In 2023, investments in local entertainment programming—scripted, unscripted, and sports—amounted to $5.8 billion, a significant increase from $3.3 billion in 2018
India’s streaming industry is set to reach $13 billion by 2028, according to Media Partners Asia (MPA), reflecting an 8% annual growth rate from 2023. This growth is driven primarily by the video-on-demand (VOD) sector, which is anticipated to contribute nearly 50% to new revenue growth in the video economy. In 2023, investments in local entertainment programming—scripted, unscripted, and sports—amounted to $5.8 billion, a significant increase from $3.3 billion in 2018.
Despite this growth, India’s streaming market remains behind other countries. Japan leads with $10 billion, Korea with $6 billion, and the United States with $125 billion. India’s per capita investment is $4, compared to $370 in the USA, $120 in Korea, and $80 in Japan.
As per the report, the online video industry in India could attract close to $17 billion in investments over the next five years. However, the sector faces challenges such as outdated production facilities outside major cities, the need for new infrastructure, and a shortage of skilled technical talent. Addressing these issues, along with combating piracy, is essential for protecting intellectual property and maintaining a viable creative sector.
India’s role in the global video market is significant, with a projected $13 billion monetisation opportunity by 2028 and an 8% compound annual growth rate (CAGR). Streaming platforms have made substantial contributions to India’s digital economy by providing content across various demographics and regions.
The entry of Netflix and Prime Video in 2016 marked a turning point, with both platforms expanding their local content libraries to meet the demand for regional programming. Investments in local originals now account for around 45% of total TV entertainment content spending, excluding movies and sports. This shift suggests a convergence of streaming and traditional TV spending by 2028.
Between 2015 and 2023, the top six OTT platforms—Disney+ Hotstar, Prime Video, Netflix, Sony LIV, Zee5, and Voot/Jio Cinema—released over 1,000 original titles, generating more than 4,000 hours of content in various local languages. However, post-pandemic, there has been a decline in direct-to-OTT releases, with a greater focus on original series. This change has led to fewer new titles but an increase in the total hours of original programming.
TV historically led content investment, but by 2023, online video (excluding sports) accounted for 24% of the industry’s content investment, up from 8% in 2017. MPA projects that online video investment could reach $2.6 billion, representing about 30% of total content investment. Achieving this potential requires policy reforms and collaborative grassroots initiatives.
The expansion of premium video platforms has generated job opportunities and boosted the creative economy. Since 2015, India’s premium online video services have increased fivefold, contributing to employment and growth in related industries.
Streaming platforms are also facilitating cross-cultural collaboration, allowing regional talent to reach broader audiences. This has led to greater viewership of regional content both within and outside India.
Indian content now has global reach, with OTT platforms making it available in over 190 countries. Notable examples include Prime Video, where 25% of audience demand for Indian titles comes from outside India, and Indian originals frequently ranking in the Global Top 10. Netflix’s Indian films and series have consistently been featured in the Global Top 10 for non-English content. The film ‘RRR’ remained on the global Top 10 list of most-watched non-English films for 15 weeks, and ZEE5 Global saw a 46% increase in original content viewing in the United States.
India’s streaming industry is growing rapidly but faces significant challenges. Addressing infrastructure needs, developing technical talent, and combating piracy are crucial for sustaining growth and global competitiveness.
