Video Streaming Market in India to Reach $5 Billion By 2023
The market place for over-the-top (OTT) content, which is video content that is delivered over the Internet as an culling to traditional media, will reach $5 billion in Bharat by 2023, from $0.five billion in 2018, according to a new study today.
This growth is being driven by ascension affluence, increase in penetration of information into rural markets and adoption across demographic segments including women and older generations, according to the report by global management consulting business firm Boston Consulting Grouping (BCG).
"Majority of India has a single TV per household. Affordable information has created an alternate medium where consumers, for the first fourth dimension, tin can tap into content based on individual preference at a fourth dimension and space convenient for them," said Kanchan Samtani, Partner and Director, The Boston Consulting Group.
"Whilst the electric current market operates with a largely advert paid content image, consumers are not averse to paying for user-friendly content access that OTT unlocks," Samtani said.
The report tilted "Entertainment Goes Online" is based on a consumer survey designed to understand consumers' motivations in adopting OTT content over other conventional modes of content delivery.
Survey results showed that there is room for many types of OTT models such every bit SVOD (subscription-based platforms), AVOD (advertising-based platforms) and TVOD (transaction-based platforms) to succeed in the market.
Of the estimated 650 million Net users in Bharat past 2023, nearly half are expected to exist from rural areas and with evolution of regional content past various players, the rural market is poised to become a significantly big opportunity for OTT players, the study added.
Indian content, including music, Bollywood content and cricket, have a large following in the Indian diaspora also, the study added.
Source: https://beebom.com/online-video-streaming-market-india/
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