Within the first half of this yr, India’s premium video-on-demand business income surged 38% to US$1.04 billion, in contrast with US$760 million within the first half of 2023. , a nationwide ad-supported (AVOD), freemium and subscription-based (SVOD) service.
Consultancy Media Companions Asia stated 8 trillion minutes of content material was broadcast in India between January and June, utilizing information collected by AMPD’s passive measurement system.
YouTube dominates the streaming area in India, accounting for 92% of all on-line video consumption, whereas paid platforms account for the remaining 8%. Within the premium video section, which has 645 billion minutes streamed, freemium platforms paved the way with a 92% share of viewing time.
Pay and SVOD platforms particularly nonetheless have a small market share in India’s huge and price-sensitive market, however get pleasure from excessive visibility because of their exceptionally sturdy income.
Sports activities content material attracts the biggest variety of distinctive viewers, with 9 of the highest 15 titles falling into the sports activities style. Cricket is probably the most distinguished, with the 2024 IPL and the 2024 ICC Males’s T20 World Cup being the highest two sporting occasions, attracting big crowds.
This underscores the importance of the dispute between Disney India and Zee Leisure Enterprises over a failed cricket rights deal, in addition to regulators’ deal with the upcoming merger of Reliance Industries Ltd’s media companies with these of Disney India.
Reliance-owned Jio Cinema, Netflix and Disney+ Hotstar paved the way in monetizing the premium VOD class, contributing round 70% of the full income within the class. A brand new report from Media Companions Asia claims that Jio Cinema is the class chief within the first half of 2024 with a income share of 36%, whereas Netflix leads pure video SVOD monetization with a 38% share.
“After a tumultuous 2023, complete SVOD subscriptions rebounded from 110 million to 120 million within the first half of 2024. The full addressable marketplace for India’s prosperous viewers continues to broaden, with Netflix and Prime Video capturing this by investing in native originals and movies. These platforms collectively account for practically 70% of SVOD income within the first half of 2024.
(In a report on India’s streaming business launched final month by one other consulting agency, Ormax calculated that the variety of streaming customers had grown 14% yr over yr to 547 million, and stated the expansion was “completely pushed” by AVOD.)
“Subscriber progress momentum will proceed within the second half of 2024, pushed by integrations and deeper partnerships with telcos, pay-TV operators and OEMs. As well as, with the festive season approaching, This autumn 2024 Promoting spend ought to be sturdy on high-reaching UGC platforms,” stated Mihir Shah, Vice President, MPA India.
“Netflix and Prime Video plan to launch steady content material streaming in February 2024. For freemium platforms, leisure spending has began to select up on new ad-friendly codecs equivalent to TV++, which has similarities to TV with 40-120+ episodes per day cleaning soap operas each season, these codecs are confirmed to draw new customers and enhance engagement on a decrease price range.
