India OTT Market: Current Analysis and Forecast (2024-2032)

Report Description

India OTT Market Size & Forecast

The India OTT market was valued at USD 3.6 billion in 2023 and is expected to grow at a strong CAGR of around 17.3% during the forecast period (2024-2032) owing to rising penetration of the internet in the nation.

India OTT Market Analysis

The Indian OTT market has grown rapidly only within the last few years due to high internet usage, the ubiquity of smartphone devices, and shifting trends in consumers’ preferences to streaming media. Competition is high with many players like Netflix, Amazon Prime Video, Disney+ Hotstar, ZEE5, JioCinema, and more. The market has many options for all kinds of audiences with choices in terms of languages and genres Operations are done both online and offline, and content is localized based on the regional audiences which makes it even more competitive. In providing new content and working with regional directors, the array of options has expanded even more, enticing subscribers’ interest. Also, competition fosters novelty in content distribution, promotion techniques, as well as monetization approaches, including dual paywalls and ads-formed products.

Recent Developments in the Market

• In April 2022, aha, one of India’s leading regional OTT platforms announced the launch of its Tamil State in Chennai.
• In 2021, Gujarat’s first OTT Platform on Letsflix was pre-launched in the market.

India OTT Market Trends

This section discusses the key market trends that are influencing the various segments of the pet perfume market, as identified by our team of research experts.

The Sports Segment Transforming Industry

The sports segment in India’s OTT market has been growing rapidly in recent years due to factors like rise in internet connection, smartphone usage, and a shift in consumer demand. With the onset of more followers of different sports, especially cricket, new digital platforms like Disney+ Hotstar, SonyLIV, and Viacom18 have increasingly gone for acquiring rights to stream only specific leagues and tournaments. This shift has not only increased the viewership but also generated huge advertising revenues. In addition, there has been constant innovation in terms of the new regional sports leagues and specific tailored sports content this has helped broaden the target audience and make the sports OTT an active and significant part of the Indian entertainment sector. Consequently, this segment looks forward to further growth, as content innovations and partnerships give it added value.

West India is Expected to Grow with Significant CAGR During Forecast Period

The OTT market of West India is seen to have a reasonably impressive growth due to factors such as a rise in internet connection, an upsurge of smartphone users, and a cultural shift towards digital content. This region has the largest population bases like Mumbai, Pune, and a lot more major cities, and has a booming Industry of Movies and Entertainment for which OTT Platforms is a viable business here. This has prompted the likes of ZEE5 and Sony LIV which already provide original content to ramp up the production of programs in different Indian languages such as Marathi and Gujarati. Further, consumption has increased due to the availability of new season series as well as fresh release films due to rising dependency on over-the-top (OTT) platforms. This growth is complemented by the affiliation of OTT services with local production houses making for a larger and better content portfolio. Therefore, West India is not only a large market point for many platforms but also the region that attracts new entrants who seek to generate a significant amount of revenue due to digital transformation in entertainment.

• In November 2023, Planet Marathi Group joined hands with Vistas Media to launch an OTT platform called ‘Planet Bharat’.
• In March 2023, Ultra Media and Entertainment, a leading provider of entertainment content in India since 1982, launched its new Marathi OTT platform “Ultra Jhakaas” which promises an unmatched content and viewing experience for its users.

India OTT Industry Overview

The India OTT market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Disney+ Hotstar; Amazon Prime Video; Netflix; JioCinema; Airtel Xstream; ShemarooMe; SonyLiv; Zee5; Discovery+; ALT Balaji.

India OTT Market News

• In June 2024, ‘Hari Om,’ a new mythological OTT platform, was launched. Hari Om aims to offer a digital repository of Indian mythology and traditional narratives. The platform intends to cater to the growing global interest among younger audiences in Indian culture and spirituality, serving as a gateway to explore Indian traditions.
• In August 2024, Reliance Industries Ltd (RIL), which will control the merged Star-Viacom18 entity once it receives regulatory approvals, announced consolidating its streaming services under a single platform, JioCinema.

India OTT Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The India OTT market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Frequently Asked Questions (FAQ)

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the India OTT Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India OTT market were the three major steps undertaken to create and analyze the adoption of India OTT in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India OTT market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertaining to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India OTT market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India OTT market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as content type, device type, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India OTT market. Further, we conducted factor analysis using dependent and independent variables such as the content type, device type, and regions of the India OTT market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India OTT market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India OTT market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the India OTT market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the India OTT market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India OTT market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the content type, device type, and regions in the India OTT market.

The main objective of the India OTT Market Study

The current & future market trends of the India OTT market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a state level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India OTT market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of content type, device type, and regions.
• Define and analyze the regulatory framework for the India OTT
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India OTT market for the major region.
• Major Regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India OTT market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive state-level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team