Indian consumers were used to watching only movies and TV shows
Indian consumers used to watch only movies and TV shows, but in recent years they have also become accustomed to consuming web series and miniseries. The trend increased after the success of the first season of Sacred Games (2018), starring Saif Ali Khan and Nawazuddin Siddiqui, and accelerated during the blockade.
While there are reports of growth from subscribers and streaming giants preferring quality rather than quantity, the fact is that a lot of money continues to be injected into creating original content. Last month, a report by The Economic Times stated that the top six OTT platforms in India spent between $600 million and $700 million on program production in 2022.
In other words, these players invested between Rs. 4968 crores and Rs. 5796 crores to create new content in the web series format!
These top six platforms are Amazon Prime Video, Netflix, Disney+ Hotstar, Sony LIV, Zee5, and Voot. The amount mentioned above excludes money spent on producing original films or investment made in sports content.
The Economic Times report also stated that Media Partners Asia estimated that investment in online video content in India will be $1.3 billion by 2022 and is expected to increase to $4.2 billion by 2027.
Meanwhile, there was an increase in the number of subscribers in 2022. According to the Ormax OTT Audience Sizing 2022 Report, India has 13.20 crores of SVOD (video-on-demand subscription) audience. The number stood at 11.50 crores in 2021.
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