For years, the Indian content business functioned within a clear structure. Platforms commissioned. Production houses executed. Audiences consumed. The system delivered scale and brought professionalism to television and digital storytelling. It created financial predictability and allowed the ecosystem to expand rapidly.
That structure, however, is no longer sufficient for what the industry is becoming.
Under the conventional commissioned model, production companies deliver content for a fixed fee while long-term rights remain with the platform. From a cash-flow perspective, the arrangement is efficient and low risk. But the larger value pool; syndication, adaptations, franchise extensions, international remakes sits outside the production balance sheet.
At the same time, the media industry’s total opportunities are growing significantly. The entertainment and media sector in India is expected to develop at a compound annual growth rate of 7.8%, which is over double the global average of 4.2%, from USD 32.2 billion in 2024 to USD 47.2 billion by 2029. Growth of that magnitude invariably causes attention to shift from where short-term money is created to where long-term value is accrued.
When distribution was limited and windows were clearly defined, the commissioned model worked. Today, distribution is fragmented across OTT platforms, FAST channels, AVOD platforms, connected television and open digital ecosystems such as YouTube, where creators can independently publish and build communities around content they genuinely believe in. On platforms like YouTube, ownership and distribution sit in the same pair of hands, giving creators direct access to audiences without traditional gatekeepers. Audience behaviour is fluid, often shifting in real time across formats and screens. Revenue now flows through multiple layers: advertising, subscriptions, brand partnerships, licensing and ancillary extensions. In this environment, relying on a single monetisation window is not just limiting, it is structurally fragile.
In this environment, ownership changes the economics. IP has moved from being the outcome of the creative process to becoming the central asset of the media business. A successful show no longer ends with its first season or initial platform run. It can travel across languages, territories and formats. It can evolve into a multi-season franchise, spin off into adjacent formats, or find renewed life in emerging distribution environments. Participation in that compounding value depends entirely on who controls the underlying rights.
This inclination is fueled by the larger media environment. Industry findings indicate that as choice increases and fragmentation deepens, audiences are looking for exprationalize fragmented streaming ecosystems and bolster long-term value creation, both technological titans and traditional businesses have competed for significant content libraries and intellectual property.
Globally, the most resilient media companies built long-term value by prioritising ownership. Asset creation replaced transactional production as the strategic focus. Libraries strengthened balance sheets. Franchises deepened audience loyalty. Enterprise valuations reflected durable intellectual property rather than volume of output alone.
India is approaching a similar inflection point. Original content production continues to rise. Regional storytelling is driving mainstream consumption rather than operating at the margins. Platforms increasingly seek repeatable properties with franchise potential. Yet a significant share of long-term value remains outside the production ecosystem.
This shift does not diminish the importance of platform partnerships. Platforms remain critical for scale, financing and distribution. The movement toward IP ownership reflects industry maturation rather than confrontation. Co-creation structures, selective rights retention and backend participation models represent natural evolution in a growing market. Incentives align more effectively when risk and reward are shared across the lifecycle of a property.
Ownership, however, demands discipline. Upfront investment increases. Monetisation cycles extend over multiple years. Cash flows may be delayed. Strategic patience becomes essential. In such an environment, operational efficiency directly impacts viability.
Asset-led strategies are now made possible by technology in a structural way. Unit economics are improved via AI-driven development workflows, data-driven casting choices, efficient post-production pipelines, and more intelligent production planning. Efficiency is now the cornerstone of sustainable IP development rather than a side-effect.
Another important development is ecosystem-led storytelling. Growth will increasingly be driven by genre-focused verticals, creator-led studios and development slates designed with lifecycle expansion in mind. When content is conceptualised for long-term adaptability rather than one-time commissioning, its commercial trajectory changes significantly.
Control reduces dependency. It creates flexibility in distribution strategy and allows experimentation across monetisation layers without restarting from zero. Negotiating leverage improves when ownership remains within the production entity. Content transitions from a project-based transaction into a recurring asset.
Valuation frameworks are also evolving. Asset-owning media businesses command greater stability in capital markets compared to pure service providers. Ownership strengthens margins, mitigates platform concentration risk and supports long-term enterprise value. In a volatile environment marked by shifting subscription models and tightening advertising cycles, durable assets provide insulation.
Reach can be rented. Algorithms can shift. Distribution strategies can pivot. Ownership, once secured, compounds. The broader conversation around IP control isn’t about dominance. It’s about sustainability and ensuring that value created within India’s storytelling ecosystem continues to participate in downstream growth. As audiences increasingly demand simplicity, authenticity and frictionless experiences across screens and formats, the strategic importance of proprietary content only deepens.
The commissioned era established infrastructure and scale. The next phase requires asset creation. Over the coming decade, competitive differentiation will hinge less on output volume and more on the durability of intellectual property portfolios. Studios that prioritise ownership will be positioned not merely to respond to market shifts, but to influence them. Control is no longer an operational detail. It has become a strategic foundation. In a maturing industry, asset ownership separates short-term production cycles from long-term enterprise building.
(Views are personal)
