LazyPay extends 'pay later' offering for Gaana, Sony Liv and Alt Balaji

OTT subscriptions have now become a part of the monthly bills along with other expenses like rent, electricity and EMIs.

Wouldn’t it be a relief if you could pay for your streaming services not in the opening days of the month and had the option of paying later for these services?

Now, subscribers of music streaming platform Gaana, video streaming platforms SonyLiv and AltBalaji can choose to pay later as LazyPay has partnered with the three platforms.

There will be a ‘one-click-pay-later’ feature on Gaana.com, SonyLiv and ALTBalaji which will help users subscribe faster and pay later.

A consumer can subscribe on Gaana.com, ALTBalaji and Sony Liv using LazyPay and will be allowed to pay in 15 days through the LazyPay app.

Subscription revenues are an important part of income for the over the top (OTT) platforms.

While Indians are getting onto OTTs, not many prefer paying for these services.

Hence, the streaming platforms are putting in efforts to turn the users into paid subscribers and options like pay later could result in higher conversion rates for these platforms.

The subscription video on demand (SVOD) is expected to grow at 21.8 percent CAGR from Rs 3,756 crore in 2018 to Rs 10,708 crore in 2023, according to Global Entertainment and Media Outlook report.

In addition, India’s music, radio and podcasts market in 2018 was worth Rs 5,753 crore which was up from Rs 3,890 crore in 2014.

Total music streaming revenue forecast is likely to hit Rs 10,858 crore by 2023, a 13.5 percent CAGR growth.

This, reflects that the streaming platforms can score big with subscription revenues if ease of pay and other such options are offered to the users.

LazyPay was launched in 2017 by Payu,a fintech company, as 'buy now pay later' option at checkout.

Since then LazyPay has expanded its portfolio and has evolved into a credit provider.