Before the Corona era, hardly any common Indian would have spent a lot of time on OTT, or would have thought that one day this platform would become so big that the film industry’s dependence on it would increase and those who are fond of watching movies in multiplexes would also become crazy about OTT. But it is true that the OTT platform gave a big support to the entertainment industry in that dreadful period.
It not only handled the film industry, but also provided a platform to all those artists who, despite being talented, were sidelined in the current entertainment and film industry, or were forced to do minor roles because of being outsiders. This platform was no less than a boon for cinema lovers who were forced to stay locked in their homes due to the lockdown, so they took it up. What was it then, films also started releasing here and more than one web series started being produced. Since then OTT platforms have never looked back.
What is OTT platform
OTT platform is the short form of ‘over the top’ platform. Actually, this platform with the help of some other platforms provides content and programs related to film and TV on our mobile, tablet, computer, laptop and smart TV. To watch these programs, an Internet connection is required, not a satellite service or cable connection.
In other words, OTT is such a distribution system, which provides audio or video directly to the consumer through the Internet on the basis of his demand. We have to pay to watch content on some OTT platforms. At the same time, there are some platforms where we get some or all the content for free.
Reasons for the success and popularity of OTT
Covid-19 has been a decisive factor in the success of OTT service providers in India. Netflix, Amazon Prime Video, Disney + Hotstar, Voot, Sony Liv and many other OTT platforms like these gained immense popularity in India during this period. Due to the different choices and preferences of the people, these platforms remain very popular even these days. Gone are the days when people used to depend on TV for telecast of their favorite shows.
Nowadays users simply subscribe to the OTT platform, select the genre of their choice and start watching the content of their choice. Neither the hassle of going to the theatre, nor the hassle of sitting in front of the TV at the scheduled time. Whenever you get time, enjoy your favorite shows, movies, songs and music.
This is how the OTT platform came into existence
From the 1990s to the early 2000s, Blockbuster was America’s leading video rental company. This company used to provide DVDs and video tapes on rent through the store. But with the aim of ruining the business of Blockbuster, in 1997, Netflix started doing all this through mail. In the year 1999, Netflix announced subscription at $ 15.95 per month. After this, in 2007, Netflix started streaming services.
Blockbuster also expanded its business this year by launching a streaming service, as well as continuing to rent DVDs through its stores. But gradually it lagged behind Netflix. Thus, Netflix went on to hold onto the OTT industry, while Blockbuster collapsed.
India’s OTT market is growing
According to the ‘Global Entertainment and Media Outlook 2023-27’ report released last week by PwC, i.e. PricewaterhouseCoopers, with the introduction of new things by international platforms and increasing ‘pay-lite’ options, OTT revenue in India is expected to reach $ 1.8 billion in 2022, from $ 1.4 billion in 2021. This is six times more than the revenue of 2018. According to the report, there is a long-term potential for the OTT and Connected TV (CTV) market in India due to the country’s population and diversity.
Due to regional languages, OTT videos will continue to get a boost in the country. Probably for this reason, while the growth rate of the OTT segment globally is 8.4 percent, India is relatively ahead with a CAGR of 14.32 percent and with this growth rate, this segment will continue to grow and achieve a revenue of $ 3.5 billion by 2027. According to the Market Watch website, the video OTT market in India, where it was worth Rs 86.98 billion in 2020, is expected to expand with a CAGR of 30.73 percent in the period 2022-26. Talking about the audio OTT market, its value in 2021 was Rs 44.21 billion, which is expected to reach Rs 99.98 billion by 2026.