers, content diversity, and technological advancements. Factors such as the rise of regional content consumption, increased internet penetration, and the shift towards digital entertainment have fueled the expansion of OTT services.
The industry is witnessing a shift towards profitability, with a focus on consolidation, freemium pricing models, and data transparency to drive monetization and enhance user experiences.
As the Indian OTT market matures, platforms are expected to invest in content diversification, global expansion, and strategic partnerships to stay competitive. The industry is poised for strong growth, with a projected creation of 500,000 jobs by 2025, primarily in content creation and production.
The adoption of advanced technologies like AI, blockchain and 5G, coupled with a focus on user-centric design and security measures, will be crucial for the sustained success of OTT platforms in India.
Overall, the future of OTT in India is characterized by innovation, diversification, and a shift towards profitability.