- 80 percent of the audience who subscribe to over-the-top (OTT) services accept that all their entertainment needs are being fulfilled through online content available across different OTT platforms.
- 38 percent of the viewers are planning to give up on the traditional content viewing mediums such as the TV.
In the upcoming future, we can see the Indian audience turning their back away from TVs due to the growing popularity of the online video content.
According to a report published by consultancy firm KPMG India and OTT platform Eros Now, 80 percent of the audience who subscribe to over-the-top (OTT) services accept that all their entertainment needs are being fulfilled through online content available across different OTT platforms. As a result of the above stat, 38 percent of the viewers are planning to give up on the traditional content viewing mediums such as the TV. These results are from a survey conducted over 1,458 OTT users across 16 states.
The report said, “While the intent to cut the cord may not translate into doing so eventually, more than a third of the respondents are willing to actively consider it, and that outlines the rapid growth digital video has made, and the threat that traditional video distribution could face in the long run,”
Some of the interesting findings from the report are-
- Participants from big and small towns equally accepted that online content is meeting all their entertainment needs.
- Across big and small cities, one-third of the participants claimed that they are ready to pull the plug on the TV.
- The participants with higher incomes are more willing to give up on the TV in favor of OTT platforms.
With the current pace of growth by the end of financial year 2023, India will have more than 500 million online video subscribers, making the country the second-biggest online video market in the World after China.
“India is one of the fastest-growing entertainment and media markets globally and is expected to keep that momentum. As data and digital infrastructure has become exceedingly accessible even in small cities of India, the market for OTT has widened enormously,” said Rishika Lulla Singh, chief executive officer, Eros Digital.
The key drivers for higher adoption of OTT services in India are the viewers’ need for accessing differentiated content on the go. OTT has seen tremendous growth in the last few years. The few reasons behind it are-
- Online Media has better quality content than traditional viewing channels.
- The video content is anytime accessible to you so that you can watch it anytime, anywhere.
- Reasonable pricing of online content.