India’s Video Market Projected to Reach $13 Billion by 2028

India's Video Market Projected to Reach $13 Billion by 2028

India's video market, driven by the burgeoning streaming industry, is on track to generate $13 billion in revenue by 2028. This forecast is supported by continuous substantial investments in content development, as noted in a recent report.

Rapid Growth in Video Entertainment

India is emerging as the fastest-growing video market among major global players. Recent research by Media Partners Asia indicates that the nation’s video entertainment economy will experience an 8% annual growth through 2028. This growth trajectory is predominantly fueled by premium on-demand streaming services.

Rising Content Investment

Investment in content within India has seen significant growth, jumping from $3.3 billion in 2018 to $5.8 billion in 2023. Although this investment still lags behind that of Japan and South Korea, India's market holds immense potential, bolstered by strong commitments from international streaming platforms. For instance, Netflix Inc. and Amazon.com Inc. collectively invest around $500 million annually in acquiring and producing local content.

Local Competitors and Job Creation

Jio Cinema, a venture backed by Mukesh Ambani's Reliance Industries Ltd., has emerged as a formidable local competitor, with an annual spending of roughly $1 billion, primarily directed towards sports content. The robust backing from the industry is projected to generate approximately 280,000 jobs in the streaming sector by 2028.

Consolidation and Expansion

The Indian streaming-TV market has not only been growing at a rapid pace but is also seeing consolidation among major players. Walt Disney Co.’s India unit is merging with Reliance’s Viacom18, expanding its streaming portfolio to include sports, films, and TV shows licensed from Paramount and HBO.

Meanwhile, Prime Video is also making significant strides, planning to release over 70 new series and films in the upcoming years. With a consumer base of 1.4 billion, India stands as the third-largest revenue growth driver for Netflix.

Increased Competition Benefits the Market

The influx of streaming giants and their competitive push is seen positively within the industry. Deepak Dhar, CEO of Banijay Asia, remarked, “The more competition, the better,” emphasizing that platforms like Netflix, Amazon, Disney, and Jio Cinema are increasingly focusing on local content, benefiting local production companies.

As India continues to attract significant investments from global and local video platforms, its video market is poised for substantial growth and development in the coming years.