The era of COVID-19 catapulted OTT services into the spotlight, as India's entertainment landscape shifted from traditional cable services to the convenience of streaming content on smartphones, laptops, and eventually Android TVs.
The surge in usage was nothing short of remarkable, with statistics reaching unprecedented heights. Recent data paints a revealing picture, indicating that India now hosts a staggering 48.11 crore OTT users, accounting for 34% of the entire population. This figure represents individuals who have watched at least one piece of content on an OTT platform, whether paid or free.
The Indian OTT audience experienced a remarkable 20% growth in the period spanning 2021 to 2022. However, when compared to the previous year, the growth rate exhibited a moderate slowdown, increasing by 13.5%.
Delving deeper into the data, it becomes evident that India boasts 101.8 million paid subscriptions (sVOD) among 36.4 million paying users, underlining the significant presence of premium content.
Yet, an interesting trend emerges when one scrutinizes the growth of these platforms. Despite the substantial user base, there has been a 6.5% decline, sparking concerns of oversaturation in the OTT market.
Several factors contribute to this decline. The abundance of 'average to subpar' content has left audiences less enthusiastic. Moreover, the continuous price hikes initiated by platforms such as Netflix, Prime Video, and Hotstar, aimed at maximizing their revenue, have also raised concerns among viewers. The question that looms large is whether the OTT landscape is approaching a state of saturation.
