With the largest young population in the world and improving data services, India is only behind China in terms of internet penetration. In a country where people spent more than five hours daily on average consuming media, digital media houses are trying to lure customers with attractive offers. However, identifying the most feasible business model is challenging. Many leading players adopted a hybrid monetization model where a lot of free content is available alongside paid-premium content. In 2021, the digital media market in India was valued at over 300 billion Indian rupees and was estimated to almost double by 2024.
From global giants like Netflix and Amazon Prime Video to local platforms such as JioTV and SonyLIV, video streaming services have flooded the Indian market with tons of international and local entertainment. The availability of Indian content, western shows, and live streaming of popular sporting competitions has given Hotstar a tremendous success.
YouTube contributes significantly to streaming activities in the country with music videos accounting for the largest share of viewership. In fact, T-Series is among the most viewed channels worldwide. The era of social media has taken video entertainment a step further. Global platforms such as YouTube, TikTok, and Instagram have developed and included a short-form video (SFV) feature where users can upload content that is no more than 15 seconds to a minute long.
The short form video market in India has exhibited great potential in terms of active users and usage. Since the ban imposed on Chinese apps and brands by the Indian government as a result of the conflict between the two countries, alternatives to the short-form video platform TikTok have quickly flooded the market. SFV apps such as Moj, Roposo, and Josh made it to the top five list.
While streaming is a disruptive innovation that not only revolutionized media consumption and entertainment in India, placing the consumer on the driver's seat. With the competition expected to be fiercer, consistent, highly adaptable, and high-quality services will define the market’s future.
