India’s premium VOD revenues exceed $1 billion in 1H 2024 – Brand Wagon News

The premium video-on-demand (VOD) sector in India has reached $1.04 billion in revenues for the first half of 2024, marking a 38% increase from $760 million in 1H 2023, as per ampd’s latest report. Local content has been a major driver, with 86% of engagement attributed to it. Live sports and local Drama & Romance have been the primary categories fueling demand, with sports content attracting the highest number of unique viewers. Of the top 15 titles, nine were sports-related, including six BCCI events. Cricket has been particularly influential, with IPL 2024 and the ICC Men’s T20 World Cup 2024 being the top two sports properties.

The data, provided by ampd, a digital measurement platform under Media Partners Asia (MPA), also reveals that 8 trillion minutes of content were streamed across online video platforms in India during 1H 2024. YouTube captured 92% of this consumption, while premium VOD platforms—including AVOD, freemium, and SVOD services—accounted for the remaining 8%. Within the premium segment, freemium platforms led with 92% of the 645 billion minutes streamed.

Jio Cinema, Netflix, and Disney+ Hotstar emerged as the leading players in premium VOD monetization, contributing around 70% of the sector’s total revenue. Jio Cinema led with a 36% revenue share, while Netflix dominated SVOD monetization with a 38% share. Ad revenue in premium VOD was bolstered by Jio Cinema and Disney+ Hotstar, particularly through cricket events such as the IPL and ICC World Cup.

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“Subscriber growth momentum will continue in 2H 2024, driven by aggregation and deeper partnerships with telcos, pay-TV operators, and OEMs. In addition, with the onset of the festive season at, advertising spending should be robust in Q4  2024. However, with no major sports events, spending will shift toward tentpole non-fiction shows on premium VOD platforms, with a significant portion moving back to high-reach UGC platforms. Netflix and Prime Video have a steady stream of content planned for 2H 2024. For freemium platforms, entertainment spending has started to come back under new advertising-friendly formats like TV++, which are similar to daily TV soap operas with 40-120+ episodes per season. These formats have proven to attract new users and drive engagement with lower budget,” Mihir Shah, India vice president, MPA, said. 

SVOD subscriptions increased from 110 million to 120 million in 1H 2024, rebounding from a challenging previous year. Netflix and Prime Video have capitalized on the growing affluent audience by investing in local originals and films, capturing nearly 70% of SVOD revenue. Jio Cinema’s introduction of an affordable subscription plan has also expanded its SVOD audience, encouraging more users to opt for paid streaming content.

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