India OTT market to become sixth-largest by 2024, says PwC report

A media and entertainment report released on Thursday by PricewaterhouseCoopers (PwC) says the over-the-top (OTT) market in India will surpass that of South Korea, Germany, and Australia to become the sixth-largest by 2024.

India is already the fastest-growing OTT market in the world, expanding at a CAGR of 28.6 per cent, it said. This growth is coming from both inside and outside the home, PwC says, as internet-connected devices increase, leading to the rise of local ‘bite-sized’ entertainment platforms and user-generated content (UGC) formats.

Mobile phones will be the primary driver of revenue in the internet advertising market due to increase in data affordability, new mobile-first formats and ability to measure and target audiences, it said.