How did OTT evolve in India and Where is it heading us?
When you were sharing the thrill of your epic final season binge of Sacred Games last evening with your friends, did you take the time to carefully specify the platform on which you watched the show?
“Hey, guess what? Last Sunday I watched Mirzapur, a thriller show, on Prime Video and streamed it through my Apple TV.”
Do you remember the time when Netflix was a curious little DVD conveyance service? At the point when they presented a streaming part, it appeared to be more like a curiosity, and less like the fate of amusement.
Without a doubt, OTT stages like Amazon Prime, Netflix, or Hot star, have gained enormous fame, as a result of certain shows, web arrangement which is high on content, yet these stages have their own space and film lobbies have their own, and it can’t be exchanged over the long haul.
Are OTT platforms the “new normal”?
In 2012, Indian viewers had only 2 OTT platforms and now in 2020, we have 30+ platforms that are continuously turning viewers eyes as you read this right now. To name a few, we have Zee5, Sony Liv, Hot star, Netflix, Amazon Prime and a whole lot more.
We are encountering another move in the OTT administration’s commercial center, in any case. Reluctant to surrender the streaming amusement class to the OTT Big Three, various significant contenders are entering the market in power and making gradually expanding influences through the promotion world.
There is a 75% increase within the subscriptions of those OTT apps during the lock down phase because of COVID-19. The results of the above survey showed a rise in watching movies and television shows online during the nationwide lock down.
In this pandemic situation, everyone is at home and has ample time to spend on these platforms, in order that they are trying to find quality content.
In accordance with the reports, the scale of the Indian audience is currently 76.5 million and is predicted to grow at 22% annually.
In the year 2019, the revenue from subscriptions for over-the-top video platforms across India amounted to approximately 12 billion Indian rupees. This was expected to increase to 74 billion rupees by the year 2024, marking a compounded rate of 44 percent. Overall, the digital market within the media and entertainment sector across India is about to become the second-largest by the year 2022.
Online video platform subscription revenue across India within the fiscal year 2019, with estimates until 2024
Overall Market Demographics:
· Salaried workers are the most important viewers of OTT clients, followed by students, entrepreneurs, housewives, and others.
· More than 33% of the respondents showed that they are inclined to utilize free services only, while another third demonstrated that they are paying for the membership. The remaining respondents were either on a time for testing or showed that their companion or family pays for the membership cost.
· The mobile phone is the most mainstream gadget for OTT video content utilization. Xiaomi is that the most famous cellular phone brand among OTT clients.
· Jio is the most well-known organization among OTT clients in India, followed by Airtel and Vodafone-Idea.
· The most favored language for video content is Hindi and English. Among territorial dialects, Telugu was discovered to be generally famous, trailed by Punjabi, Bengali, Marathi, Tamil, and others.
· Action and Comedy are the foremost favored classes. While inclination for Action was most elevated among male clients, Drama and Romantic sort content were discovered to be generally mainstream among female clients.
OTT Video Content Platform Analysis:
· As of now, Hot star drives the market, with a sharp spotlight on cricket and related organizations. As indicated by the statistics, 56% of Hot star’s users come from metro urban areas. The stage likewise has the most noteworthy entrance of non-paying clients.
· Netflix and Amazon’s Prime Video were discovered to be profoundly mainstream in metros. Top 5 metros represent over 65% clients of these stages. This was most noteworthy when contrasted with all other significant stages. These two stages likewise have the most elevated entrance of salaried workers.
· In any case, Sony LIV scores most noteworthy among Tier-I urban areas. Over 40% of Sony LIV clients are from Tier I urban areas.
· Voot has the most elevated entrance of female clients. It likewise has the most elevated infiltration of youthful clients matured between 16–24 years.
· ALT Balaji scored most noteworthy among 25–35 age bunch clients, which represent 59% of its clients. Likewise, the stage is profoundly well known in Kolkata, with more than 33% of its clients from Kolkata alone. This was the most noteworthy among every single significant stage.
· Eros Now has the biggest offer (59%) of its clients in the 25–39 age section in Tier II/III urban areas, most elevated among all major OTT stages.
How does the user get addicted to OTT Platform?
OTT Platforms use the Analytics feature in which your TV home screen is curated with the unique shows you have watched and the apps that you open every day.
Then the algorithm serves you content material that you may surely like and recommends it to you on your Watch List.
Netflix has been using predictive analytics and data analytics to increase its audience base and these features have played a keen role in the success of Netflix’s popularity.
On the other hand, the cable information is filled with loosely grouped channels and an on-demand ride of previous shows that suffers from minimal personalization, if any.
This way the user gets hooked to watching on OTT Platforms.
Impacts of OTT:
Do you think people have cut down the number of DTH cables in their home and moved to other viable options?
Yes, people have moved to fire sticks, chrome casts, and to smart TVs only for the reason of OTT. That is where the coming decade is heading and that is where the brand marketers should also head to increase their viewership rate.
Amazon and Apple TV are slowly turning into the home screens we want on a nightly basis.
Likewise, Netflix, YouTube and Prime Video are becoming the solely streaming structures on which you stand to discover something new to watch, as your consumption habits moves you in dozens of viewer sub-categories and suggest new content material to you on a second-to-second basis.
Conclusion
If you are building a video recommendation, which is an imitation of a current model recall it will soon become history. However, if your arrangement is in a state of harmony with the shopper’s developing interest in videos, I am certain you get an opportunity to endure.
Gain from the individuals who have seen or been a piece of business development in thirty years. They are the ones to direct where the industry is going and what is the correct way ahead. Plan today remembering tomorrow not what has been done yesterday. It will yield only gobbles up your speculation.
I hope this helps in making smart decisions.
What is your next step for your brand on OTT platforms?
Do share your insights in the comment section below.
Contributed by Swaleha Sheikh
