The acronym “OTT” used to just be shorthand for texting to mean “over-the-top,” referring to something being excessive. Now, OTT applies as legitimate terminology in business, referring to subscription-based online video-on-demand services, providing massive catalogs of TV shows and films. However, given what several other leading names in other sectors have been doing, perhaps OTT shouldn’t just apply to streaming.
It seems as though the best way to go in the Indian market – and most others, in fairness – is to stack up with seemingly unfathomable options. Whether you’re looking at the primary OTT sector or the new scene of iGaming or even online shopping, OTT is becoming the norm. Everything is in one place for convenience while also offering such a broad range that it appeals to just about everyone.
Indian OTT market already in the billions
Predominantly thanks to the incredible rate of smartphone adoption coupled with an increase in mobile internet power across the country, online streaming platforms have become mainstream in India. Back in 2021, there were already 600 million smartphone users across the Subcontinent, greatly helping to buoy the streaming platforms that made their apps and subscriptions accessible.
In 2022, the Indian online video over-the-top market had already grown to reeling in revenues of $1.8 billion for the year. What might even be a bit of a conservative estimation, by 2027, it’s set to reach $3.5 billion, even with there being a few heavy hitters dominating the market. Usually, this would indicate a bit of a lack of competition, with Prime Video, Netflix, and Disney+ Hotstar being dominant while the sector is showing a compound annual growth rate of 14 percent. In each instance, while the offerings vary, they carry thousands of TV shows and movies. Netflix even offers a “Play Something” feature for those who feel drowned by the choices on offer.
Indian iGaming following the OTT model
Online streaming platforms have set the standard for amassing such huge and ever-growing libraries of content, but there’s another industry that isn’t far behind. However, in this other form of online entertainment, there’s much, much more competition. This is probably helped by the lack of a monthly subscription, but also by the sharing of games. In video OTT, few platforms share their shows or movies.
In iGaming, the game selection found on the best online casinos in India does vary from site to site, but you’ll spot a lot of crossover. Games from the likes of Microgaming, NetEnt, Pragmatic Play, and Play’n GO are often found because they provide the most recognizable titles, like Mega Moolah, Gonzo’s Quest, Big Bass Bonanza, and Book of Dead. From there, you’ll also find games from smaller studios and creative new concepts like the crash game Aviator or crypto-exclusive games. Like online streaming, there are thousands of options, but a lot less exclusivity.
Indian eCommerce following suit
While not a form of entertainment – even if some brands have an OTT arm – eCommerce is finding a lot of success with a similar model to the likes of online streaming and iGaming in India. Offering a huge multi-category online store that sends out just about anything has certainly found an audience in India, just as it has in so many other countries. The power of offering this kind of convenience via one account cannot be understated, and a couple of eCommerce giants are clearly making the most of this angle.
The year-on-year order volume growth in India for eCommerce, propelled by the increase of gross merchandise volume, shot up by 26.2 percent in 2022/23 from the financial year prior. Incredibly, Flipkart boasted a massive 48 percent market share in 2022, followed by Amazon at 26 percent. The eCommerce market itself is set to grow to $99 billion by 2024, so holding a near-half share of the whole market puts Flipkart in an incredible position in India alone. By 2024, those forecasts see the market size hitting up to $188 billion.
The way to win over the modern online market is to stack the virtual shelves with as many options as possible. Specialized, even expert smaller businesses can still go after a slice of the massive Indian market. Still, it’s clearly the ones that are compiling oceans of options, from slots and live casino games to films and shows, that are finding the largest audiences.