The access to diversified content, original shows, direct-to-digital releases and cheap subscription rate for multiple users or pocket users, creates a pull for content consumers throughout India. The diverse nature of consumers (in terms of language, genre, content format, interests etc.) is the biggest facilitator in the rise of a host of regional OTT platforms to cater to these niche consumer groups alongside the existing leading OTT platforms in India.
Today, there is an unprecedented boom in the OTT Market across the globe due to the pandemic and post pandemic situation.
Just like it is with the rest of the world, OTT viewership in India is at an all-time high. From just two OTT platform providers in 2012 to more than 40 players now, the OTT revolution has come a long way in India.
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Assuming the crisis is not going to get over totally, anytime soon, here is a brief outlook as outlined by Noted Business Transformation Expert Hirav Shah, on what could be the future of OTT in India in 2022:
1. Growth Anticipation:
According to a recent study, the OTT industry in India is likely to reach $ 5 bn in size by 2022 end. An increase in disposable income, an increase in internet penetration to rural markets and OTT video adoption across demographic segments have been the key drivers of OTT market growth in India.
2. To Be Driven By Rural Demand:
With an increase in internet penetration in rural areas (estimated to be ~650 mn by 2022 end), OTT players are keen on developing regional content to cater to the rural markets. Lack of other entertainment options has spurred audiences, mostly from Tier2 & Tier 3 cities.
3. Technological Improvements:
Lately, over the top platforms have become extremely lucrative and popular in India. Previously, the cable TV provider was responsible for distributing the programming to the subscribers. Because of technological improvements, the procedure has experienced significant alterations in the modern period.
4. Content:
The content on ott platforms is updated as per the current scenario. Production houses with immense production experience, knowledge about what content consumers prefer are venturing from linear TV to OTT. Many production houses have already made the collection of their content available for platforms like YouTube.
5. Boon For Indian Audiences and Filmmakers:
OTT Revolution is a boon for Indian filmmakers, no doubt about it…Streaming platforms offer a diverse range of storytelling options to directors all across India, newfound stardom to lesser-known actors and spoil the audience for choice as they consume content in different languages. Hence, it’s a boon for the audiences as well.
6. Online gaming is a new frontier:
Gaming apps topped the new downloads category on both Android and iOS phones in Q2 of 2021. Especially around the younger population and the conducive environment, gaming could emerge to be a major beneficiary of the overall digital ecosystem. Media companies and OTT providers especially can look at adding gaming as a potent extension to their ecosystem offerings.
7. Corporate Learning Management Solution:
At a time when physically attending training is a distant idea, organizations can meet their learning objectives by incorporating a corporate e-learning solution. In this era of Netflix and YouTube, an efficient Learning Management Solution empowers employees with the flexibility to access training at their own will and pace.
With features like advanced search and filtering, employees can search and consume relevant materials whenever needed. In addition to the flexibility to learn, gamification in such solutions helps in higher engagement levels and can even help in improving overall retention too.
8. Demand for OTT in Health & Fitness:
Video streaming platforms having got an opportunity to expand their offerings into genres like health & fitness have entered into strategic alliances to cater to the increased demand and emerging audience segments. According to a study, besides video conferencing apps, and websites, fitness applications such as Lose Weight, Cure.fit, recorded a 104.53% rise in daily active users (DAUs) with engagement rate increasing by 15.72% and time spent on the app increasing by 40.50%.
Take Away:
In India, OTT platforms are an integral part of the entertainment ecosystem and are here to stay, in 2022 and even beyond. In the future no matter what with or without pandemic, theatrical will have to coexist with the streamers- Concludes Hirav Shah, The Most Influential Business Enhancement Expert Of India.
