SVOD audience falls 2% in India: Report

India’s subscription video-on-demand (SVOD) audience base has witnessed a slight decline, dropping by 2%, from 153 million in 2023 to 150.6 million in 2024, according to The Ormax SVOD Audience Report: 2024.

The SVOD segment’s stagnation underscores the dynamics of India’s price-sensitive market, where platforms must navigate user preferences carefully to maintain growth, the report said. Further, the contraction comes despite the country’s overall digital video audience standing at 547.3 million, with 72% still opting for ad-supported video-on-demand (AVOD) services.

One of the standout findings in the 2024 report is the increasing role of Connected TVs (CTVs) in India’s streaming ecosystem. Currently, 36% of urban SVOD audiences use CTV devices to stream content, leading to a rise in co-viewing habits. Notably, 66% of CTV viewers consume content alongside family members, prompting platforms to develop inclusive content catering to varied age groups and life stages.

“The growth of CTV can fundamentally alter how and what type of content is consumed on OTT in India, an area the report underlines using audience insights,” says Keerat Grewal, head of business development (streaming, TV & brands) at Ormax Media. She notes that the penetration of CTVs is no longer confined to metro cities, with growing adoption in mini metros and smaller towns.

Moreover, in a crowded market where most SVOD subscribers subscribe to just 2-3 apps, it’s crucial for OTT platforms to shape their pricing, content, and marketing strategies around the preferences and behaviour of their target audience, she adds. Based on research involving 3,000 SVOD users across urban India, the Ormax study highlights the fact that subscriber acquisition and retention remain pressing concerns for platforms. Financial Express