The robust performance of the digital media market comprises various segments such as over-the-top (OTT) video services, audio streaming, short-form video platforms and digital gaming…reports Asian Lite News
The Indian digital media market has reached unprecedented heights, reaching an estimated market size of $11 billion in FY23.
This growth has been catalysed by the surge in internet users and their engagement, propelling the market at an impressive CAGR of 35 per cent over the last two years due to COVID-led market tailwinds.
“The focus on ‘For India’ content and strategic alignment with local consumer interests have proven pivotal for domestic digital media companies. With this trajectory, we anticipate further revenue expansion and market dominance for these platforms,” said Mukesh Kumar, Associate Partner at Redseer.
The robust performance of the digital media market comprises various segments such as over-the-top (OTT) video services, audio streaming, short-form video platforms and digital gaming.
“Excluding contributions from social media platforms, this sector alone is responsible for injecting an impressive $5.5 billion into the overall digital media market ecosystem,” the report mentioned.
Breaking down these numbers, one finds that a dominant share — approximately 60 per cent — of this contribution comes from the digital gaming sector.
“This remarkable figure highlights the popularity of gaming sector in India, catering to Indian population with domestic games like rummy and leveraging cricket’s popularity through daily fantasy sports,” said the report.
With the focus on vernacular content and understanding the diversity of languages and cultural nuances across India, game developers are increasingly localising their products and creating content in native languages, the report added.