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According to a joint report by CII and Boston Consulting Group, India's OTT industry will expand to $13-15 billion over the next 10 years, at a CAGR of 22-25%.
India's OTT Industry on the Rise
The CII and BCG report, titled "Blockbuster Script for the New Decade: Way Forward for Indian Media and Entertainment Industry", shed light on the trends in the Indian OTT industry.
The report said that the OTT industry is growing at a steady rate, with over 40 players. As such, there are "strong tailwinds" because of cheap mobile broadband, increasing internet users, and increased adoption of digital payments. All of these enablers have contributed towards increased video content consumption and hence the growth of the segment.
The report also said that the Indian Media and Entertainment industry has already recovered to pre-pandemic levels; it will grow to $55-70 billion by 2030, at a CAGR of 10-12%.
Along with this, India has some of the cheapest subscription prices in the world. Recently, Netflix slashed prices in India by a significant margin. Interestingly, Netflix India offers the cheapest version of Netflix in the world, and still, it slashed its prices. Furthermore, content providers such as Amazon Prime and Disney+ have significantly lower prices in India than across the world.
The report further put the spotlight on the Indian original content. "Strong content is also helping capture eyeballs outside India," the report said. This growth in local content has seen consumption grow massively in the country. What's more, the SVOD content has grown faster than the AVOD content; the report said that the former will overtake the latter soon.
"This strong growth in the subscription is due to various initiatives taken to expand the user base through bundling and pricing innovations, amply supported by significant investment in content," the report said. It further added, "Indian OTT has progressed from early-stage to scale stage with Transitioned from AVOD to SVOD model, growth in disposable income to drive subscription growth and investing in premium and original content."