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Scope & Future Of The Ott Era Of Digital India!

The Indian video streaming market is part of the media and entertainment market which is expected to reach up to a whopping Rs. OTT is an unusual player in the market and is growing fast because it allows Indian viewers to access television entertainment on different screens and on a budget. Viewers are becoming more aware of prices as they realize that OTT offers them the access to TV and film content over the Internet without having to subscribe to traditional cable services.



According to PCW's 2019-2023 Global Entertainment Media Outlook 2019, the OTT market in India will grow 21.8% CAGR from 4,464 Core in 2018 to 11,976 Core in 2023. Indian OTT platforms are fueling their growth in advertising, and media planners suggest that Hotstar is now the largest platform for advertising, ahead of Google and Facebook. Digital advertising is growing 30% faster than OTT advertising and annual growth is expected to be between 40% and 50%.



Recent rapid growth of New Age Video (OTT) platforms such as Netflix India, Amazon Prime Video, Disney +, Hotstar, Zee5 and Likess have disrupted and diversified the Indian market. According to a report by PwC, India's OTT market will become the second largest in the world by 2024 with a size of $2.9 billion and grow by 28.6% between 2020 and 2024. Global players such as Amazon Prime and Netflix India are home-grown OTT platforms that boost advertising.



The future of OTT operators in India remains in doubt after the Ministry of Information and Broadcasting (I & B) announced new and stricter digital guidelines on 25 February 2021. Let us learn more about the future of OTT in India and the growth of information consumption.



The unprecedented boom in the OTT market around the world is being eclipsed by the pandemic situation. Whether in the rest of the world or in India, OTT viewing figures in India are at an all-time high.



OTT giants such as Netflix plan to spend INR 3,000 crore to create content for Indian context to stay up with growing demand for more content. At the same time, production companies have immense production experience and knowledge of content that consumers prefer to switch from linear television to OTT. Many of these production houses make collections of their content available on platforms such as YouTube.



Most of the many production houses are converging in India with the rise of OTT platform preferences such as Hotstar, Sony Liv, Hoichoi Eros, Sun, etc. OTT platforms are becoming an extension of brands "broader content strategy through their own YouTube channels. The major OTT service providers create such content in the main languages where demand is greater.



With a population of over 46% in the 15-45 age group, OTT platforms should focus on building regional and youth-oriented content libraries that appeal to local tastes. Content localization is the driving force behind the growth of the OTT platform. Proper content localization must be complemented by innovative subscription packaging in India, based on a price-sensitive market.



The main challenge for OTT platforms and VOD platforms is that the services have to serve regional markets. This requires market participants to diversify their content libraries compared to TV channels. The OTT platform needs to shift from one-size-fits-all subscription models to different subscription models that cater to populations of different income levels.



The biggest challenge for apps is serving regional markets, which means greater diversification of online content libraries compared to TV channels. A densely populated and diverse market requires a high degree of precision in the target groups. While most apps and apps, including YouTube, are starting to work in diversified and populated countries like India, precision is needed when it comes to target audiences.



With the return of fresh content to the General Entertainment Channels (GEC), consumption on OTT platforms is expected to remain a form of catch-up television. Results based on anonymous aggregated findings from the AI platform Bobble showed that platforms such as Amazon Prime and Netflix have experienced an increase in time spent by 8,263 per cent since the lockdown began in 2020.



For the consumer, OTT brings many benefits, such as content selection, multiscreen playtime, content and a lot of personalization. This will move away from Hotstar's completion rate, stickiness of content and brand security from catch-up TV to OTT.



According to the FICCI / EY Media & Entertainment Industry Report 2019, total video consumption on OTT platforms continued to increase in 2018 with regional consumers driving growth, so it is no surprise that OTT players like Hotstar and Zee5 have regional language content. If we look at the list of original content broadcast on OTTs, we see that the most controversial are at the top of the popularity scale. There are also several regional OTT platforms for regional languages such as Hoichoi, Addatime and Sun, which reach a significant audience.



Over-the-top media (OTT) media is a term used to describe streaming media services offered over the Internet to viewers. The exaggeration arises from the fact that these services circumvent cable, radio and satellite television platforms and act as controllers and distributors of such content.



To be honest, OTT platforms gained popularity during the nationwide shutdown when much of the population was forced to stay indoors and turned to home-based entertainment options. OTT platforms shed their shrouds of urban elitism and became a source of mass entertainment, breaking down barriers and recording an unprecedented surge in demand.



As the time consumers spent on streaming platforms increased, we saw an increase in inventory and publishers relying on guaranteed deals and fixed deals at fixed prices in advance to fill their ads, faced with a lot of unsold inventory that could have been purchased at unprecedented prices. Paid with advertisers with limited budgets who were reluctant to purchase inventory at the same price the winners were publishers that implemented header bids. These publishers had the technology that enabled them to respond in real time to market conditions to maximize revenue per file. Even amid these changes, some things remained the same.

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