As the third quarter of 2024 concludes, JustWatch has released its latest data report on the Subscription Video On Demand (SVOD) market shares in India, drawing insights from the behavior of 5.3 million users. This data reveals significant trends in user preferences and platform performance during the period from July 1 to September 30, 2024.
Market Share Overview
Disney+ Hotstar continues to lead the Indian SVOD market, holding approximately 25% of the market share. However, the competition is tightening, particularly between Netflix and Zee5, which are separated by only a 3% margin. In Q2 2024, Disney+ Hotstar, Prime Video, and Netflix held market shares of 26%, 23%, and 13%, respectively. In Q3, these figures shifted slightly, with Hotstar at 25%, Prime Video maintaining 23%, and Netflix experiencing growth to 14%.
Growth Dynamics
The data indicates that Netflix has demonstrated the most significant growth in 2024, with a +2% increase in market share. This upward trend can likely be attributed to strategic content acquisitions and effective marketing campaigns aimed at engaging viewers. Meanwhile, both Apple TV+ and Jio Cinema achieved a modest +1% increase, reflecting steady growth in an increasingly competitive environment.
Conversely, Disney+ Hotstar’s recent decline of -2% in market share raises questions about its content strategy and subscriber retention efforts.
On other hand, Sony Liv and ALT remained static with 4% and 2% share respectively.
Strategic Implications
The close competition between Netflix and Zee5 suggests that content diversity and quality will be pivotal in attracting and retaining subscribers. With Netflix gaining momentum, its ability to enhance user engagement through original programming and targeted marketing will be crucial.
Disney+ Hotstar’s decline emphasises the importance of continuous innovation in content offerings and user experience. The next few quarters will be critical as these services navigate the evolving digital ecosystem, with JioCinema and Disney+ Hotstar are likely to revisit their strategies following the merger between Viacom18 and Star India and its implications for both subscriber loyalty and overall market health.
