OTT platforms may upend multiplexes' run soon, set to be a Rs 12,000-cr industry by 2023
India Today
The OTT market is set to become a Rs 12,000-crore industry by 2023. OTT has already chipped away 7-9 per cent of the entertainment industry share and revenue.
The OTT market is set to do an encore of what multiplexes did to the VCR/VCP/VCD segment in the early 2000s and is set to become a Rs 12,000-crore industry by 2023, up from Rs 2,590 crore in 2018, says a report.
According to SBI Research, the over-the-top or OTT market is expected to reach Rs 11,944 crore by 2023, up from Rs 2,590 crore in 2018, logging in a compound annual growth of 36 per cent.
This may lead to a repeat of the sudden death of the VCR/VCP/DVD industry that boomed in the 1980s, with the exponential rise of multiplexes since early 2000s across metro/urban areas, the report warns.
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OTT has already chipped away 7-9 per cent of the entertainment industry share and revenue, and is consistently growing with over 40-odd players and offering original media content in all languages.
Quoting various industry reports, Soumya Kanti Ghosh, the group chief economic adviser, said there are over 45 crore OTT subscribers today in the country and this is expected to reach 50 crore by end-2023.
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