Streaming content to drive revenues in Indian video market: study

Premium streaming video on demand (VOD) will drive half of new revenue growth in India’s overall video entertainment market over the next four years, according a study.

So far, TV has dominated investments in the video industry, but online video (excluding sports) is quickly catching up, the report titled Beyond Screens–Streaming VOD’s Impact on The Creative Economy, said.

This year, online video captured a 24% share of investments, tripling since 2017, and is expected to reach 30% by 2028, the report commissioned by Prime Video India and conducted by Singapore-based Media Partners Asia (MPA) said.

Revenues from streaming sites are now 1.5 times higher than movie producers’ net share from box office sales, the study based on interviews with industry leaders said.

This surge in streaming is also boosting allied industries such as telecom, the report said, adding that video now comprises over 70% of data traffic.

The surge in streaming content, with more than 1,500 original titles released across VOD platforms between 2016 and 2023, has led to a spurt in work opportunities as about 174,000 direct and indirect jobs were generated in the industry in 2023, the report said.

The industry, which is projected to command a valuation of $13 billion by 2028, may open up between 280,000-330,000 jobs as demand for specialized skills in VFX, animation, subtitling, and dubbing intensifies, the study said.

Pan-India content on premium video platforms not only appeals to domestic audiences, but is also projecting the nation’s soft power status on the global stage.

“By showcasing India’s diverse cultures and progressive outlook to audiences in over 190 countries, these platforms are elevating the country’s international influence to new heights,” the report said.

Leading streaming platforms such as Prime Video, Disney+ Hotstar, Jio Cinema, Netflix, Sony Liv, and Zee5 are promoting Indian content globally, positioning it alongside international favorites such as anime, K-pop, and K-dramas.

Streaming video on demand could benefit creative and allied industries if certain challenges are addressed, according to the report. These include expanding production facilities beyond urban areas, improving infrastructure collaboration, building technical skills through training and partnerships, and enhancing IP protection and anti-piracy measures.