OTT or Over-the-Top platforms are a new approach for delivering movies and shows over the internet. Viewers can watch those content anywhere, anytime, without the support of a broadcaster or a cable TV provider. To access OTT content, you just need a high-speed internet connection and an internet-enabled device. OTT platforms have gained popularity in the last few years, especially after the coronavirus outbreak.
India’s OTT space is expected to grow at a CAGR (Compound Annual Growth Rate) of 36% between 2018 and 2023; it’s expected to reach Rs.11,944 crore by 2023. The leading OTT players in India are Disney+Hotstar, Eros Now, Amazon Prime, Netflix, ZEE5 and Voot. The top five players hold a market share of 86% in the OTT space, and among them, Disney+Hotstar alone has a market share of more than 40%, with 14 crore subscribers.
ZEE5 holds a 5% market share in the OTT share and has a subscription base of about 4 crores in India. ZEE5 subscription offers a number of benefits to the members, such as access to ZEE original and exclusive content, content in various regional languages and English, AD-free content, Live TV, and Before TV. A Zee5 Subscription offer allows you to watch three screens at the same time.
Voot Select is another popular OTT platform in India. With a Voot Select subscription, you get access to international premieres, exclusive international shows, top-rated original content, Live TV, Live Sports, more than 1000 movies in 9 different languages, and Before TV.
Reasons why OTT Platforms are more popular than multiplexes
- Ad-free content: No one would like to watch commercials between their favourite shows or movies. OTT platforms have made it possible to view ad-free content. For instance, to have an ad-free experience in ZEE5, you should purchase ZEE5 Premium Subscription. Ad-free content enhances the viewer experience.
- Consumer freedom: In OTT platforms, viewers are in the driver’s seat. They can select what they want to watch and pay only for the services they would like to have.
Besides, OTT subscribers can watch their favourite content any time they wish from any part of the world. They can also watch OTT content on any internet-enabled devices such as smartphones, Smart TVs, or laptops.
Above all, OTT subscribers can watch movies and shows conveniently from their homes. Unlike in a movie hall, you can pause and take breaks between the film according to your comfort.
- Original Content: Original content is one of the biggest popularity drivers of OTT platforms. These shows have high demand among the subscribers; hence ZEE5, Voot and other OTT platforms have lined up a plethora of original content to grow their subscriber base.
- Affordability: Usually, movie theatres take money from viewers depending upon the movie, seating, and showtime. On the other hand, OTT platforms charge annually or quarterly, depending on the plan. At the same time, these platforms offer a wide range of content in various languages. With the help of subtitles, you can enjoy shows and movies in a totally unknown language. Comparing the range of the content OTT platforms offer, the cost of subscription is reasonable.
- Direct to consumers: For movie makers, OTT is a platform to reach their target audience directly with content and deliver a premium experience. Unlike in a conventional movie hall, they get instant feedback through direct interactions and engagements.
These days movie makers prefer to release their work on OTT platforms along with movie theatres as they get a broader audience through these platforms. It helps movie makers to cut costs in advertising. Additionally, OTT platforms give producers a lump sum amount as the movie’s right. In contrast, in a traditional movie hall, the producers’ revenue depends upon the sale of the tickets, which is limited to an area or a region.
Even today, nearly a quarter of Indian consumers prefer to watch OTT content without directly purchasing them from these platforms. But nowadays, OTT subscriptions are available for free with many services and products. For instance, with the Wallet Care Entertainment+ plan from Bajaj Finserv, you can enjoy both ZEE5 and Voot subscription for one year. Apart from this, the Wallet Care Entertainment+ plan provides coverage to your wallet against loss or theft. A few features of the Wallet Care Entertainment+ plan are:
- Round-the-clock card blocking service. You can block all your lost payment cards with a single call to the insurer.
- Emergency travel assistance if you’re stranded at any location in India or abroad. It includes emergency cash assistance to pay hotel bills and book return tickets.
- Fraud protection for your mobile wallets and payment cards
- SIM card blocking if you lose your smartphone
- Free PAN card replacement service
The Wallet Care Entertainment+ comes with a plan period of one year and a premium of Rs.849. Against it, Bajaj Finserv offers coverage of up to Rs.2 lakh.