India's video OTT market to touch $12.5 bn by 2030
India's video OTT market is expected to touch $12.5 billion by 2030 from about $1.5 billion in 2021
India's video OTT market is expected to touch $12.5 billion by 2030 from about $1.5 billion in 2021 on the back of access to better networks, digital connectivity and smartphones, according to a report by RBSA Advisors.
The report noted that the next wave of growth in the OTT landscape will come from tier II, III and IV cities and the Indian language speaking population.
These include players like SonyLIV, Voot, Zee5, ErosNow, ALTBalaji, Hoichoi and Adda Times among others. The report said the Indian video OTT market in India is expected to grow from $1.5 billion in 2021 to $4 billion in 2025 and further to $12.5 billion by 2030.
The audio OTT market -- which sees participation from players like Gaana, Jio Saavn, Wynk Music, Spotify and others -- is also poised to grow from $0.6 billion in 2021 to USD 1.1 billion in 2025 and further to $2.5 billion by 2030, it added.
The report highlighted that COVID-19 pandemic has been a game-changer and OTT video streaming platforms including Netflix, Amazon Prime Video, Disney+ Hotstar, Voot, SonyLIV and others had gained immense popularity in India.
It added that the OTT landscape is expected to get hyper competitive in next 4–5 years, and the OTT service providers will strive to emerge as the preferred platform among the consumers.