OTT subscriber base in 2024 went up despite no conscious effort on the part of streaming platforms like Netflix to reduce subscription fee. As per a report, 15 million new subscriptions were recorded during the year. A couple of OTT platforms implemented strict anti-password-sharing norms.
"OTT subscriptions in India finally grew in 2024 to reach 125 million. Will hit 287 million by 2029," a Business Standard report says, quoting The Association of Magazine Media.
In terms of revenue, Jio Star (not to be confused with Jio Cinema), formed by the merger of Star India and Viacom18, made Rs 6,100 Cr in revenue last year. Netflix and Amazon Prime Video, respectively, made Rs 3,392 Cr and Rs 2,803 Cr.
The video industry is growing, while the TV industry is contracting. The video industry's revenues will grow from $145 billion in 2024 to over $165 billion by 2029, the report says. The video industry's lion share is by YouTube and Meta. The video industry is bigger than the streaming industry because it includes the latter in its purview of definition.
