The pandemic phase and the period that followed became a success story for all OTT platforms. India started shifting from the big screens to the comfort of their homes, and OTT didn’t have to look back. With skyrocketing demand, the platforms have witnessed increased evaluations, and the rollercoaster is about to climb a steep cliff.
As of FY 2022, the entire entertainment market was evaluated at ₹249.09 billion. Even the platforms are investing in their content like never before. According to statistics, OTT platforms invested an estimated ₹55.21 billion, with Netflix, Prime Video, and Hotstar leading the way with ₹31.55 billion.
The entire market is experiencing growth with a CAGR (Compound Annual Growth Rate) of approximately 16.58% from FY 2023 to FY 2027. The market’s total value may reach up to ₹581 billion by 2027, as projected.
Not only video streaming, but audio platforms are also witnessing a significant rise in evaluation, going from ₹57.48 billion to ₹119.11 billion by the end of FY 2027, which looks spectacular. In the audio market, Spotify remains the untouchable player, while Amazon Music has certainly seen a rise in users.
As OTT continues to rise, it will also contribute to the growth of the advertising industry. However, the viewing experience still remains a hit or miss for several platforms. Rumored restrictions on OTT might slow down the growth, but as long as free OTT platforms exist, the future looks extremely bright.
