Media & OTT: Streaming Scale Meets the Search for Profitability

Overview

India's media and entertainment (M&E) sector is being reshaped by the shift from traditional TV toward over-the-top (OTT) streaming and digital content, driven by cheap data, smartphones and vernacular demand. The market is enormous in audience terms but price-sensitive, with advertising-led (AVOD) models often more scalable than subscription (SVOD) in India. Consolidation among streaming and broadcast players is reshaping the competitive landscape.

Content cost, especially for premium and sports rights, is the largest determinant of streaming economics, and profitability has been elusive amid heavy investment. Vernacular and regional content, plus AVOD monetisation, are the key levers for reaching India's mass audience profitably. Digital advertising growth benefits platforms with scale and data.

The sector is competitive and content-cost-intensive, with sports rights and subscriber-acquisition economics as swing factors. Consolidated players with scale, strong content libraries and diversified (advertising-plus-subscription) monetisation are best positioned.

Key Players

Investment Outlook

Media and OTT offer massive audience scale but challenging content-cost economics, with consolidation and AVOD-led monetisation the paths to profitability. We favour scale players with strong content libraries and diversified monetisation over pure subscription bets.

All figures are indicative and for information only - not investment advice or a recommendation. Market sizes, growth rates and financial metrics are hedged estimates that vary by source and period. Please consult your advisor before investing.