FY 23-24: COTT Annual Report notes digital media revenue at Rs 63,200 crore

The digital transformation of India's media and entertainment sector continues, with digital platforms commanding a substantial portion of revenue, as revealed in a recent report.

According to the latest findings, digital media revenue reached Rs 63,200 crore during the fiscal year 2023-24, with OTT video platforms claiming a significant share of Rs 31,800 crore. Among these, AVOD platforms accounted for Rs 21,900 crore, while SVOD platforms contributed Rs 9,900 crore. Meta, digital audio platforms, and other platforms collectively earned the remaining share, as outlined in the COTT Annual Report.

JioCinema emerged as the frontrunner, capturing 29.6% of the total revenue generated by OTT video platforms in FY 2023-24, following its recent announcement of a Rs 29 per month subscription plan. Prime Video and Mini TV secured 18.9%, Disney+ Hotstar 12.8%, Netflix 6.5%, and Aha Video 2.4%. Zee5 and SonyLIV each held a revenue share of 1.8%.

The report also highlighted India's growing digital audience, with 88.8 crore internet users, including 50.4 crore OTT viewers. It projected significant growth in AVOD and SVOD viewership, with AVOD viewers expected to increase from 13.3 crore to 20.5 crore by January 2025 and SVOD viewers from 8.8 crore to 11 crore.

Disney+ Hotstar emerged as the platform with the highest number of unique viewers, followed closely by JioCinema.

Additionally, the report indicated that the top 10 SVOD shows primarily attracted male viewership, while the top 10 female-centric shows catered to a predominantly female audience.

Pankaj Krishna, Founder & CEO of Chrome DM, emphasized India's preference for AVOD content, noting that approximately 70% of VOD revenue is derived from AVOD sources, underscoring the country's affinity for free content supported by advertising breaks.