India’s video market set to expand to $13 billion by 2028

India’s video market is expected to reach $13 billion in revenue by 2028, boosted by the streaming industry, which has continued to invest billions of dollars in content development every year, according to a new report. The world’s most populous country is the fastest-growing among major global video markets, according to research by Media Partners Asia. The video entertainment economy is expected to post 8% annual growth through 2028, fueled by premium on-demand streaming, it said.

Content investment in India increased to $5.8 billion in 2023 from $3.3 billion in 2018. While that still trails Japan and South Korea, the Indian market has more potential to grow with a solid commitment from streaming giants, including US platforms.

Netflix Inc. and Amazon.com Inc. are pouring in a combined $500 million a year in India to acquire and produce local content, said Vivek Couto, managing director of MPA. Jio Cinema, backed by billionaire Mukesh Ambani’s Reliance Industries Ltd., is spending about $1 billion annually, led by sports, he said. With the industry’s backing, the streaming sector will create 280,000 jobs by 2028, according to the report.

India’s streaming-TV market has been growing rapidly, while consolidating into a few big players in recent years. Walt Disney Co.’s India operation is merging with Reliance’s Viacom18, scaling up its streaming business with sports and films and TV shows licensed from Paramount and HBO. Prime Video continues to grow in the nation, with plans to release more than 70 new series and films in the coming years. India, with 1.4 billion consumers, has become the third-largest driver of revenue growth for Netflix.

“The more competition, the better,” said Deepak Dhar, chief executive officer of the production company Banijay Asia. “For us, whether it’s Netflix or Amazon, Disney or Jio Cinema, we see they are picking up more local content.”