COVID-19 impact | OTT platforms to up budgets by 25-30% this year
Streaming services are estimated to have spent more than Rs 5,100 crore in India last year.
January 11, 2021 / 06:03 PM IST
Photo by Scott Graham on Unsplash
There is no doubt the pandemic has brought millions of customers to the doorstep of online streaming platforms. As a result, over-the-top (OTT) platforms will see services upping their game and budgets by 25-30 percent to stay ahead of the curve in 2021.
According to a report by Media Partners Asia, streaming services are estimated to have spent more than Rs 5,100 crore ($700 million) in India last year.
Media Partners Asia is an independent provider of research, advisory and consulting services across the media, entertainment, sports, telecommunications, and technology industries in the Asia Pacific.
Gaurav Banerjee President, Hindi entertainment, Star India, told LiveMint that it has upped its investment in OTT for this year compared to 2020. Banerjee did not disclose an exact number.
OTTs are expected to launch more than 400 originals this year as compared to less than 200 titles in 2020, according to a report by Omdia, an independent analyst and consultancy firm headquartered in London. After all, original titles like Scam 1992 on Sony LIV found strong traction.
Karan Taurani, Analyst and Vice President at Elara Capital, pointed out in a research note that SonyLIV saw 5x growth in terms of viewership, more users post the launch of Scam 1992 starring Pratik Gandhi. The platform will launch six originals this year.
In fact, while theatres saw limited film release in 2020, video streaming platforms increased their count of new shows last year despite the impact of the COVID-19 pandemic