India’s video market is projected to reach $13 billion in revenue by 2028, driven by the robust investments of the streaming industry, according to a recent report. As the world’s most populous country, India stands out as the fastest-growing among major global video markets. The video entertainment economy is expected to grow at an annual rate of 8% through 2028, fueled by premium on-demand streaming services.
Content investment in India surged to $5.8 billion in 2023 from $3.3 billion in 2018. Although this figure trails behind Japan and South Korea, India's market holds significant growth potential due to the strong commitment from streaming giants, including US platforms. Netflix Inc. and Amazon.com Inc. are investing a combined $500 million annually in India to acquire and produce local content, stated Vivek Couto, managing director of Media Partners Asia. Additionally, Jio Cinema, backed by billionaire Mukesh Ambani’s Reliance Industries Ltd., is spending about $1 billion each year, primarily led by sports content.
The report highlights that with industry backing, the streaming sector is anticipated to create 280,000 jobs by 2028. India’s streaming-TV market has experienced rapid growth, consolidating into a few major players in recent years. Walt Disney Co.’s India operations are merging with Reliance’s Viacom18, scaling up its streaming business with sports, films, and TV shows licensed from Paramount and HBO. Amazon Prime Video continues to expand in the nation, with plans to release over 70 new series and films in the coming years. With 1.4 billion consumers, India has become the third-largest driver of revenue growth for Netflix.
“The more competition, the better”, said Deepak Dhar, chief executive officer of production company Banijay Asia. “For us, whether it’s Netflix or Amazon, Disney or Jio Cinema, we see they are picking up more local content.”
The continued investment from streaming giants and the rapidly growing consumer base underscores the burgeoning potential of India’s video market, setting the stage for significant economic contributions and job creation in the coming years.