Paytm was the first of its kind in India, there were no applications for it to compete with. However, that has changed now, there are many applications which offer better services than Paytm. In spite of that, Paytm has managed to offer enough services to the public that it has not fallen down the order. It has just maintained its position in the market. It has managed to outlast a lot of similar applications.
Anyhow, the Indian company had its fair share of controversies. There are multiple cases going on around Paytm. The crimes even go as low as extortion. The Paytm Payments Bank was also banned by the Reserve Bank of India (RBI). There were many other controversies surrounding the Indian company. However, Paytm has managed to rise above all and emerge unscathed. It continued functioning like always. This paid off as the RBI has now uplifted the ban on Paytm Payments Bank and it can now approach customers.
That said, Paytm has many services, out of which one is the Paytm Inbox. It offers a lot of services inside the inbox like Live TV, Cricket, videos for entertainment, and games as well. The major part of this was the users could get all these services for free. That said, Paytm has now decided to completely enter the over-the-top (OTT) platform.
The company has decided to launch its own platform for entertainment. This news comes after PricewaterhouseCoopers (PwC) came out with their research saying that India will be the 10th largest market for online entertainment by the year 2022. This has sparked a lot of interest from Paytm and it has already partnered with the likes of Hungama, UC News and other content providers such as Yup TV.
Apart from Paytm, even Flipkart is looking to enter the OTT market. This has become a trend now as Amazon Prime’s success in India is out there for everyone to see and apart from this Netflix India has also expanded its business in India. Flipkart was already in talks with Hotstar and that seems to have broken off as it is now looking to foray into the market.
The likes of Paytm, Flipkart and other up and coming platforms will have to work very hard to make a mark in this line of business. Content is not the only thing required nowadays, people look for quality of the content as well. When launched, Paytm’s OTT platform will have to compete with companies like Hotstar, Bigflix, Voot, Reliance Jio, Alt Balaji and many others that fall in this category.
It will be interesting to see who will emerge as the winner in this market. It is a very young business in India and many new players are entering the market. However, there can only be one winner and we are still a few years away to know whose strategy and content is the best among all.
– Unmesh Phule