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OTT industry may add 2.80 lakh jobs in next 4 years as demand for VFX, animation surges: Report
Premium online video-on-demand is set to fuel 50% of new revenue growth of India's total video market, the report said
Siti Networks Ltd narrowed its consolidated loss to Rs 204.5 crore in FY24 from Rs 314.5 crore in FY 23
The ever-evolving streaming industry has the potential to open lakhs of jobs for the youth in the upcoming years due to a surge in revenue growth and specialized skills. As per the "Beyond Screens-Streaming VOD's Impact on The Creative Economy" study, the online streaming Video on Demand (VOD) sector is projected to create 280,000 jobs by 2028.
Besides, over 330,000 more job roles could open up as demand for specialized skills in VFX, animation, subtitling, and dubbing augments in the next four years. The streaming revolution has catalyzed a content boom, with over 1,500 original titles released across OTT platforms between 2016 and 2023.
Historically, television has led content investments in the video industry but online video, specifically sports, has witnessed a 3x rise since 2017 at 24% this year and is expected to touch 30% by 2028. On the other hand, allied industries like telecom have witnessed a positive impact of video streaming. Videos have been the primary driver of data consumption for telcos, representing over 70% of their data traffic, the study added.
The report mentioned that premium online video-on-demand is set to fuel 50% of new revenue growth of India's total video market.
The study was commissioned by Prime Video India and conducted by Media Partners Asia (MPA).
SPOTLIGHT
The leaders highlighted how AI is emerging as a critical enabler in this shift from marketing’s traditional focus on new customers to a more sustainable model of driving growth from existing accounts.
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