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Counterpoint research released a report for December 2017 analysing the OTT video streaming market and the key players. It has seen a 35 percent year-over-year increase in the market, currently valued at USD 280 million with nearly 100 million subscribers.
Hotstar dominated the market with 75 million subscribers, followed by Viacom 18’s Voot (15 million), Amazon Prime Video (11 million), Sony LIV (5 million) and Netflix (5 million). The subscriber base for Netflix has steadily grown in India, but it is far behind the other players, the report said.
The report states that a majority of Indian audiences prefer free or ad-supported model still. It becomes more challenging for OTT firms to create content which is interesting enough that Indian consumers are willing to pay for it. In the case of Hotstar, only 2-3 percent of the total subscriber base actually pays for the services, with the rest sticking with the freely available content.
The content offered by the streaming services is varied. While Netflix offers content from all around the globe, Hotstar has local and global content for different age groups. Sports streaming service is also available on Hotstar. Players like Sony LIV and Voot source content from the TV partners as well.
The market is expected to see tremendous growth with increasing smartphone penetration across India. With video content available on the go through high-speed 4G and more than 130 million mobile phones being sold, the market for online streaming services is expected to grow even more in the country.
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