THE RUN OF MULTIPLEXES COULD COME TO AN END IF THE MARKET FOR OTT PLATFORMS REACHES OVER RS 12,000 CRORE BY 2023

 According to the survey it claims that the OTT business, which is expected to grow from Rs 2,590 crore in 2018 to Rs 12,000 crore by 2023, is poised to repeat what happened to the VCR/VCP/VCD segment in the early 2000s when Multiplex was upcoming in the market.

The over-the-top (OTT) industry is anticipated to expand from Rs 2,590 crore in 2018 to Rs 11,944 crore by 2023, representing a compound annual growth rate of 36%.

Readmore.: https://industryglobalnews24.com/the-run-of-multiplexes-could-come-to-an-end-if-the-market-for-ott-platforms-reaches-over-rs-12000-crore-by-2023

The analysis cautions that this could result in a recurrence of the 1980s VCR/VCP/DVD boom industry's abrupt demise, given the exponential growth of multiplexes across metro and urban areas during the early 2000s.

With over 40 players and unique media content available in all languages, OTT has already taken 7-9% of the revenue and market share of the entertainment sector. It is also steadily expanding.

According to Soumya Kanti Ghosh, the group's senior economic adviser, who cited multiple industry statistics, there are already over 45 crore OTT users in the nation, and that number is anticipated to rise to 50 crore by the end of 2023.

However, the growth of multiplexes in metro areas and major cities in the early 2000s virtually ended the single screen and DVD industries. And the influx of OTT platforms is expected to have the same impact on multiplexes as it had on the DVD business in the early 2000s.

The Covid-19 resulted in lockdowns, which entirely closed theatres—something even the two World Wars couldn't accomplish—were the biggest contributor to the disruption.

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