The OTT Boom: Revolutionising the Entertainment Landscape

Entertainment industry has undergone a significant metamorphosis over the years. This transformation can be attributed to the influx of new trends and changing individual preferences. On-demand viewing has taken over cable TV, offering consumers much-needed control over their viewing experiences. This trend has paved the way for OTT platforms to reign supreme today.

In fact, over-the-top platforms have become a staple in modern households. The thought of entertainment automatically leads to OTT, whether for a child or an adult. According to IMARC Group, India's OTT market reached $3.7 billion in 2023, and is expected to grow to $22.1 billion by 2032, with a projected CAGR of 21.93% from 2024 to 2032. This statistical figure highlights the fact that the appeal of OTT platforms is destined to rise, positioning them as a dominant entertainment source in the future.

Growth of OTT platforms

The days of waiting for scheduled broadcasts are long gone. OTT has offered much-needed convenience and flexibility to individuals, allowing them to watch at their own discretion. This has significantly resulted in a rise in OTT streaming and a simultaneous decline in the popularity of cable TV viewers.

Ditching the limited viewing options, OTT has introduced content diversity, allowing viewers to access a wide range of content. In fact, OTT platforms are embracing globalization, reaching wider audiences. This expansion will lead to greater localization and internationalization efforts, with a focus on creating regionally relevant content to attract a global viewership.

With content variety at its behest, OTTs are surely one step ahead of traditional cable TV. However, it is not only diversification of content but production and distribution have also evolved significantly. These new-age streaming platforms are thriving on original content, which seems to be a key factor in their growing popularity.

Top OTTs

Netflix: One of the top OTT platforms, Netflix entered the Indian market in 2016. Its wide-ranging content library has made India the streaming giant’s second-largest market. According to Media Partners Asia, Netflix now boasts 12 million paid subscribers in the country.

Amazon Prime Video: Since its debut in 2016, Amazon Prime Video has attracted more than 59.8 million users in India and 230 million worldwide. The platform has quickly become a favourite among Indian viewers, thanks to its diverse range of movies, TV shows, and original series in various Indian languages.

Disney+Hotstar: Founded in 2015 by Novi Digital Entertainment Private Limited, part of Star India Private Limited, this streaming platform features a variety of movies, web series, and content in nine languages. It provides a cost-effective plan, with prices beginning at Rs 149 for a three-month subscription.

Future of entertainment: OTT leading the charge

The rise of OTT platforms represents a significant shift from traditional media consumption, offering greater flexibility, diverse content options, and seamless access. Further, the evolving trends and advancements in the OTT arena have made it vital for OTT providers to stay on top of them to maintain a competitive edge.

Given the emerging trends within the on-demand streaming space and the rising appeal of the new-age platforms, the future of entertainment is surely going to be OTT.