The video streaming business is growing rapidly in India. Companies are benefiting from this on the revenue front. A recent report suggests that the video streaming market revenue has crossed $1 billion in the first six months of 2024.
This was the revenue in the first half
Media Partners Asia’s digital measurement platform AMPD has given information about these figures. According to its analysis, the revenue of the premium video on demand market during the first half of 2024 i.e. from January to June 2024 was $ 1.04 billion. In the same half a year ago, the revenue figure was $ 760 million.
Earnings increased by 38 percent in a year
This means that the revenue of the video streaming market has gone up by 38 percent in a year. According to AMPD, the main contribution to the earnings of video streaming platforms is from advertisements and subscriptions. Video streaming platforms get advertisements from companies of various sectors. The platform which has a larger subscriber base, earns more from advertisements.
Growth came from local and sports content
Another trend that has emerged in the analysis is that the share of local content is increasing in this growth of the video on demand segment. 86 percent of user engagement in premium video on demand is coming from local content. Apart from local content, the video streaming platform is getting demand from the sports category.
YouTube alone accounts for 90%
Sports content is at the forefront in attracting unique viewers. 9 out of the top 15 titles on video streaming platforms are from the sports category. IPL 2024 and T20 Cricket World Cup were the top users for video streaming platforms during the first half of this year. During those 6 months, 8 trillion minutes of content were watched in India across all online video platforms combined. YouTube remained at number one with a 92 percent share in online video consumption.
Also read: India’s real estate became the choice of foreign investors, invested three and a half billion dollars
