On September 5, FICCI and Creative First presented Fast Track India, a timely assessment of the video on demand ecosystem in India. The combination of vastly improved technology, high rates of internet connectivity, and a growing demand for quality screened entertainment has fueled the VOD sector, greatly expanding the viewing experience, generating numerous opportunities for creators and stimulating the national digital economy.
According to a new report by KPMG, it is estimated that India, now boasting over 325 million online video users, will account for more than 500 million users by 2023, positioning India as the second largest market for VOD after China. Video will account for more than 77 percent of all internet traffic in India by 2022. Audiences look set to benefit from a wide range of quality content, both homegrown and from abroad, increased interactivity and personalized experience and greater integration with other entertainment experiences.
The growth of the video on demand sector is fueling the digital economy, stimulated by low cost mobile data, the growth in rural internet penetration – up 11 percent in 2018 to a high of 24 percent, an explosion of smart phone usage, and the attraction of high quality content through a mix of free, ad supported and subscription video services.
At the inaugural keynote address, Neeraj Roy, Founder & Chief Executive Officer, Hungama Digital, Media Entertainment Ltd. said, “When it comes to the broadcast market, an audience is being generated in both television as well as the internet which culminates the perfect storm of storyteller.” He further adds, “An average Indian consumer consumes 17 gigabytes of data a day, which means users are constantly accessing their mobile devices.”
The special address was delivered by Shri. Kaustubh Dhavse, Joint Secretary & OSD to the Chief Minister, Government of Maharashtra. He said, “One of the important tasks the government will do is to enable ease of doing business for OTT and VOD platforms.”
The KPMG report ‘Unravelling The Digital Video Consumer; Looking through the viewer lens’, was launched by Joint Secretary Kaustubh Dhavse with the support of Eros Digital and Creative First.
Girish Menon, Partner & Head Media & Entertainment, KPMG in India, said, “The online video consumer in India has evolved in a significant way in the last couple of years. With consumption now going mass and viewers spending close to 8.5 hours a week on online video, we see a homogenous pattern of consumption emerging cutting across age groups, income levels and professions. Our report also touches upon the future of this consumption evolution, and how online video could potentially disrupt traditional distribution in the coming years. This represents a large opportunity for platforms to tap into the ever expanding universe of digitally connected Indians.”
Following the inaugural address, representatives from a number of VOD platforms defined the current VOD landscape, which has evolved rapidly over the last few years. Karan Bedi, Chief Executive Officer of MX Player said, “I am delighted to be sharing insights on the role of OTT and the rise of the digital medium at FICCI Fast Track India 2019. Our first 6 months at MX Player has taught us so much about the varied preferences of the consumer palette; it’s only upward and beyond from here on.”
Crystal-balling the future of the sector, the second session addressed the opportunities and challenges for growing the online video ecosystem, analyzing the current services on offer to customers, questioning how best to respond to the varied content consumption demands and trends across the country. “This is the best of times for both consumer and content creators. For those of us running an OTT business, the key priority remains monetization but we increasingly see that consumer are willing to pay for great content and that remains a strong stimulus for the ecosystem,’’ said Archana Anand, Chief Business Officer, Zee5 Global.
Speaking to how best to promote and protect the creative content value chain, experts in copyright, content protection and consumer education discussed how various stakeholders can deliver sustainable businesses while remaining sensitive to the needs of consumers, partners and government. “India is the fastest growing media and entertainment market globally and its video streaming industry has enormous growth prospects. Now is a vital time to build the right checks and balances to protect the legal dissemination of online content. I am delighted to join this year’s Fast Track to share more on MPA’s efforts and our recent site blocking successes in India,” said Alistair Jennings, Vice President, APAC Content Protection, Motion Picture Association.
“With the emergence of new digital technologies and content distribution models, FICCI knowledge Series: Fast Track India, is an attempt at bringing together the stakeholders from industry and policymaking to deliberate upon charting the way forward for the digital media industry and discuss the emerging trends,” said Leena Jaisani, Assistant Secretary General, FICCI Media and Entertainment Division.
Fast Track India was hosted on September 5, 2019 at the Taj Lands End in Mumbai. It was presented by FICCI and Creative First, with support from partners TVFPlay, ALTBalaji, KPMG and Eros Now.
Established in 1927, FICCI is the largest and oldest apex business organisation in India. Its history is closely interwoven with India’s struggle for independence, its industrialization, and its emergence as one of the most rapidly growing global economies. A non-government, non-profit organisation, FICCI is the voice of India’s business and industry. From influencing policy to encouraging debate, engaging with policy makers and civil society, FICCI articulates the views and concerns of the industry. It serves its members from the Indian private and public corporate sectors and multinational companies, drawing its strength from diverse regional chambers of commerce and industry across states, reaching out to over 2,50,000 companies. FICCI provides a platform for networking and consensus building within and across sectors and is the first port of call for the Indian industry, policy makers and the international business community.
FICCI FRAMES, Asia’s largest and most definitive annual global convention on the business of entertainment. World’s media and entertainment industry were the attendees at FRAMES, with nearly 2000 Indians and over 600 foreign delegates representing the entire gamut of the sector, including film, broadcast (TV & radio), digital entertainment, animation, gaming, VFX, etc. Recently, we celebrated the 20th landmark edition of FICCI FRAMES.
About Creative First
Creative First is a forum to highlight the vital role played by the media and entertainment industry in India to foster creativity, innovation and culture, which in turn stimulates investment, jobs and economic growth. Creative First provides quality commentary, research and additional resources on the value of copyright and the promotion and protection of the creative industries. For more information, please visit creativefirst.film.