“How has COVID-19 pandemic accelerated the growth of streaming platforms in India? Do you think OTT platforms will lose their appeal once things get back to normal?”
The pandemic has affected all aspects of the business drastically but we as humans know to evolve. We impactfully evolved in the pandemic and major businesses shifted on to the digital platforms, with the help of digital platforms the weakness was turned into a strength. Similarly, many online streaming sites and apps became a major factor to keep people entertained behind their closed doors. Since most of the favorite shows of people were stopped there was a repeat telecast due to this people shifted to the OTT (over-the-top) where the entertainment remains unlimited and people get to choose from various varieties.
According to the data, the user base had swelled from 23 million in April 2020 to 31 million in February 2020, as per the report from market research firm Redseer. Most users subscribe to more than one OTT platform along with the growth in subscribers of Netflix and Amazon Prime there was subsequent growth in subscription of Disney+ Hotstar, Voot, Sonyliv. Due to the shutdown of theatres big screen movies were released on the OTT platform and some movies and series rightfully kept people entertained, some big hits people will never forget are Scam 1992, Dil Bechara, Laxmi, Family man are few to name that kept viewers entertained.
However, since the lockdown has been raised and the situation is getting back to normal, in other words, it also means the user’s one-time favorite shows are back. In terms of engagement, the average time spent by an OTT user has dropped by 6%, since people have started moving out of Covid-19 restrictions. Due to this, the OTT platforms came up with much better plans for subscriptions. For example, Netflix started subscriptions from 199/- and other OTT platforms did a tie-up and started free subscriptions with brands like Reliance Jio fiber broadband, Vodafone-Idea, Airtel, etc. The content provided by OTT platforms is binge-worthy which keeps users latched the OTT Content creators understand the psychology and prepare content in a way that keeps users hooked with seasons and users tend to binge watch and while waiting for another season users watch the list of recommendations provided on the basis of their most viewed content.
The OTT is now not restricted to only laptops, mobile phones, tabs, or iPads, the television business has understood this well and with the rise of smart TV, it is much easier to spend time along with the family and consume movies and series which is more similar to the times when the family sat together to watch daily soaps and favorite shows. OTT has become a part of users’ daily life which in other words can be said even after the pandemic the consumption of the OTT platform may decline but users will not completely shift to another medium.
