India is one of those countries which loves entertainment. Going to the cinema and watching a piece of art with 100s of people is an experience in itself. It is something which the Indian people love as it brings together people from different communities and class. It is something which tells us that entertainment is a great leveler. However, that might be changing now as there are various OTT platforms in the country which are dominating the content space and people are waiting for the movie to be released online so that they could just watch it in their couch.
The OTT platforms in India are hitting an all-time high. There are multiple platforms with Amazon Prime, Netflix, Shemaroo, MX Player recently joined the bandwagon. Now the latest to join this party is YouTube. YouTube has introduced two things, first is YouTube Music and the second is YouTube Originals. Google is trying to use the 235 million user base of YouTube to lure them out of the current OTT platforms to its own.
That said, YouTube Music is launched after Spotify hooked the Indians with its application. There was a buzz about Spotify and when it launched, the app went viral and there were 100s of millions of downloads on the Play Store. The Indians loved the idea of Spotify even after the ads on the application are on a different level. YouTube Music will work just like the original YouTube but only for music. The personalization, preferences, favorites and playlists, everything will be better than listening to songs on YouTube.
Music and Originals services of YouTube are paid. Music is available for INR 99 per month while Originals can be acquired INR 129 per month. The prices are in line with other OTT platforms as YouTube Music is cheaper than Spotify. The fact that YouTube now has a dedicated application for just playing music might and might not go down well with the consumers. However, only time will tell about how the application performs.
The market, meanwhile, is there to be conquered. The music streaming market saw a user penetration of 7% by 2023 from 6.5%. The difference is not much but considering the population of India, 0.5% makes up for a lot of people.
Apart from this, the OTT market is hitting skies and beyond. The companies are enjoying a lot of success. There is no shortage of talent in India when it comes to entertainment. The OTT market is seen as an $803 million market by the end of 2022 in India. That is around INR 5,500 crore industry. People will look to cash in on the same.