Over The Top, also known as OTT are platforms that provide media service directly to the customers over the internet. OTT platforms are quite popular all over the world. During the coronavirus pandemic, there was a lockdown in several countries in the world. In India, even the shooting of television serials and movies halted. As there was no new and fresh content on television, users have decided to opt-out watching web series on OTT platforms. There are more than 40 OTT platforms in India that provide original content. Even the big-budget movies are turning towards the OTT platform for release.
Rise Of OTT Platforms
The pandemic and lockdown have made audiences shift towards OTT platforms for the quantity and content quality. The rise of OTT is challenging the traditional source of entertainment in India, television. OTT platforms do not require cable, broadcasting, television, satellites and this is the biggest advantage. Other advantages of OTT platforms are that they provide content for all ages, for a specific set of audiences, and for different levels of society. OTT platform is rising because of its content primarily but not limited to web series, movies, short films, and music shows of almost all genres.
According to the KBMG reports, the market of OTT in India will increase by 45% by 2023. India will be the second biggest OTT market in the world after The United States of America. As per the reports in Consultancy.in, the consumption of OTT platforms in India has risen rapidly from 181 billion to 204 billion minutes in 2021 itself.
How OTT Platforms Have Brought The Revolution?
The first thing is digitalization. According to research from “The Satta Matka team at Betway, the last decade has seen enormous progress in digitalization thanks to smartphones, fast internet networks, digital payments, entertainment, fantasy sports, online gaming, e-commerce, and many more. People are using smartphones for their daily tasks. Students are doing online education. Digital consumption increased rapidly. A service provider like Reliance Jio has played a crucial role as they have provided cheap high-speed internet service. The audience has everything they can think of in their hand. People have the devices and OTT platforms are using these devices to provide entertainment. The pandemic has caused an enormous spike in the viewership of OTT platforms in India.
As per MICA’s Centre for Media and Entertainment Studies (CMES) report, India has currently 350 million OTT consumers. By 2023, the numbers will reach 500 million users. In India, males between 15-35 age group and females between 25-35 age group consume OTT content the most. Many business tycoons, venture capitals have invested capital of over 1 billion USD in the OTT industry.
Top 3 OTT Platforms In India
1. Disney+ Hotstar
Hotstar started in the year 2015. Hotstar is currently India’s top OTT platform. They have tied up with Walt Disney and became Disney+ Hotstar. This OTT is owned by Novi Digital Entertainment, a subsidiary of Disney Star India. Disney+ Hotstar has 43 million subscribers, the highest subscriber OTT platform in India. The new movies, Hollywood movies, web series, and more importantly IPL and World Cup gave Disney+ Hotstar the maximum number of subscribers. Disney+ Hotstar holds 29 percent of the overall viewership of the OTT market. The platform has generated a revenue of approximately INR 16 billion in 2020.
2. Amazon Prime Video
Amazon Prime Video started its services in 2016. It has 17 million subscribers and is available in six different languages currently. Along with Prime membership, Amazon provides fast delivery in their e-commerce platform, access to Prime Music at no extra cost.
3. Netflix
Netflix is third on the list with 5 million subscribers. They have started their streaming services in India in January 2016.
OTT has also expanded in the field of infotainment, health and fitness, and even education. It establishes the future of OTT platforms. OTT is not just a source of entertainment, it has become more like a friend to the users. Whenever you are lonely or feeling alone, the platforms work as a friend.
The only concern is the lack of regulation. Children can easily consume content made for adults. However, the government is trying to regulate OTT in India. In the upcoming years, OTT will have more impact on the audience.
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