Video streaming platforms have been seeing significant growth after the pandemic. As offline entertainment shut down, there has been a complete shift to online streaming.
With users not willing to step out of their houses, production houses of mainstream movies and OTT platforms started releasing new content online and producing more originals as demand kept increasing. It states a report by Redseer Consulting, the Bengaluru-based market research company.
According to the report, Telecom bundling worked well for OTT video, increasing the number of subscriptions per year. The unique paid users witnessed a growth of 31 Million by February 2021 as compared to April 2020, a change of 35 percent. The subscription revenue during the same period witnessed an increase of 42 percent, a jump from $49 Million to $68 Million.
The report also says that the bundling for Telecom Postpaid & Prepaid users are working well. The Bundling offers for postpaid users with Hotstar, Netflix and Prime Video subscription, the Broadband bundling Free Prime Video & Netflix subscriptions for JioFibre users.
The report further states that Higher discounts and offers are leading to more users opting for annual packs. Many post-paid users opt for bundling options provided by their telecom operator as it benefits them in varying ways.
Even broadband operators like JioFibre provide bundling options. For Free Prime and Netflix subscriptions. Moreover, with discounts and offers on various players, users tend to opt for annual subscription packs.
The report says that Users spent 188 billion minutes on OTT platforms in February 2021.
Compared to last April 2020, there has been a drop of 6% in February 2021, where users spent 188 billion minutes monthly. The drop is mostly because engagement dropped as users started moving out with normalcy returning and their favourite TV soaps beginning again. However, the good news is with more releases in the pipeline and product improvement, and the engagement is likely to increase.
The research further states that, out of the 188 billion minutes spent on OTT, users spent the highest, 69 billion minutes on daily soaps followed by movies with 31 billion minutes and then originals produced by the OTT platforms. Voot dominates the daily soaps genre compared to its players while ‘Others’ together contribute 31%. On the other hand, Hotstar dominates the genre of the movie with 33%.
Over the past year, consumer behaviour has changed mainly as they now heavily rely on OTT platforms for new content. This will inevitably accelerate the growth trajectory of the industry.