In terms of finances, very few industries are experiencing growth comparable to OTT services. Recent research suggests it has yet to reach its peak, predicting a Compound Annual Growth Rate (CAGR) of 25.87%.
As of 2022, the market size is $11.6 billion, expected to skyrocket to $54.1 billion by 2028.
Several factors contribute to the global rise of OTT platforms. Firstly, these platforms are not limited to specific regions; they’ve become global entities akin to Netflix and Prime Video, embodying the slogan ‘All for one and one for all.’
In terms of benchmarks, intense market competition compels platforms to produce top-notch content, propelling the industry’s remarkable growth. Studios have become more strategic in production, leveraging data analytics to understand audience preferences and creating ‘safe’ shows.
Streaming success isn’t solely dependent on production craftsmanship; many platforms also employ AI, Cloud Computing, and IoT to stay ahead of the competition.
As the globe witnesses this overwhelming rise, India isn’t far behind, set to contribute around $7 billion to $8 billion (13%) to the entire market. Though the numbers are indeed staggering, the market also shows slower growth, around 16.58%, in contrast to the 25% mark.
