The digitally native millennia have spent nearly their entire lives surrounded by computers, mobile devices, and social media, resulting in a significant shift in consumer behaviour. The smartphone revolution in India, combined with low data rates, has altered entertainment for today’s youth.
For decades, the Indian television industry had a dull and repetitive tone, while the West had migrated onto “Binging on Netflix.” However, when Netflix launched in India, the urban nobility who consume western media on the internet began making an astounding move to purchase subscriptions. Then came the COVID ripple, and it hit us hard! But, remarkably, India once again adapted to the new theory.
According to SkyQuest Technology, the Global Over-the-Top/OTT market was valued at USD 45.1 billion in 2021 and is expected to reach USD 123.67 billion by 2028, growing at a CAGR of 15.5 per cent during the forecast period (2022-2028). Furthermore, India is the second most crucial market after China’s projected revenue of $63,106 million by 2026.
The widespread adoption and evolution of network infrastructure have enabled platforms to deliver content directly to viewers, circumventing traditional distribution and media networks. This has contributed to OTT’s massive popularity in India. The wide variety taints the audience by allowing them to choose the content they want to consume and the time they wish to obtain it. Previously, broadcasters relied solely on traditional distribution methods such as cable and DTH platforms. With the onset of OTT video streaming, broadcast networks now have an easier and more efficient way to display content to the customer base directly.
This aids in developing a direct connection with the OTT platform’s subscribers. It also assists them in developing a solid brand reputation and improving brand recall. In addition to displaying content directly, broadcasters can use big data and analytics to gain deeper insight into how users interact with their content. This data-driven approach allows them to produce better content geared to their customers’ preferences. Because of the country’s rapid mobile broadband penetration, the smartphone has become one of India’s most extensively used streaming devices. As the world’s second-largest consumer market, India provides a battlefield for even well-established companies.
Furthermore, technological advances such as 5G, compatible with the quality speed and ubiquitous connectivity, will ensure OTT experiences like never before, with no pesky buffering, latency, or undesirable colour fringing. Moreover, with its 10X decrease in end-to-end latency, 20X faster speed, and greater bandwidth, 5 G-powered OTT will also boost both live streaming and Video-on-demand divisions.
The changing broadcasting priorities of production companies are visible, and the availability of options will continue to modify how content is produced and distributed to the masses. The content creator economy has recognised the importance of riding this wave to avoid further shortfalls in the ongoing war between Pay TV and OTT.
Premised on this upswing trend, I believe that the OTT video streaming industry will open up new avenues for presenters and cable operators to expand their operations. With OTT viewership steadily increasing, broadcasters must seize this brilliant opportunity to directly showcase their offerings to their audiences or risk losing it in the long haul.
Article is authored by Madhvi Chaudhary, PR Manager, Media Mic
