Video industry to hit $17 Bn by 2028

The video market in India has reached a valuation of $13 Bn, emerging as the third-largest in the Asia-Pacific region behind China and Japan, according to a new report by consulting firm Media Partners Asia Research. This is credited with the sharp increase in the Mobile internet usage in India, driving the growth of mobile-optimized video formats and platforms.

Video market is one of the fastest-growing and is projected to grow at 5.6% from 2023 to 2028. India has a vast population with increasing internet penetration and smartphone adoption, creating a huge audience for video content.

The reason behind is the traditional TV viewership is declining, while online video platforms like Hotstar, Netflix, Amazon Prime Video and Jio Cinema are gaining popularity.

A report shows, there is a significant rise of regional OTT platforms in India is reshaping the entire video landscape. Regional OTTs go beyond just translation. They understand the unique cultural contexts, sensibilities, and humour of different regions, creating stories that feel authentic and relatable to local audiences. This fosters a sense of community and strengthens regional identities.

These platforms provide a launch-pad for talented actors, directors, and writers from various regions, enriching the national entertainment scene with diverse voices and perspectives. This not only benefits regional artists but also broadens the horizons of viewers across India.

Regional OTTs often offer more affordable subscription plans compared to their pan-Indian counterparts, making quality entertainment accessible to a wider audience. This democratizes access to storytelling and empowers regional content creators.

Meanwhile, the Ministry of Information and Broadcasting has floated a draft Broadcasting Services (Regulation) Bill, 2023, for public consultation, to replace the existing Cable Television Networks (Regulation) Act. This move is expected to be a game changer for over-the-top (OTT) platforms in India as this bill seeks to take all such platforms under its purview.

Moving forward, the Asia Pacific video industry continues to experience a secular shift from TV to online in terms of engagement and monetization. The solid reason behind is improved connectivity and the growth of local creator economies, investment in premium local content as well as the wide availability of premium sports streaming, will continue to drive dollars and eyeballs online.

Overall, India's video industry presents a promising landscape with tremendous potential. Continued focus on content quality, diversification, and innovative monetization strategies, while addressing privacy concerns, can help unlock the industry's full potential and propel it towards its projected $17 billion milestone.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA