India’s video industry, encompassing TV and digital platforms, has achieved a valuation of $13 billion, positioning it as the third-largest in the Asia-Pacific (APAC) region, as per a new report by consulting firm Media Partners Asia Research (MPA).

The report covers free TV, pay TV, SVOD, premium AVOD, and UGC/Social Video across 14 markets. It forecasts that India’s video market will grow at a rate of 5.6% from 2023 to 2028, reaching a revenue of $17 billion by 2028.

In 2023, the APAC video industry experienced a growth rate of 5.5%, driving its total revenue to $145 billion. This surge was primarily fueled by a 13% increase in online video sector sales, amounting to $57 billion. In contrast, television revenue saw more modest growth, registering at less than 1% and reaching $88 billion.

MPA’s projections indicate that the APAC video industry is expected to witness a Compound Annual Growth Rate (CAGR) of 2.6% between 2023 and 2028, reaching a total revenue of $165 billion by 2028. Excluding China, the CAGR is anticipated to be 3.3%, reaching $95 billion during the same period.

The APAC online video sector is forecasted to experience robust growth with a CAGR of 6.7%, reaching a total value of $78 billion by 2028. Excluding China, the CAGR for online video is projected to be even higher at 9.2%, reaching $46 billion by 2028.

Vivek Couto, MPA’s managing and executive director, commented on the industry’s shift from TV to online, driven by factors such as improved connectivity, rising connected TV (CTV) penetration, and the growth of local creator economies. He also highlighted the impact of new investments in the online video sector and the start of local market consolidation in certain regions.

India’s OTT industry is currently dominated by major players like Jio Cinema, Disney+ Hotstar, Netflix, Amazon Prime Video, and ZEE5, along with regional players like Aha and Hoichoi. The potential merger of Reliance and Disney could lead to a significant impact on the market, potentially creating a monopoly. This development could prompt platforms like Netflix and Amazon Prime to consider increasing their prices to maintain their market positions.

Meanwhile, the Ministry of Information and Broadcasting (MIB) has proposed a draft Broadcasting Services (Regulation) Bill, 2023, for public consultation. This bill aims to replace the existing Cable Television Networks (Regulation) Act and is expected to have a substantial impact on OTT platforms in India by bringing them under its purview.

India’s video industry, encompassing TV and digital platforms, has achieved a valuation of $13 billion, positioning it as the third-largest in the Asia-Pacific (APAC) region, as per a new report by consulting firm Media Partners Asia Research (MPA).

The report covers free TV, pay TV, SVOD, premium AVOD, and UGC/Social Video across 14 markets. It forecasts that India’s video market will grow at a rate of 5.6% from 2023 to 2028, reaching a revenue of $17 billion by 2028.

In 2023, the APAC video industry experienced a growth rate of 5.5%, driving its total revenue to $145 billion. This surge was primarily fueled by a 13% increase in online video sector sales, amounting to $57 billion. In contrast, television revenue saw more modest growth, registering at less than 1% and reaching $88 billion.

MPA’s projections indicate that the APAC video industry is expected to witness a Compound Annual Growth Rate (CAGR) of 2.6% between 2023 and 2028, reaching a total revenue of $165 billion by 2028. Excluding China, the CAGR is anticipated to be 3.3%, reaching $95 billion during the same period.

The APAC online video sector is forecasted to experience robust growth with a CAGR of 6.7%, reaching a total value of $78 billion by 2028. Excluding China, the CAGR for online video is projected to be even higher at 9.2%, reaching $46 billion by 2028.

Vivek Couto, MPA’s managing and executive director, commented on the industry’s shift from TV to online, driven by factors such as improved connectivity, rising connected TV (CTV) penetration, and the growth of local creator economies. He also highlighted the impact of new investments in the online video sector and the start of local market consolidation in certain regions.

India’s OTT industry is currently dominated by major players like Jio Cinema, Disney+ Hotstar, Netflix, Amazon Prime Video, and ZEE5, along with regional players like Aha and Hoichoi. The potential merger of Reliance and Disney could lead to a significant impact on the market, potentially creating a monopoly. This development could prompt platforms like Netflix and Amazon Prime to consider increasing their prices to maintain their market positions.

Meanwhile, the Ministry of Information and Broadcasting (MIB) has proposed a draft Broadcasting Services (Regulation) Bill, 2023, for public consultation. This bill aims to replace the existing Cable Television Networks (Regulation) Act and is expected to have a substantial impact on OTT platforms in India by bringing them under its purview.