Mumbai: The production of local originals in India is intensifying and stimulating the creative economy. Online video platforms should invest heavily in local original content to ensure solid growth in the number of paid subscribers.
“The digital content market has definitely grown,” said Fremantle India Managing Director Aradhana Bhola. Fremantle India is known for her unscripted reality TV series like “India Idol” and “India’s Got Talent”.
Fremantle is a UK-based global production and distribution company that created the hit reality series “Too Hot To Handle” on Netflix and “Hear Me. Love Me”. starring actor Shilpa Shetty on Prime Video. The Indian branch of the production company collaborated with YouTube India on two YouTube originals “Hello 2021” followed by “You V YouTube” hosted by actor and cricketer Gaurav Kapur.
“We don’t have a formal partnership in terms of the release deal, however, we work a lot with them (YouTube),” Bhola said.
According to Media Partners Asia, investments in online video content reached $ 1 billion in 2021. In addition, investments in local content increased from 29% in 2020 to 37% in 2021. Licensed / acquired content represents 63% of investments. in online video content.
The OTT platform Lionsgate Play, the streaming arm of Lionsgate Entertainment, is also launching its first Indian original “Hiccups and Hookups” starring Lara Dutta and Prateik Babbar. Prime Video is releasing the third season of its hit series “Inside Edge”. Disney + Hotstar is releasing their family drama “Dil Bekaraar”. Netflix is releasing its comedy “Decoupled” starring R Madhavan and Surveen Chawla. The space for local originals is heating up.
According to a study by the Boston Consulting Group (BCG), there is a strong correlation between OTT players who are willing to invest in premium content for service adoption and audience loyalty. “Over the past two or three years, the Indian OTT industry has come of age. The subscription OTT industry is growing at a much faster rate than the rest of the industry. This indicates a maturation of the consumer who is now ready to pay for specific content, ”said Kanchan Samtani, senior partner and CEO of BCG.
Media Partners Asia Vice President and India Director Mihir Shah estimates that if OTT players continue to invest in local content at this rate, subscription video on demand adoption will increase fourfold and will reach 224 million subscribers and $ 2.1 billion in revenue by 2026..
The main OTT players in terms of subscriber share in the SVOD market are Disney + Hostar (50%), Prime Video (19%) and Netflix (5%). The revenue share from SVOD subscriptions is 25% for Disney + Hotstar, 22% for Prime Video and 29% for Netflix.