India’s OTT market hits Rs 37,940 Cr in FY24-25; YouTube grabs 38% share

In FY 2024-25, YouTube solidified its position as the undisputed leader in India’s OTT landscape, driving a significant portion of the sector’s growth. With a staggering ₹14,300 crore in revenue, YouTube accounted for 37.7% of the total digital media revenue.

As India’s digital entertainment appetite continues to deepen, the OTT landscape is poised for even greater expansion. With a remarkable 700 million internet users consuming video and audio content, the sector is projected to experience substantial growth in the coming years.

According to the latest FICCI-EY report on the Media & Entertainment sector, paid video subscriptions are expected to rise by nearly 30% over the next two years. However, before we look ahead, it’s crucial to assess how 2024 laid the groundwork for this transformation. Here’s a look at how the year shaped the OTT sector in India and what the numbers reveal about its fast-evolving future.

According to data sourced by e4m from Chrome DM, the total revenue from advertising and subscriptions across OTT platforms in India reached ₹37,940 crore in FY 2024-25, reflecting the booming demand for digital entertainment in the country. This growth highlights the key players driving India’s OTT revolution and sets the stage for an even more dynamic future.

(Numbers revised by source)

At the forefront of this digital revolution is YouTube, which has cemented its position as the undisputed leader with a massive ₹14,300 crore in advertising and subscription revenue combined, accounting for 37.7% of the total digital media revenue. YouTube’s dominance is largely attributed to its expansive creator economy, regional language content, and its deep penetration into urban and rural India alike. The platform’s ad-supported model continues to thrive, especially with increased internet accessibility and affordable data.

Close on its heels is JioCinema (now JioHotstar), which has emerged as a formidable force in the OTT space. With a revenue of ₹8,835 crore, it commands 23.3% of the market. These figures include three quarters of erstwhile JioCinema and last quarter of JioHotstar as the merger took place at the end of the third quarter of FY25.

The platform’s ascent can be credited to its aggressive content partnerships, including exclusive sports streaming rights, international shows, big IPs like Bigg Boss and then the merger with Disney+Hotstar.

Netflix and Disney+ Hotstar (before merger with Jio Cinema), once considered the primary contenders for the top spots, followed at a distance.

Netflix generated ₹2,900 crore in revenue, capturing 7.6% of the market share. A notable development in the OTT space is the content syndication deal, with Netflix acquiring iconic shows from Sony Pictures Networks India (SPNI), such as CID and Crime Patrol. This marks a significant shift in strategy for both platforms. The impact of this move on their respective growth and audience engagement will be fascinating to watch, as it not only diversifies Netflix's content but also provides SPNI with a new revenue stream while keeping its classic shows alive in the digital era.

Up to the point of merger, in FY 2024-25, Disney+ Hotstar reported ₹2,750 crore in revenue from advertising and subscriptions, accounting for 7.2% of the market share.

With the recent merger of JioCinema and Disney+ Hotstar into the new entity, JioHotstar, the OTT landscape is poised for a significant shift. This development will be an intriguing one to follow, as it has the potential to reshape the competitive dynamics, offering new opportunities for growth and content innovation. It will be fascinating to see how this merger impacts viewer engagement, content offerings, and market positioning in the evolving OTT space.

In FY 2024-25, Amazon MX Player, formed by merging Amazon miniTV and MX Player, generated ₹1,200 crore in revenue, capturing 3.2% of India's OTT market share. This ad-supported streaming service reached over 250 million unique users by September 2024, offering a diverse range of content, including original shows, popular movies, and international series dubbed in local languages.

The long tail of the OTT ecosystem includes platforms like Sony Liv which made ₹1129 crore in FY25 from ads and subscriptions, contributing to 3% of the market share.

Zee5 made ₹1037 crore (2.7%), Stage made ₹600 crore (1.6%), Aha Video made ₹148 crore (0.4%).

These platforms also play a vital role in expanding digital content consumption beyond metro cities.

Apart from the above, there is other digital media, which collectively generated ₹5,041 crore, accounting for 13.3 % of the total revenue. This includes a diverse mix of niche platforms, independent content hubs, and emerging players tapping into specific interest areas or underserved languages, according to Chrome DM.

The data shows that India’s OTT space is undergoing rapid transformation, and as digital consumption habits evolve, the battle for attention and subscription rupees is only set to intensify. The numbers point toward a maturing market where local content, pricing strategies, and user experience will determine the next wave of OTT winners.