Hotstar is the top video streaming service in India with 75 mn subs: Counterpoint
MUMBAI: Star India’s Hotstar is India’s top video streaming market with 75 million subscribers, according to a study by Counterpoint Research.
The study noted that the Indian over the top (OTT) content market is currently valued at $280 million with nearly 100 million subscribers and it is poised to grow at 35% YoY.
Closely following Hotstar is Viacom18’s Voot at the second position with 22 million subscribers. Video streaming biggies Amazon Prime Video and Netflix are at third and fifth positions with 11 and 5 million subscribers respectively. Sony Pictures Networks India’s Sony Liv is at number 4 with 5 million subscribers.
Hotstar and Sony Liv follow hybrid model while Amazon Prime Video and Netflix are subscription-based services. Voot is an ad-supported service.
As per the research, Indians still prefer free or ad-supported streaming platforms as several options including web-series and stand-up comedies are already available on YouTube free of cost.
The study noted that only 2-3% of the total subscriber base of Hotstar actually pays for services. In the case of Netflix, just 6% of the subscriber base takes the paid subscription while the rest take advantage of the ‘free first-month’ offer.
Netflix has the highest subscription cost with a minimum plan of Rs. 500 per month. Whereas Amazon Prime Video has a 100% paid subscription base, roughly Rs. 83 monthly subscription cost if divided by Rs. 999 annual subscription fee.
The report further stated that the Indian OTT market is expected to see tremendous growth with increasing smartphone penetration across India.
With the availability of high-speed 4G networks coupled with 130 million+ (and growing) smartphones being sold in India, video content consumption is expected to grow significantly in coming years, it stated.