Video on demand category generated US$ 1.04 billion in revenues during the first half of 2024

The premium video-on-demand (VOD) category generated US$ 1.04 billion in revenues in the first half of 2024, a 38% increase from US$ 760 million in the same period in 2023. Local content accounted for 86% of premium VOD engagement, with live sports, drama, and romance leading demand. Sports content attracted the highest viewership, with 9 of the top 15 sports-related titles, 6 of which were BCCI events. Cricket dominated, with IPL 2024 and the ICC Men's T20 World Cup 2024 as the top 2 sports properties. According to ampd, a platform by Media Partners Asia (MPA), 8 trillion minutes were streamed on India’s online video platforms, with YouTube accounting for 92% of total consumption. Premium platforms, including AVOD, freemium, and SVOD services, comprised the remaining 8%, with freemium services at 92% of the 645 billion minutes streamed. Jio Cinema, Netflix, and Disney+ Hotstar contributed nearly 70% of premium VOD revenue, with Jio Cinema leading the category and Netflix dominating pure-play SVOD monetization.

After a challenging 2023, SVOD subscriptions rebounded from 110 million to 120 million in the first half of 2024, with Netflix and Prime Video capitalizing on India's growing affluent audience through local content investments. These platforms accounted for nearly 70% of SVOD revenue. Jio Cinema's affordable plan broadened the SVOD audience, encouraging more users to subscribe. MPA India Vice President Mr. Mihir Shah stated that subscriber growth will continue in the second quarter of 2024 through partnerships with telcos, pay-TV operators, and OEMs. Advertising spending is expected to increase in the fourth quarter of 2024 due to the festive season. However, it will focus on non-fiction shows on premium VOD platforms, with a portion returning to high-reach UGC platforms. He also highlighted that Netflix and Prime Video have a steady content lineup for the second half of 2024, while freemium platforms are gaining traction with new advertising-friendly formats like TV++, designed to attract and engage users with lower budgets.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.