While the OTT platforms are giving a new turn in the media and entertainment industry, it also needs to look at creating value in its customers.
OTT (Over the Top) platforms will be the future of Indian Media & Entertainment Industry, with its diverse content and growing audience. It will be the new normal in the Indian Media and Entertainment Industry, mentioned Vikram Sahay, Joint Secretary (P&A), Ministry of Information and Broadcasting, Government of India, in a webinar organized by PHD Chamber of Commerce and Industry on 'OTT Platform- The New Normal for Indian Media and Entertainment Industry'.
Shri Vikram Sahay appreciated the Knowledge Report submitted by the Media Team of PHD Chamber on' Outlook of Media and Entertainment Industry in the COVID Scenario' to the Hon'ble Minister, Shri Prakash Javadekar Ji.
Shri Sahay mentioned that the biggest strength for the success of OTT Platforms is technology and if recent reports are to be believed India will be the top 10 markets, for media & entertainment, by 2022.
Shri Vikram Sahay mentioned that OTT has given an opportunity to young Indian talent to produce good series to export aboard so that India can be one of the entertainment leaders in the world.
Zubin Dubash, COO - Digital, Shemaroo Entertainment Limited, mentioned that due to lockdown and shut down of theatres, the target audience was looking for interesting content and this derived demand was fulfilled with the OTT platform that delivered all genre content at the same time with an affordable rate and flexible watching.
Dubash discussed that due to its increased popularity, the audience has started to look at OTT as a separate entity and, it became a place for advertising as well. In these times, OTT has helped in giving ignition to the crippling advertising revenues.
He said the need for self-regulation while balancing the creative liability at the same time providing information to the audience of what they will be watching. While the OTT platforms are giving a new turn in the media and entertainment industry, it also needs to look at creating value in its customers. He also cited the example of parental control available on many OTT platforms.
While talking about the growing future of this platform in the coming years, he mentioned that video on demand (VOD) will be the next thing coming up in multiplexes.
Ashi Dua, founder, Flying Unicorn Entertainment, while discussing her journey from film to OTT movies mentioned that OTT is here to stay and, it has given content wings to fly making it reach a wider audience.
She said that the theatre will remain in the entertainment space but, it has to tweak its consumer experience.
She highlighted that OTT is a gold mine for writers and, it's giving writers a golden opportunity to showcase their creativity and imagination with an increasing demand for varied genres of content.
Sushil Chaudhary, founder & CEO, Picture Time, discussed the regulatory aspect of the OTT platform and the need for a moral code of conduct at the level of creators, producers, and filmmakers. He shared that a lot of OTT players have signed the code of conduct for self-regulation related to the content shown on their platforms.
India's OTT industry is quite new and, its contribution towards the entertainment industry will cushion to the film and entertainment industry in the future. India has the potential to exponentially increase their revenue in this field, said Mr. Sushil Chaudhary