In 2023, India’s online video market, valued at $2.5 billion, saw a major shake-up as Jio Cinema began offering premium content, like the Indian Premier League, for free. This spurred a surge in Smart TV purchases and high-speed internet subscriptions.
Right now, about 19-20 million smart TVs are hooked up to the internet in India. This increase is mainly because more homes are getting fiber broadband, which makes it easier to connect Smart TVs to the internet. Currently, there are around 20-25 million urban households in India with fiber broadband.
By 2029, around 5.81 billion people are expected to use OTT video services in India. Each user might spend an average of $6.16 on these services by 2024. With more people watching local shows and many streaming platforms competing, India’s OTT video market is growing rapidly.
In summary, India’s OTT market is poised for a strong future, buoyed by increasing local content consumption, expanding internet connectivity, and fierce competition among streaming platforms.
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