Aaccording to a new report, India’s video market is expected to reach $13 billion in revenue by 2028, boosted by the streaming industry, which has continued to invest billions of dollars in content development every year.
India’s Video Entertainment Market Set for 8% Annual Growth, Driven by Streaming Investments
According to research by Media Partners Asia, the world’s most populous country is the fastest-growing among major global video markets. They said, the video entertainment economy is expected to post 8% annual growth through 2028, Fueled by premium on-demand streaming.
The investment of content in India increased to $5.8 billion in 2023 from $3.3 billion in 2018. While that still trails Japan and South Korea, the Indian market has more possibilities to enlarge with a solid commitment from streaming giants, including US platforms.
Managing director of MPA, Vivek Couto said Netflix Inc. and Amazon.com Inc. are pouring in a combined $500 million a year in India to acquire and produce local content. Jio Cinema, backed by billionaire Mukesh Ambani’s Reliance Industries Ltd., is spending about $1 billion every year, led by sports, he said. According to the report, With the industry’s backing, the streaming sector will create 280,000 jobs by 2028.
India’s Streaming-TV Market Consolidates as Major Players Expand with Local Content
India’s streaming-TV market has been growing rapidly, while uniting into a few big players in recent years. Walt Disney Co.’s India operation is merging with Reliance’s Viacom18, scaling up its streaming business with sports and films and TV shows licensed from Paramount and HBO. Prime Video continues to increase in the nation, with plans to release more than 70 new series and films in the upcoming years. India has become the third-largest driver of revenue growth for Netflix with 1.4 billion consumers.
The chief executive officer of the production company Banijay Asia, Deepak Dhar said “The more competition, the better”. whether it’s Netflix or Amazon, Disney or Jio Cinema for us, we see they are picking up more local content.
