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HomeNewsNew MediaIndia’s SVoD market to touch $1.5 billion in 2023: Report
Thursday, 14 November 2019 05:12

India’s SVoD market to touch $1.5 billion in 2023: Report

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According to Boston Consulting Group (BCG) and Confederation of Indian Industry (CII) report ‘The trillion (and growing) touchpoint story – recognising the monetisation conundrum’, India’s SVoD market is projected to touch $1.5 billion in 2023.

The report said that Indian subscription video on demand (SVoD) has registered strong growth in 2019 on the back of democratisation of the audience base. The SVoD market grew to $0.5 billion in 2019 up from $0.1 billion in 2018.

As per report, the average Indian’s digital video consumption has grown 2x in the past two years, on the back of surging smartphone adoption and ubiquitous low-cost high-speed mobile internet, coupled with industry’s initiatives. The digital video consumption has increased from 11mins/day to 24mins/day over the past 2 years. Over 2018, this has been driven by a 10-15% increase in numbers of sessions and a 15-25% increase in average time per session.

The report added that the top 4 OTT platforms have spent Rs 2000 crore+ in original content.

Talking about advertising, the report stated that the advertisements in digital video are able to retain more visual attention than traditional TV. 55% of viewers use TV advertising time in multitasking, switching screens or skipping content. In comparison, mobile advertising commands more viewer attention. It noted that a lighter advertising load on OTT can drive higher recall for brands.

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