India's video entertainment market to reach $13 billion in revenue by 2028
The video entertainment market comprises pay TV, user-generated content (UGC), and premium VOD platforms.
India’s video entertainment market is expected to touch a revenue of $13 million by 2028, with an immense contribution of streaming video on demand (VOD) adding almost half of the overall growth. According to the Economic Times report, The video economy is expecting an 8 per cent growth at an average annual rate.
A report by Media Partners Asia, commissioned by Prime Video India titled “Beyond Screens – Streaming VOD’s Impact on The Creative Economy” highlights the rapid content consumption in the country. The study further projects that India’s video entertainment market, fueled by streaming VoD, will touch a revenue of $13 billion by 2028.
Impact of Streaming VOD on Various Sectors
The video entertainment market comprises pay TV, user-generated content (UGC), and premium video on demand platforms. As of 2023, there were nearly 60 premium video-on-demand platforms in the country offering different genres including sports, news, and entertainment.
Last year, these platforms spent $2.2 billion on local content, with projections indicating that content expenditure could rise to $2.6 billion by 2028, potentially comprising 30 per cent of the video industry’s total content investment.
The same report indicates that total investment in original online video shows is anticipated to grow from $479 million in 2023 to $1.2 billion by 2028. Additionally, streaming VOD has created around 174,000 direct and indirect jobs, with the potential to almost double employment opportunities by 2028.
The steaming industry has a notable impact not just in the creative industry but also in other major sectors like telecom, broadband, pay TV, VFX, animation, tourism, and hospitality.
In the time span of eight years from 2015-23, India’s top six streaming platforms (Disney+ Hotstar, Prime Video, Netflix, Sony LIV, Zee5, and Voot/Jio Cinema) have released around 1,000 original titles, which can be totalled to 4000 hours of content.
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