Indian OTT platform Hotstar is named as the most popular streaming platform in India and accounted for 32% of the total market by the number of subscribers in 2017, followed by Amazon Prime Video with 12%.
Meanwhile, Amazon Prime Video had attracted more subscriptions in 2017 than Netflix, primarily because of its more affordable pricing offer, according to IHS Markit.
The report further forecast India's online video market to grow faster and reach $1.9 bn, representing a compound annual growth rate (CAGR) of 36% between 2019 and 2022.
According to IHS Markit, India’s online video market, including advertising and subscriptions, is expected to reach $558.2m in 2018, with a 50% year-over-year growth.
The growth can be attributed to the expansion of 3G and 4G connections, increased smartphone penetration, and reduction in mobile internet costs.
However, the online video market remains less significant in terms of revenue when compared to the size of the pay TV market in India. According to IHS Markit, the size of the pay TV market was $7.6 bn in 2017, compared to the online video market with $372.7mn, only one-twentieth of the pay TV market. The main factor behind this was the low subscription fee of pay TV.