Streaming VOD Sector is Projected to Create a Potential of 3,30,000 Jobs by 2028: Report Premium online video is now comparable to other media industries in terms of investments and its economic impact on the film business, telecom and other allied industries
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India's creative economy is set to soar, driven by the transformative power of streaming video on demand (VOD). As per the report, "Beyond Screens – Streaming VOD's Impact on The Creative Economy," commissioned by Prime Video India and conducted by Media Partners Asia (MPA), reveals how the streaming video-on-demand (VOD) sector is reshaping the nation's video entertainment landscape, creating jobs and elevating India's global influence.
Premium online video is now on par with traditional media industries in terms of investment and economic impact. Historically dominated by television, the video industry is witnessing a significant shift towards online platforms. Premium online VOD is set to fuel 50 per cent of new revenue growth of India's total video market. As of 2024, online video (excluding sports) accounts for 24 per cent of the total video market, a threefold increase since 2017. This share is projected to rise to 30 per cent by 2028. Further, with streaming revenues equating to 1.5 times of movie producers' net share from theatrical box office, the growth in the video industry holistically is being driven by streaming.
Employment impact
The streaming revolution has spurred a content boom, with over 1,500 original titles released on VOD platforms between 2016 and 2023. This surge has created a ripple effect of employment opportunities, generating approximately 1,74,000 direct and indirect jobs in 2023 alone. The industry's projected growth promises to open up 2,80,000 positions by 2028, with the potential to exceed 3,30,000 jobs as demand for specialised skills in VFX, animation, subtitling and dubbing intensifies.
Premium video platforms are at the forefront of the pan-India content movement, expanding its reach nationwide and playing a significant role in showcasing India's diverse cultures to a global audience. Services like Prime Video, Disney+ Hotstar, Jio Cinema, Netflix, Sony Liv and Zee5 are leading this cultural exportation, positioning Indian content alongside global phenomena like Anime, K-pop, and K-dramas. By reaching audiences in over 190 countries, these platforms are elevating India's international influence to new heights.
Future ventures
The social and economic multiplier effect of streaming VOD can unlock future ventures for stakeholders in the creative and allied industries. However, this potential is contingent on addressing key challenges like expanding production facilities, infrastructure development, technical talent cultivation and piracy and intellectual property protection
As India's creative economy stands on the brink of unprecedented growth and global impact, the insights from the MPA report serve as a crucial roadmap for industry stakeholders and policymakers alike. The streaming VOD sector is not just reshaping entertainment, it's redefining India's place on the world stage, offering a compelling vision of the sector's future and its far reaching economic implications.
By addressing these challenges and leveraging the transformative power of streaming VOD, India can unlock significant value for its creative economy, creating jobs, driving growth and cementing its position as a global cultural powerhouse.
