India set for the Big Bang of OTT media: Experts

Hyderabad: In the middle of the internet revolution, where most of India’s population that has access to internet is willing to switch from TV to digital media platforms, Indian Over The Top (OTT) media market is expected to grow 45% by the end of fiscal 2023.
At Indiajoy 2019, India’s largest media and digital entertainment event, in the city on Wednesday, experts deliberated at creating and distributing truly personalised content.
“OTT platforms are providing an interface where you would want to be, and all the content you like, you might like and things you will like after watching things already recommended to you,” said Girish Menon, partner and head media & entertainment, KPMG in India. “OTT industry in India is still an untapped business, and a new set of characters revolving around the ideas in the audiences’ mind are coming up, thereby paving way for more innovation.”
According to a recent report by KPMG India and Eros Now, as many as 80% of those who subscribe to the OTT services say all their entertainment needs are being met through online content. And as contrary to popular belief, digital video is no longer the preserve of the young, and with growing access to smart phones and data connectivity, people across age groups are increasingly watching content online.
“In the next years, all OTT service providers are aiming to provide niche content to a wide scale of audience. India is one of the fastest-growing entertainment and media markets globally, and is expected to keep that momentum,” said Gourav Rakshit, chief operating officer, Viacom18 Digital Ventures, Voot said. “As data and digital infrastructure has become exceedingly accessible even in small cities of India, the market for OTT has widened enormously,” he said.
Experts from the media industry acknowledged the growth of digital media platforms with viewers able to control their own media consumption.
Online content explosion:
India has close to 500 million internet users, with a mere 20% rural penetration
According to Assocham-PwC report, India is on track to be the 10th largest market for OTT in terms of revenue in 2022, with mobile internet subscribers set to grow to 805 million in 2022
India currently holds the top spot in highest data usage per smart phone with an average of 9.8GB per month globally, and the number is predicted to nearly double in the next five years
According to the survey by KPMG India and Eros Now, 88% people from Tier 1 cities and 80% people from Tier 2 cities, say their entertainment needs are met online
38% of these viewers are considering giving up on traditional content viewing mediums such as TV