The video streaming industry in India has seen an explosion in the past few years with the coming up of companies like Amazon, Netflix, Hotstar, SonyLIV, Voot, and ALTBalaji who have successfully made a mark in the OTT industry. These OTT platforms have revolutionized a customer’s way of media consumption along with his approach towards the kind of content that is being made available to him. India’s over-the-top (OTT) industry is expected to touch $5 billion dollars by 2023, according to a report by Boston Consulting Group (BCG).
Inspired by the success of Amazon Prime Video and Netflix in India, Walmart-owned Flipkart is now set to take up the video streaming market with its own OTT platform.
The service is expected to be launched ahead of the Diwali festive season and it will be offered free to the members of Flipkart Plus loyalty program. Unlike Amazon, the Indian e-commerce website will not be producing any originals but will license content from the likes of Walt Disney and Balaji Telefilms. This move will aid Flipkart in leveling with other players in the market like Amazon.
Amidst the burgeoning of several OTT platforms in the industry, it becomes difficult for a company to make its way to the consumer and battle it out on the ground.
The availability of dirt-cheap internet plans in the country and the easy affordability of smartphones acted as the biggest contributors behind the massive growth of the OTT sector. Also, the content creators and distributors try to lure in more and more audience through their exciting offers and cash backs which is also somewhat responsible for the expansion of this sector.
Amidst the burgeoning of several OTT platforms in the industry, it becomes difficult for a company to make its way to the consumer and battle it out on the ground. The emergence of the video streaming industry is already posing as a potential threat to the traditional television-watching habit and is also set to challenge the cinema industry now.