Video on Demand Category Generates $1.04 Billion in Revenue in H1 2024

The premium video-on-demand (VOD) category,boosted by advertising and subscriptions, generated $1.04 billion in income during the first half of 2024, marking a 38% increase from $760 million in the same period in 2023. Local content represented 86% of premium VOD engagement, with live sports and local drama and romance driving the demand.

Sports content drew the largest number of unique viewers, with 9 of the top 15 titles being sports-related, including 6 BCCI events. Cricket particularly stood out, as the IPL 2024 and the ICC Men's T20 World Cup 2024 were the two top sports properties generating substantial viewership.

These insights are derived from the latest analysis by ampd, a digital measurement platform owned by Media Partners Asia (MPA), which monitors consumption and engagement across India’s digital economy, including VOD.

In the first half of 2024, a total of 8 trillion minutes were streamed across online video platforms in India. YouTube accounted for 92% of all online video consumption, while premium platforms—including AVOD, freemium, and SVOD services—made up the remaining 8%. Among these premium platforms, freemium services led, representing 92% of the 645 billion minutes streamed during that period.

Jio Cinema, Netflix, and Disney+ Hotstar were the leading contributors to premium VOD revenue, together accounting for nearly 70% of total category revenues. Jio Cinema topped the category with a 36% revenue share, while Netflix dominated pure-play SVOD monetization with a 38% share.

In the first half of 2024, premium VOD ad revenue was bolstered by Jio Cinema and Disney+ Hotstar, particularly during major cricket events like the IPL and the ICC World Cup. Following a challenging 2023, total SVOD subscriptions increased from 110 million to 120 million in H1 2024. India’s affluent audience is continuing to grow, with Netflix and Prime Video capitalizing on this trend through investments in local content, which accounted for nearly 70% of SVOD revenue during this period. Jio Cinema’s affordable pricing has also expanded the SVOD audience, encouraging more users to opt for streaming services.

MPA India Vice President Mihir Shah commented, “Subscriber growth will continue in 2H 2024, driven by partnerships with telcos, pay-TV operators, and OEMs. With the festive season approaching, advertising spending is expected to be strong in Q4 2024. However, with no major sports events, spending will shift to non-fiction shows on premium VOD platforms, while a significant portion will return to high-reach UGC platforms. Netflix and Prime Video have a steady stream of content planned for H2 2024. For freemium platforms, entertainment spending is returning through new advertising-friendly formats like TV++, similar to daily TV soap operas with 40-120+ episodes per season, which attract new users and drive engagement with lower budgets.”