OTT platforms might become Rs.12,000 cr industry by 2023.

A recent SBI NSE Research report predicted that OTT platforms would soon overtake multiplexes as India's preferred entertainment venue. Compared to Rs 2,590 crores in 2018, the over-the-top industry is expected to grow to around Rs 11,944 crores by 2023. OTT has gained appeal for several reasons, including more affordable, high-speed mobile internet, quality visual content, and lower subscription fees. The growth of OTT platforms may result in a significant loss for theatres, with a 50% reduction in profit.

Disney+Hotstar has the highest customer base with 14 crore subscribers, Amazon Prime Video has 6 crore subscribers, Netflix has 4 crore subscribers, Zee5 has 3.7 crore subscribers, and Sonyliv has 2.5 crore subscribers and counting. The subscription price for these OTTs is 70% less than in the US. This OTT growth has been boosted due to Covid 19 striking in 2021, resulting in viewers opting for convenient viewing OTT platforms. Regarding revenue and market share, OTT has taken 7-9% of the entertainment sector, growing exponentially in the forthcoming years.

The report also mentioned that The explosive growth of video cassette recorders and players (VCRs/VCPs) in the 1980s also put theatres under pressure. Still, the emergence of theatres in the 2000s decimated the DVD industry and single screens. During the pandemic, almost 30 Hindi movies had their digital premieres. However, localized web series and films are currently being prioritized more by international players.