India has a vibrant film and television industry. The country has a large Cable & Satellite (C&S) base with largest DTH and the second-largest pay-TV subscriber base in the world. It is the largest producer of films and has the fourth-largest theatrical box office market in the world. India has nearly 30 active content online streaming (over-the-top) platforms.
The Indian media and entertainment industry absorbed a historic shock due to COVID-19, as it toppled long-standing business models, amplified existing trends, and forged new opportunities. Meaning, to a large degree, COVID-19 and its aftereffects have accelerated the digital disruption, as consumers take more control of their own media consumption in a world of ever-expanding choices.
During pandemic it was reported how the media and entertainment industry was adversely impacted considering – big film releases were postponed; film, TV and web series shootings were halted; theatres were unable to screen movies; etc. Meanwhile, OTT or online streaming platforms kept audiences entertained with a variety of content options.
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The Future: Now Streaming, a report published by KPMG (2016), remarks how in 2015 online streaming players like Hungama Play, Muvizz.com, Netflix, Yupp TV entered the Indian OTT market. There has been an addition of many new players since then which includes Amazon Prime, Voot by Viacom 18, ALT by Balaji Telefilms, and many more. As more players are acquiring content in India and globally, the syndication revenue for film libraries is expected to further increase. This is also intensifying the competition in the Indian OTT market.