In the early satellite television days, broadcasters partnered with local cable operators to transmit quality videos and reach millions of TV households. The transition is slowly taking place to (over-the-top) OTT platform solutions or video streaming platforms.
OTT platforms have started gaining popularity in recent times. Especially after 2018, the adoption of OTT platforms has taken by storm. COVID-19 has further accelerated the growth of OTT players in India. The Indian audience is realizing the value of quality over quantity- a prominent feature of OTT platform solutions. Typical TV series are now replaced by Netflix’s Money Heist, Squid Games, and other OTT video streaming content.
Some revealing facts about the growth of OTT platform solutions
According to recent reports, “the OTT market in minutes of consumption in India has risen from 181 billion to 204 billion minutes in 2021.” The growth has only increased in 2022. Digital transformation is taking place in every sector. OTT platforms offer versatile content to viewers. People of every age group can access their relevant content on these video streaming platforms.
According to MICA’s Center for Media and Entertainment Studies (CMES) reports, “India is expected to witness an increase in the number of OTT viewers by nearly 500 million by the end of 2023 in comparison to the current 350 million consumers.”
India’s OTT market is becoming the fastest-growing market in the world. Original and quality video content is available in regional languages, the biggest driving and differentiating factor for OTT platforms. Rapid advancements in online platforms and the increasing need for quality watching experiences are further attributing to OTT market growth.
As per RBSA advisors, India’s OTT entertainment to become a $15 billion industry by the end of 2030. It further suggests that the next wave of growth in the OTT landscape will come from Tier II, III, and IV cities and local language-speaking populations. Now, OTT platform solutions have a 7-9% market share in India’s $27 billion media and entertainment industry.
Impact of OTT platforms on different age groups
OTT entertainment is not just limited to adults. It is slowly making its way into children’s lives through informative and free edutainment content. In fact, Indian youth has a high subscriber base on OTT channels. On the other hand, the older generation is looking for content updates and spiritual and regional language availability to enjoy their favorite content.
The expansion of OTT platforms is becoming prominent in health, fitness, entertainment, education, and other sectors. Having an extraordinary watching experience becomes possible with the OTT platforms.
The telecom sector is following the bandwagon
Considering the growing rate of OTT platforms, telecom operators are launching new initiatives or forging key partnerships in this space. Associating with telecoms can create a win-win situation for OTT platforms and help its players gain market share by increasing their advertising video-on-demand and subscription video-on-demand numbers.
The 5G network is coming in, the OTT market in India will gain further traction. As demand for high-quality video content and seamless video streaming services rises, 5G will present the perfect opportunity to drive the OTT viewer experience.
In the next four to five years, the OTT landscape will become hypercompetitive. If cable operators and telecommunication network providers offer multi-screen OTT platform solutions to viewers, they can reach a larger subscriber base with cost-effective video services at varied locations.
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The leading teleport operator in India, Lamhas offers the best OTT platform solutions to broadcasters. Get in touch with us today to know more about this much-in-demand video streaming platform.