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India's OTT industry to cross $823 mn mark by 2022

The country’s CAGR is expected to grow at 22.6% till 2022.

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MUMBAI: Given the booming OTT industry in India, by 2022, it will become the tenth-largest in the world. A joint report by Assocham and PwC states that while the industry is still young, the global market has entered the growth phase.

A report by the New Indian Express states that the Indian market is expected to grow at a CAGR of 22.6 per cent during 2017-22 while the global rate of growth will be 10.1 per cent. The Indian market size is expected to be around $823 million by 2022 which stood at $297 million in 2017.

The report said, “The five fundamental drivers of this convergent business model are uninterrupted connectivity, mobile devices becoming the primary source of content consumption, the need to move away from traditional revenue streams, value shifting from content creators to platforms, and ability to provide a personalised offering to the consumer.”

The growth in smartphones is definitely to account for the burst in OTT consumption. India is expected to have 859 million smartphone users by 2022. “Internet consumption is clearly on the rise in India. The important factor for the video-on-demand industry is the availability of devices that are compatible with online video viewing. A large volume of consumption occurs on smartphones,” the report said. The advantage of cheap data is also an added factor.

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