Can you remember the circumstances under which OTT platforms were accepted in India? Those were the wild days of Sacred Games and Mirzapur. Those unapologetic fearless shows made unapologetic content that not only resonated but stayed with people.
But this isn’t 2018 or even 2020. What’s the update now?
The growth of OTT viewership has slowed down significantly, according to Ormax Media. In 2022, viewership grew by 20%. However, in 2023, the growth dropped to 13.5%, which was more organic. This slower growth has raised concerns about the future of the OTT industry.
The FICCI EY Media and Entertainment Report highlighted a 52% increase in OTT spending in 2023. This spike was mainly due to the high cost of sports rights, which made up 51% of the ₹12,500 crore spent on OTT content. Platforms spent 24% of their budget on acquiring film rights, but only a quarter went to original content, even though there was little growth in viewing hours.
So is it really sustainable?
Doesn’t seem so.
Recently, streaming giants have stopped developing new content, preferring to work with established cinema artists. This is exactly the reason people moved from traditional cinema to OTT. OTT was more raw and gave a chance to new names. With big names, OTT is just another aspect of the traditional cinema now.
They are renewing only the series that did well during the pandemic for new seasons and prioritizing big-budget, star-studded films to boost profits. Mid-budget or low-budget projects are considered only after they have proven successful.
These trends are certainly concerning and unsustainable for the entire industry. It’s high time the industry sits and thinks what they are upto.
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