The OTT revolution is to be seen everywhere. Right from the theatrical business to the digital reception, it is everywhere.
The media and entertainment landscape in India is going through a rapid transformation, with digital platforms asserting dominance. In the fiscal year 2023-24, digital media revenue soared to Rs 63,200 crore, with OTT video platforms contributing Rs 31,800 crore.
Advertising Video on Demand (AVOD) platforms like YouTube led the charge, earning Rs 21,900 crore, while Subscription Video on Demand (SVOD) platforms generated Rs 9,900 crore only. Meta platforms earned Rs 16,500 crore, digital audio platforms Rs 7,500 crore, and the remainder was distributed across other digital sites.
JioCinema emerged as the top revenue generator among all the OTT platforms, capturing 29.6% of the total revenue. It is quite surprising to be honest because their new ₹29 plan is just too new to make any changes. Their emergence at the top spot has to be a contribution of IPL.
Prime Video and Mini TV followed with 18.9%, Disney+ Hotstar with 12.8%, Netflix with 6.5%, and Aha Video with 2.4%. Zee5 and SonyLIV each accounted for 1.8% of the revenue share.
However, Disney+Hotstar is still the biggest platform in terms of subscriber count. It is closely followed by JioCinema and Prime Video as Hotstar has lost millions of subscribers after the 2022 Summer.