India's video market expected to reach $17 billion by 2028

India's video market, including TV and digital, is expected to reach $17 billion in 2028 from the current $13 billion, according to Media Partners Asia's Asia Pacific Video & Broadband Industry 2024 report.

In 2023, the APAC video industry grew by 5.5%, reaching $145 billion, primarily due to a 13% growth in online video sales to $57 billion. Meanwhile, TV revenue rose less than 1% to $88 billion.

Generating revenue worth $64 billion in 2023, China remains the largest and most regulated video market, followed by Japan ($32 billion), India ($13 billion), Korea ($12 billion), Australia ($9.5 billion), and Taiwan and Indonesia (both at around $3 billion). 

Online SVOD grew 15% to reach $28 billion, while the AVOD pie grew 11% to $29 billion. UGC / social video continued to dominate the AVOD category with an 80% share while premium AVOD had a 20% share. 

Pay-TV subscription fees showed marginally below flat growth in APAC ex-China, with revenue declines in important markets such as India and Japan. Meanwhile, pay-TV advertising grew in India but was decimated in Korea. 

“Pay-TV subscription revenue has yet to be significantly disrupted by the growth of SVOD outside of markets such as Australia. However, historically strong markets such as India and Korea are under pressure,” said Vivek Couto, managing and executive director, MPA, in a press note.

MPA projections indicate that total APAC video industry revenues will grow at a CAGR of 2.6% between 2023-28 to reach $165 billion by 2028. The six largest revenue-generating video industry markets by 2028 will be China, Japan, India, Korea, Australia, and Indonesia. The fastest growing markets over 2023-28 will be Indonesia (7.3%), Philippines (6.2%), India (5.6%), Vietnam (4.6%), and Thailand (4.2%).

The APAC online video sector is projected to grow at 6.7% CAGR to reach $78.5 billion in value by 2028. 

“Clear beneficiaries in the digital video economy include global and local technology and media companies investing in product and content with consumers at the forefront of their strategies. Certain local players are competing successfully and have scale potential, including Jio Cinema and Zee-Sony in India,” Couto said. 

“New investments made by strategics and private equity in the online video sector in China, India, Indonesia, Japan, Korea, and Southeast Asia are helping local and regional companies compete. The online video sector is also starting to rationalise with price increases in the SVOD category along with disciplined content and marketing investment, the introduction of ad tiers, new strategies to drive monetization and the start of local market consolidation in Korea, Japan, and India,” he added.

TV industry revenues, including advertising and subscription, are projected to experience a will marginally contraction at -0.4% CAGR between 2023-28 to reach $86.5 billion by 2028. Scaled TV markets that are expected to still grow but at a much smaller pace include India, Japan, Korea, and Indonesia. There remain significant downside risks withion TV advertising in Indonesia, India, and Korea.

“Amidst the shift to online and the growth of CTV, traditional linear TV is under pressure with a number of territories not expected to see a meaningful return of TV ad dollars. Local broadcasters are capitalising through premium AVOD and in certain cases, SVOD, most notably in Australia, India, Indonesia, and Japan,” he said. 

The report measures users, subscribers, consumers, and advertising expenditure across free TV, pay-TV, SVOD, premium AVOD, and UGC / Social Video in 14 markets.