India’s OTT video market is expected to grow at 21.8% CAGR: Report
Subscription video on demand will increase at a 23.3% CAGR from Rs 3,756 crore in 2018 to Rs 10,708 crore in 2023, the study reportedly states
India’s OTT video market is expected to grow at 21.8% CAGR, from Rs 4,464 crore in 2018 to Rs 11,976 crore in 2023, according to PwC’s Global Entertainment & Media Outlook 2019–2023 report, say media reports.
The study reportedly states that subscription video on demand will increase at a 23.3% CAGR from Rs 3,756 crore in 2018 to Rs 10,708 crore in 2023.
Reports quote Rajib Basu, Partner & Leader – Entertainment & Media, PwC India, as saying that research shows that in the next five years India will see significant growth in OTT, Online Gaming and Internet advertising.
Total internet advertising revenue for India in 2018 was Rs 8,150 crore, a 40.2% year-on-year increase from 2017. Internet advertising is predicted to continue to grow rapidly in 2019 and beyond and is forecast to be worth Rs 18,445 crore in 2023.
Further, according to the report, India’s music, radio and podcasts market was worth Rs 5,753 crore in 2018, up from Rs 3,890 crore in 2014. With streaming services finally germinating, total music revenue is forecast to hit Rs 10,858 crore in 2023, rising at a 13.5% CAGR.
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