The report noted that the next wave of growth in the OTT The landscape will come from levels II, III and IV Indian-speaking cities and population.
“The OTT industry is poised for aggressive growth prospects with access to better networks, digital connectivity and smartphones. OTT platforms in India have been attracting more and more subscribers on a daily basis. Apart from top favorites Disney + Hotstar, Amazon Prime Video and Netflix, the space is seeing a plethora of local and regional OTT players, “he added.
These include gamers like SonyLIV, Voot, Zee5, ErosNow, ALTBalaji, Hoichoi, and Adda Times, among others.
The report said that 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 OTT audio market, which has the participation of players such as Gaana, Jio Saavn, Wynk Music, Spotify and others, is also poised to grow from $ 0.6 billion in 2021 to $ 1.1 billion in 2025 and further to $ 2.5 billion by 2030, he added.
“The OTT market in India is expected to grow at a CAGR of 28.6 percent over the next four years. RBSA believes that this industry has the potential to grow into a $ 15 billion industry in the next few years. 9 to 10 years, “he said.
The report highlighted that the Covid-19 pandemic has been a game changer and OTT video streaming platforms including Netflix, Amazon Prime Video, Disney + Hotstar, Voot, SonyLIV and others have gained immense popularity in India.
He added that the OTT landscape is expected to become hyper-competitive in the next 4-5 years, and OTT service providers will strive to emerge as the platform of choice among consumers.
Massive investments made by OTT services such as Netflix, Amazon, Disney + Hotstar and others in originals, as well as purchased content, will help subscription video-on-demand account for 93% of total OTT revenue (compared to 87 % globally), increasing at a CAGR of 30.7% between 2019-2024, it said.
The report said that the ARPU (average revenue per user) in the OTT video segment in India is projected at $ 7.2 (approximately Rs 537.25) in 2021. Furthermore, the OTT user base is expected to be 462.7 million by 2025.
“The viewing habits of Indian consumers have evolved a lot in recent years. While, on the one hand, consumption of short-form video content on smartphones and social platforms has been on the rise, binge-eating has also increased. programs on various OTT platforms become more common on the other hand, “he added.