India's video market is projected to reach $13 billion in revenue by 2028, driven largely by the booming streaming industry, which consistently invests billions in content development annually, according to a new report by Media Partners Asia. As the world's most populous nation, India is currently the fastest-growing major global video market, with the video entertainment economy expected to grow at an 8% annual rate through 2028, fueled by premium on-demand streaming services.
Investment in content within India increased to $5.8 billion in 2023, up from $3.3 billion in 2018. Although this investment level still lags behind Japan and South Korea, the Indian market shows significant potential for growth, particularly with strong commitments from streaming giants, including U.S. platforms. Netflix and Amazon are collectively investing $500 million annually in India to acquire and produce local content, according to Vivek Couto, managing director of MPA. Additionally, Jio Cinema, backed by billionaire Mukesh Ambani’s Reliance Industries Ltd., is spending approximately $1 billion annually, primarily driven by sports content. The report projects that the streaming sector will create 280,000 jobs in India by 2028.
India's streaming TV market has seen rapid growth and consolidation among a few major players in recent years. Walt Disney Co.’s India operation is merging with Reliance’s Viacom18, expanding its streaming business through sports and a library of films and TV shows licensed from Paramount and HBO. Prime Video is also expanding in the country, with plans to release over 70 new series and films in the coming years. With 1.4 billion consumers, India has become the third-largest revenue growth driver for Netflix.
