Digital platforms in India are gearing up for intensified competition in the streaming space. The investment in online video content in India has been on an upward trajectory.
According to a Ficci-EY research report, the country's expenditure on online video content reached INR 8,200 crore in 2022. These numbers are expected to increase further.
This growth signifies the potential for substantial revenue in the streaming industry.
All major OTT platforms are in the race to be prominent player in the Indian streaming market. Disney+Hotstar made a strategic move by offering free streaming of high-profile sports events like the Asia Cup and Men's ICC Cricket World Cup highlights.
Major players like Netflix and Amazon Prime Video, along with other OTT services, have also announced extensive content slates for the coming year. Streaming has become a significant revenue source for platforms like Netflix. Prime Video also enjoys substantial funding from its parent company, Amazon.
Meanwhile, broadcaster-backed services like SonyLiv and Disney+Hotstar are also taking the digital business seriously. Whereas, the only Indian player competing strong is JioCinema. Recently, it started providing free access to Indian Premier League (IPL). Now, it has secured deals with NBC Universal and Warner Bros. Discovery to strengthen its premium English programming and offer exclusive content.
JioCinema has attracted audiences with its collection of free programmes and movies. But, the cost associated with these initiatives is substantial. Its programming expenditure for this year is estimated to be between INR 3,500 and INR 4,000 crore.
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