The revenue from digital media reached Rs 63,200 crore in the financial year 2023-2024: COTT Report

The media and entertainment industry is constantly changing, with a noticeable trend towards digital platforms becoming more prevalent.

As per a recent COTT report, the digital media revenue reached Rs 63,200 crore in fiscal year 2023-24, with OTT video platforms accounting for Rs 31,800 crore.

AVOD platforms generated Rs 21,900 crore while SVOD platforms earned Rs 9,900 crore. According to the COTT Annual Report, Meta earned Rs 16,500 crore, digital audio platforms earned Rs 7,500 crore, and the remaining amount was earned by other sites.

JioCinema, with its new Rs 29 monthly subscription plan, captured 29.6% of the total revenue generated by OTT video platforms in the fiscal year 2023-24.

Following that, Prime Video and Mini TV accounted for 18.9%, Disney+ Hotstar for 12.8%, Netflix for 6.5%, and Aha Video for 2.4%. Zee5 and SonyLIV both had a revenue share of 1.8%.

According to the report, India has 88.8 crore internet users, with 50.4 crore of them being OTT viewers.

Disney+ Hotstar had 13.5 crore unique viewers, while JioCinema had 12.5 crore unique viewers, making Disney+ Hotstar the platform with the most viewers.

SVOD shows mentioned in the report, were watched mostly by men, while its list of top 10 TVOD shows were popular among women. Shows with a focus on women attracted a large female viewership.

"The current OTT subscribers in India stand at 216 million across all active platforms like Netflix, Hotstar, Prime Video, etc., which in 2 years will grow to cross the 300 million mark." — Pankaj Krishna, founder and CEO, Chrome DM.