The OTT market is now ready to go through the phase that VCR/VCP/VCD went through because of multiplexes. According to a report by Economic Times, the OTT market is now ready to become a Rs 12,000 crore industry by 2023. The over-the-top market is expected to reach over Rs 11,944 crores by 2023, which was Rs 2,590 crores in 2018.
OTT platforms are gaining popularity each passing day and have already attacked around 7 to 9 percent of the entertainment market's share and revenue. It is being said that there are over 45 crores of OTT subscribers in India, and this number could be increased to 50 crores by the end of 2023.
Cheaper, high-speed mobile internet, as well as discounted subscription prices, are some of the very big reasons why OTT has earned its popularity among people.
Right now, Disney+ Hotstar has around 14 crore subscribers, Amazon Prime Video around 6 crore subscribers, Netflix around 4 crore subscribers, ZEE5 around 3.7 crores, and SonyLIV around 2.5 crore subscribers globally. The subscription plans of these platforms are around 70 to 90 percent cheaper than in the United States.
The rise of the OTT platforms can cause a big loss to the Cinemas affecting their profit and decreasing it by 50 percent. Recently the show and filmmakers have also realised that it is more profitable for them to make shows and films that can stream on OTT Platforms rather than making them premiere in cinemas.
The covid era has played an immense role in the rise of the OTT Platforms because it was this time when people switched from cinemas to OTTs for their entertainment's sake. Ever since then, these platforms have become an important entertainment source for all audiences, be it people from metro cities or villages.
