The Indian market for SVoD services will reach $2.1 billion by 2028

Subscription video-on-demand (SVoD) revenue in India is expected to grow at a compound annual growth rate (CAGR) of 6.7%, from $1.5 billion in 2023 to $2.1 billion in 2028, driven by a healthy growth in the number of SVoD subscriptions and the increase in the number of unique subscriptions. The penetration of SVoD households according to GlobalData, a leading data and analytics company.

An analysis of GlobalData’s India Subscription Video on Demand (SVoD) Forecast (Q1-2024) shows that SVoD subscriptions in the country will increase at a CAGR of 5.2% during 2023-2028, driven by increasing availability and affordability of high-speed trains. internet, and a steady increase in household penetration of fixed broadband services, especially high-speed fiber-to-the-home/building (FTTH/B) services, which enable the consumption of high-bandwidth OTT video content. Increasing investments in local original content and subsidized telecom bundles are also driving SVoD penetration.

Hrushikesh Mahananda, telecom analyst at GlobalData, said: “The Indian SVoD market is on an accelerated growth path due to the availability of high-speed broadband services, growing smartphone penetration and the widespread popularity of OTT content among the younger population. Furthermore, the expansion of the 5G network will further aid the growth of SVoD streaming services by facilitating a seamless streaming experience for consumers.”

Global SVoD operators such as Disney+ Hotstar, Netflix and Amazon Prime Video, which have gained immense popularity in India, have introduced innovative pricing plans with multi-device streaming options to expand their user base, and are investing heavily in developing original premium video content , especially in regional languages.”

Mahananda concludes, “The Disney+ Hotstar platform will hold the largest share of the Indian SVoD services market in terms of subscriptions during 2023-2028. This can be attributed to the company’s broad, distinctive pool of multilingual, localized and original content library, competitive pricing and exclusive coverage rights to live sporting events. Moreover, the company has partnered with telcos to expand the reach of its services as part of its bundled telco offerings to grow its user base and stay ahead of its competitors. For example, Vodafone Idea is offering its prepaid customers a free Disney+ Hotstar mobile plan at no extra cost for 90 days for INR 169.”

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