Mumbai: India’s OTT (over-the-top) streaming market is entering a new phase of growth, powered by cheap mobile data, increasing smartphone adoption, and a deepening appetite for digital content across the country.
A recent report by CLSA estimates that total OTT monthly active users (MAUs) in India have reached around 1.45 billion. This represents a 20% rise over the past three years, along with a modest 2% increase in the last 12 months. The report highlights that users typically engage with multiple platforms, resulting in significant overlap in MAU counts.
Looking ahead, the expansion of the digital ecosystem is expected to remain a key tailwind. India’s smartphone user base is projected to grow nearly 20% to 885 million by FY28, further widening the audience pool for streaming services.
At the platform level, YouTube continues to lead by a wide margin, with 772 million MAUs. Its scale is driven by a mix of user-generated content, creator ecosystems, and premium offerings, helping it sustain steady growth of 19% over three years and 5% year-on-year.
In second place is JioHotstar, which has built a strong base of 390 million MAUs. Supported by Reliance Industries, the platform benefits from a compelling mix of sports and entertainment content that continues to attract large audiences.
The premium OTT segment is witnessing a shift in hierarchy. Netflix has moved ahead of Amazon Prime Video in India, reaching 92 million MAUs compared to Prime Video’s 67 million. Netflix has posted steady gains, growing 15% over three years and 10% in the past year, while Prime Video has seen a decline of 30% over three years and 17% year-on-year.
Meanwhile, MX Player has faced headwinds, with its MAU base shrinking to 78 million. The platform has recorded a decline of 11% over three years and 10% over the past year, reflecting heightened competition and shifting viewer preferences.
On the other end of the spectrum, ZEE5 is taking a focused approach centred on monetisation. With 29 million MAUs—close to Sony LIV at 30 million—the platform is prioritising subscription revenue over aggressive scale expansion.
ZEE5’s pricing strategy positions it at a premium, with plans ranging from ₹199 to ₹299 per month, compared to lower-priced offerings from JioHotstar and Netflix. This approach, combined with a strong emphasis on local content, is delivering results. The platform reported a 45% year-on-year revenue growth in the first nine months of FY26, emerging as the fastest-growing vertical within Zee Entertainment Enterprises. It also achieved breakeven in Q3 FY26, aided by a 50% subscription price increase introduced in July 2025.
Overall, India’s OTT sector is evolving into a two-speed market—where some platforms chase scale and reach, while others focus on profitability and premium audiences. With digital consumption continuing to rise, the next phase of growth will likely be defined by how effectively platforms balance user acquisition with sustainable monetisation.
