Category: TV

2023 saw the release of 383 streaming originals in India, across languages and formats (fiction series, direct-to-OTT films, unscripted, etc), across all major OTT platforms (excluding YouTube and social media) put together. That’s more than one launch a day. The equivalent number in 2024 so far is a lot more modest. On a pro rata basis, the year can be expected to just about touch the 300 originals mark, a good 20% below last year.

Clearly, streaming platforms are commissioning less content than before. The number of originals were significantly higher than 300 in both 2021 and 2022 (337 and 368 respectively). Effectively, we are back to the pre-pandemic levels in terms of supply of Indian OTT originals. Like the US, our peak TV phase (which we never really celebrated last year) is also over.

One can call it a slowdown or a correction, depending on how one looks at things in general. But semantics apart, the signs are there for us to see. Streaming originals may not be the next big story anymore. The OTT category is still growing, with immense headroom for growth, given that only 38% of Indians watch digital videos at least once a month. But this growth will come via sports, YouTube, social media videos, news, comedy, catch-up television, etc., all of which are ‘free’ content forms on OTT in India today. On the paid side, new theatrical films were already a strong force, and are going to be get increasingly stronger compared to originals in the coming times.

A huge creators economy has flourished in India on the back of the demand for OTT originals, and one can already sense the impact the supply slowdown is having on this economy. It doesn’t help that the film (theatrical) industry is not producing a lot of content either, especially in Hindi.

In all this, traditional linear television, the punching bag of many, could emerge as an unlikely saviour. The TV industry has been on perception and business decline, but it’s nowhere close to losing relevance, and a bounce back is not entirely ruled out. But even there, free-to-air platforms, more than the pay ones, seem to be better positioned to drive some growth in the future.

Has the pay-for-content endeavour in India died a premature death? The top platforms like Netflix and Prime Video would choose to differ. And indeed, “death” may not be the accurate term. But pay TV or pay OTT are going to go through their toughest challenge yet, in the coming year or two. And all eyes will be on the big players in the category to shape the trajectory ahead.