afaqs! news bureau

India is the fastest-growing OTT market: PwC

Read the highlights from PwC’s Global Entertainment & Media Outlook 2020-2024.

“Consumer habits can take a lifetime to learn—but just a lockdown to lose,” says PwC’s Global Entertainment & Media Outlook 2020-2024. It states that the Indian E&M industry’s long-term outlook remains robust as it is expected to grow at 10.1% CAGR to reach 55 billion USD by 2024… Sectors like OTT, internet advertising, video/games/e-sports, and music and podcasts are expected to spearhead growth in the industry.

India Spotlight:

. India leads as the fastest-growing consumer market when looking at pure consumer E&M revenue (8.8% CAGR through 2019-2024).

. Expect a K-shaped bifurcated recovery, in which some sectors rise while others fall.

. Top 4 segments in terms of % CAGR growth (2019-24)

1.OTT Video

2.Internet Advertising

3.Video games and esports

4.Music, radio and podcasts

. India is the fastest-growing OTT market at 28.6 % CAGR; to overtake South Korea, Germany and Australia and become the sixth-largest market in 2024.

. India is now the sixth-largest Internet ad market in the Asia Pacific, having surpassed Taiwan in 2019.

.India’s billion-dollar gaming market to reach US$3.2bn in 2024, increasing at an 18.8% CAGR

Rajib Basu, Partner & Leader – Entertainment & Media, PwC India said, “ "We find ourselves in extraordinary times, and the pandemic has accelerated ongoing shifts in consumers’ behaviour, pulling forward digital disruption and reaching industry tipping points that wouldn’t otherwise have been reached in the next few years. Our research shows that India will be the fastest-growing entertainment and media market globally in terms of pure consumer revenue.”

You can read the entire report here: