Growth of OTT Platforms in India

OTT platforms in India
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Growth of OTT platforms in India is tremendous after the Covid-19 pandemic. 

 

According to the KPMG report in 2018, OTT’s market is supposed to grow 45% by 2023. 

 

OTT subscribers will cross 500 million by 2023. Due unexpected hit of Covid-19, Indians understand the importance of Digital life on an extensive basis. 

Growth of OTT platforms in India now depends on Bollywood content too. 

Let’s try to understand the relationship between OTT and Bollywood after Covid-19.

What is Over the Top (OTT)  

An over-the-top media service is nothing but Video or Voice on a specific platform.

The COVID-19 pandemic has had a significant impact on the Indian film industry. 

An over-the-top (OTT) media service is nothing but Video or Voice on the specific platform.

The COVID-19 pandemic has had a significant impact on the Indian film industry. 

Film producers or filmmakers are impatient to wait for the end of the lockdown. A group of filmmakers has decided to take their movies to video streaming platforms instead of queuing up for theatrical release. 

 

It is the first factor in favour of Growth of OTT platforms in India.

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Among the titles finalized are Shoji Sarkar’s Amitabh Bachchan- and Ayushmann Khurana-starred Gulabo Sitabo, whose rights have been acquired by Amazon Prime Video, and Akshay Kumar-starred Laxmi Bomb, whose co-producers Fox Star Studios will stream the horror-comedy on their own service Disney+Hotstar. 

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Among the titles finalized are Shoji Sarkar’s Amitabh Bachchan- and Ayushmann Khurana-starred Gulabo Sitabo, whose rights have been acquired by Amazon Prime Video, and Akshay Kumar-starred Laxmi Bomb, whose co-producers Fox Star Studios will stream the horror-comedy on their own service Disney+Hotstar. 

 

 

 

There are also several titles still under negotiation, including Vidya Balan-starrer Shakuntala Devi-Human Computer.

There are also several titles still under negotiation, including Vidya Balan-starred Shakuntala Devi-Human Computer, Bhumi Pednekar-starred Durgavati, Karan Johar’s Gunjan Saxena-The Kargil Girl featuring Jahnvi Kapoor.

 Amitabh Bachchan’s two more films Jhund and Chehre. 

Anurag Basu-directed Ludo is starring Abhishek Bachchan and Aditya Roy Kapur.

 

Production company T-Series is reportedly in talks with Netflix for its entire 2020 slate, including Kiara Advani-starred Indu Ki Jawani. 

“Growth of OTT platforms in India” is based on the excellent content and these platforms are offering a good enough amount to purchase it.

 

Amazon Prime, Disney, and the producers of these movies did not respond to Mint’s queries. Still, the film “Chehre” Anand Pandit confirmed that a digital release is being considered.

 

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Tentpoles such as Sooryavanshi and 83 are anyway out of reach of these platforms (because digital sales will not help recoup their ₹100 crore plus budgets) and they will push people to theatres whenever they reopen. 

 

There are few production houses which would anyway have been second to the biggies that these platforms are picking up now, a producer negotiating for his film said on condition of anonymity.

 

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It reported that T-Series is in talks with Netflix for its entire 2020 slate, which includes Kiara Advani-starred Indu Ki Jawani and black comedy Chhalaang.

 

In terms of numbers, it is notable that while a film such as Gulabo Sitabo would typically sell for INR 20-25 Cr to a digital platform post-theatrical release, quickly recovering its INR 25 Cr budget, its producers are now in a position to command more than INR 30 Cr.

 

Further, experts have noted that since streaming platforms come with annual allocated budgets, acquisition prices cannot shoot up astronomically. 

It is suggested that the online platform reduce the number of films being acquired and pay more for coveted titles.

However, it is to be noted that this will be a mid-to-long-term investment for the streaming services which will not monetize movies instantly.

OTT platforms in India

Growth of OTT platforms in India is crucial to both Bollywood and OTT Platforms, which has so far stuck to the eight-week window between theatrical and digital release as well as services such as Amazon that have only picked up films with theatrical validation. 

Vijay Subramaniam, director and head of content at Amazon Prime Video India, said in an earlier interview that theatricals release also plays an important role and impacts the decision to pick up the right movies.

These are signs of changing times and, in some cases, the filmmakers have an edge.  

So, while a film such as Gulabo Sitabo would typically sell for ₹20-25 crore to a digital platform post-theatrical release quickly recovering its ₹25 crore budget, its producers are now in a position to command more, possibly more than ₹30 crores. 

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Even streaming platforms come with annual allocated budgets so acquisition prices cannot shoot up astronomically, said “Atul Mohan” editor of trade magazine Complete Cinema. 

What services can reduce the number of films they acquire but pay more for coveted titles, especially those contemplating opting out of the theatrical race. 

 

Raising the subscription rate is not seen as an option in India. 

All services know India is a price-sensitive market; thus, the average consumer will not pay more. Mohan said, referring to the fact that this will be a mid-to-long-term investment for the streaming services, which will not instantly monetize on the movies.

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