In 2024,
YouTube has maintained its position as India’s leading video streaming
platform, generating an impressive ₹14,300 crore in revenue. The platform
continues to dominate the market, outpacing competitors like Meta, JioStar, and
Netflix. A recent report on emerging trends in the video industry highlights
YouTube’s role in shaping the streaming landscape while forecasting major
shifts in content consumption.
According to
Media Partners Asia, streaming services are poised to replace traditional
television by 2027, with India and China driving this transformation. By 2029,
streaming platforms are expected to account for over half of the region’s video
industry revenue, growing from 44% in 2024 to an estimated 54%. This trend
underscores a rapid evolution in content delivery and consumption across the
Asia-Pacific region.
India’s
subscription-based video-on-demand (SVoD) market has also experienced a
significant boost in 2024, with 15 million new subscribers added, bringing the
total number of streaming video users in the country to 125 million. The surge
in subscribers reflects a broader shift towards digital platforms as a
preferred medium for entertainment.
The online
video market’s remarkable growth has been fueled by increased user engagement
and improved monetization strategies. India now leads as the largest market for
video streaming in the Asia-Pacific, driving 26% of the region’s revenue
growth. Other key contributors include China (23%), Japan (15%), Australia
(11%), Korea (9%), and Indonesia (5%). Together, these markets account for
approximately 90% of the overall growth in video industry revenue.
India is
expected to play a pivotal role in the expansion of the premium video sector,
contributing nearly half of the projected $5.5 billion incremental growth in
the Asia-Pacific region. With the online video industry in India projected to
grow at a robust compound annual growth rate (CAGR) of 16%, the dominance of
streaming platforms seems inevitable.
However,
while the decline of traditional television appears imminent, it continues to
serve as a key medium in many parts of India. This duality highlights the
ongoing transition in media consumption, where digital platforms increasingly
take center stage while coexisting with legacy formats.
