According to the recent reports by ASSOCHAM – PwC, India’s per capita media and annual spending will be around 32 dollars by 2021 as compared to China and USA whose annual spending are 222 dollars and 2,260 dollars respectively.
Though India is witnessed to be one of the fastest growing media entertainment industries in the World, with an average CAGR of 11.7% from 2017 to 2022, growing from 30,363.72 million USD (19,78,045 million INR) in 2017 to 52,683.15 million USD (34,32,044 million INR) in 2022. By 2021, the India media and entertainment industry is going to be one of the top 10 markets globally.
India is going to spend around 32 USD (2,080 INR) by 2021 as normal GDP per capita has reached 2,560 USD (1,66,400 INR) for the current year. The amount spent is much less than the amount spends by China which is 222 USD (14,430 INR) and USA is 2,260 USD (1,46,900 INR).
There are multiple platforms that are available to the consumer from where they can choose. From recent times OTT platforms have competed against DTH players as well apart from competing among themselves. There has been a lot of opportunities for the growth of the industry in this area for VOD services. Due to the increased traffic in the metro cities, the average time spent on watching videos is also on the rising.
On the global level, the project is estimated to notice a growth at 10.1% from a base of 36,021.11 million USD (23,46,595 million INR) in 2017 to 58,369.29 million (3,802,467 million INR) in 2022. Though the USA will lead the OTT market over the next 5 years the strong growth rates in the SVOD platform will reduce in all over the world. In the USA like market, the internet usage to access the television has shown a drastic increase.
In countries like the USA, the majority of VOD consumers have access to the paid content through the largest player Netflix. In India, Hotstar leads the market with the majority of its content coming to watch on the online platform. China is the second largest OTT market in the World.