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

By  Mansi JaswalJul 24, 2024 12:38 PM
OTT industry may add 2.80 lakh jobs in next 4 years as demand for VFX, animation surges: Report
The online streaming Video on Demand (VOD) sector is projected to create 280,000 jobs by 2028. (Photo: Unsplash)

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).

First Published on Jul 24, 2024 12:38 PM

More from Storyboard18

Brand Marketing

Reliance Retail Ventures posts 11.3% rise in revenue to Rs 84,171 crore in Q1 FY26

Reliance Retail Ventures posts 11.3% rise in revenue to Rs 84,171 crore in Q1 FY26

Brand Marketing

Perplexity AI overtakes ChatGPT on App Store after Airtel deal sparks download surge

Perplexity AI overtakes ChatGPT on App Store after Airtel deal sparks download surge

Brand Marketing

No dyes, no flavors: PepsiCo goes all-in on 'real food' for snack rebrand

No dyes, no flavors: PepsiCo goes all-in on 'real food' for snack rebrand

Brand Makers

Larry Ellison, world's second richest man, launches global tech institute with Oxford

Larry Ellison, world's second richest man, launches global tech institute with Oxford

Brand Marketing

Airtel-Perplexity AI tie-up sparks online chatter over Apple, ads, and AI adoption

Airtel-Perplexity AI tie-up sparks online chatter over Apple, ads, and AI adoption

Brand Marketing

OpenAI launches general purpose "ChatGPT Agent" for automated task completion

OpenAI launches general purpose "ChatGPT Agent" for automated task completion

How it Works

YouTube Premium's muffled pitch: Why a "sound strategy" isn't converting in India

YouTube Premium's muffled pitch: Why a "sound strategy" isn't converting in India

Brand Makers

PepsiCo sees strong Q2 growth in India; Snacks, beverages drive international surge

PepsiCo sees strong Q2 growth in India; Snacks, beverages drive international surge