Summary:

In the first half of 2024, the premium video-on-demand (VOD) category generated $1.04 billion in sales, a 38% increase from $760 million in 2023. Local programming accounted for 86% of engagement, with live sports, drama, and romance driving demand. Cricket was particularly popular, highlighted by the IPL 2024 and the ICC Men's T20 World Cup 2024. YouTube accounted for 92% of the 8 trillion minutes viewed, while Jio Cinema, Netflix, and Disney+ Hotstar made up over 70% of premium VOD revenue.

Following a challenging 2023, SVOD subscriptions increased from 110 million to 120 million in early 2024, driven by investments from Netflix and Prime Video in local content for India's affluent audience. These platforms represented roughly 70% of SVOD revenue. Jio Cinema's affordable package expanded its user base. Mihir Shah of MPA noted that growth continues through partnerships with telecoms and pay-TV companies. In Q4 2024, ad spending will focus on nonfiction programming, with freemium platforms gaining popularity through innovative formats.

Source: IBEF 

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