In recent years, there has been a significant increase in the online streaming of television shows and movies. This can be primarily attributed to the growing popularity of over-the-top (OTT) content platforms. OTT platforms offer video content streamed over the internet instead of traditional cable or satellite TV.
As more and more people shift towards consuming content online, the OTT industry is expected to multiply. In this blog post, we look at how the Indian OTT industry will look in 2024. We discuss the key drivers of growth for this industry and highlight some of the challenges that it will face in the coming years.
The future of the Indian OTT industry will look like in 2024
OTT will offer an opportunity to innovate interactive paid services, live streaming of events, virtual reality and artificial intelligence, mobile advertising, and connected car services.
OTT players in India will be making more local content to serve the home audience and cater to a potentially huge global market with young Indians wanting to see shows made in their language and having more locally relevant content. Moreover, OTT players in India should watch out for developing countries like Indonesia, Bangladesh, the Philippines, and Myanmar.
India stands to benefit from the scope and strength of its IT services industry, which can provide new capabilities to the country’s OTT market. By leveraging the country’s mature IT services service providers, India is set to quickly and fully exploit the opportunities the OTT market provides.
The business and technology models of the Indian OTT market will continue to provide a rich platform for innovation and growth. The number of companies supplying Mobile OTT services will burgeon. Big Data and analytics will play more of a role and allow a more profound analysis of user demand patterns, thus allowing greater personalization.
The US-based companies will start spending more money on content and move away from merely providing the technology infrastructure for others to make money; there will be a lot more money being invested in India, leading to many more jobs.
All media will go over the Internet and won’t require large cable or satellite networks pipes. Over time, standards will be vastly improved over what they are today, cheaper to implement, and viable for media.
Video and other Media-on-demand services, as well as transactional entertainment services, will provide new opportunities for consumers to access entertainment when they want, where they want, on their terms. This can be accessed through Internet-connected TVs or other devices.
Languages will drive the content. One of the industry’s challenges is that content is available in one or two languages. With the market opening up and getting competitive, you can see the need for firms to invest much more in content creation, making that content available in multiple languages.
Businesses use processed digital media such as audio, video, images, or data to offer goods and services to customers. This media is transmitted by wire or wireless systems over long distances, captured by devices, and may involve complex, intelligent applications. Whether it is at homes or shops, on the move, or in the cloud, the future for the industry stretches well beyond addressing consumers’ television needs.
The growth of the Indian OTT industry given its expressed and demonstrated commitment to local-language development, which is undeniably global and most certainly about to cross over will be dramatic and swift.
Indian OTT industry will be one of the largest globally, overtaking China. The OTT market started with video streaming, mobile video, and IPTV. All these significant phases of the market are still in the developing stage. The coming of voice-activated assistants (VAs) like Alexa and Siri and the development of voice recognition and processing technologies will open the door to a host of new possibilities and business models.
The OTT or Over-the-Top space will grow exponentially. The advent of Facebook, WhatsApp, and other similar OTT services has resulted in Indian consumers downloading applications that do not cost them anything to use but instead give them access to the latest news, sports alerts, industry notifications, and much more.
OTT industry in India will grow in many different ways. Already esports, which is currently not in India, is increasing in India, meaning people want to see others playing video games and will watch that because they are playing games. This will change the way we think about TV channels. We would be ready to pay subscriptions to go and watch specific programs instead of paying one fixed amount for a large number of channels.
The Indian OTT industry will continue to grow, but the market will consolidate significantly. Some companies will thrive and succeed using a mixed business model; others rely on in-house content. Newer companies will arise that will focus on niche content or niche markets.
The OTT industry will reflect the maturing of the Indian market. In other words, there will be a multichannel future, where top producers and top channels will not be confined to the so-called free-to-air channels. New programming will emerge, and new content will be available on the Internet, from music and videos to apps, interactive social platforms, and more.
Internet-driven video content services will become a large and growing part of the Indian entertainment industry.
Over-the-top communication means transmitting voice, data, or video content over the Internet without controlling or using infrastructure owned by a telecom carrier. The study found that OTT video distribution is expected to be broadband-based in the future.
The growth of the Indian OTT industry will likely be underpinned by improvements in rural connectivity, increasing availability of 4G networks, a continued focus on cheap data, and government-run UPI and Aadhar payment systems, among other factors.
Indian OTT industry will be worth Rs. 6,000 crores from the current Rs. 1,200 crore. The total number of OTT smartphone users will stand at 380 million by 2021, increasing about two-and-a-half times the number of smartphone users forecast for the end of 2016.
The number of OTT subscribers in India is expected to grow substantially. Also, more than 100 OTT platforms are expected to generate revenues of more than $1 billion.
There might not be any TV sets or cables. This “ideal world” could be your private realm, often referred to as your “own personal theater.” It could be the shortest distance between you and interaction with an immersive experience with plenty of bells and whistles such as high-resolution images, 3D graphics, and superior sound.
India’s OTT industry will see growth with new platforms, improved user experience, a surge in content offerings, and the digital addressable market through telecom partnerships.
Internet-based business models will help pave the way for India’s broadband infrastructure to grow even stronger.
Technological development will disrupt consumer entertainment-industry relationships, making it possible for new consumer entertainment services to evolve into serious competition for conventional consumer entertainment services.
Roughly a quarter of all web traffic will be from Indian viewers, and all of those users will need storage, computing power, and networking technologies. This will make India one of the epicenters of the internet in the world.
The number of OTT video players will increase in India, the content will be an essential driver, and the market will be more fragmented, with each player catering to a niche.
The industry will need to add interactive capabilities in the offerings to discuss them among themselves, participate in the shows, and become actively involved in making the shows more effective and entertaining.
Note: All the figures are predictions from other statistics.
Conclusion:
As the Indian OTT industry grows, companies need to stay on top of new trends and innovations. You can do this by partnering with an expert in online video marketing.
We have helped some of the world’s leading brands increase their sales through various strategies, including SEO optimization, social media campaigns, website redesigns, and more. Our experts will help you create a unique strategy that works best for your business needs, so don’t hesitate to reach out!
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