Even as global players like Netflix and Amazon Prime Video continue to bet on India for their video content, Viacom18-owned digital video on demand platform VOOT has now set its eye to expanding internationally as it looks to take the services to the United Kingdom in November 2018.
At an event in Mumbai today, VOOT showcased its original 18 multi-lingual premium web series across genres. The company will also bring news as a new addition to its content offerings, starting with a partnership with News18.
Monika Shergill, Head- Content, Viacom18 Digital Ventures said, “The digital medium brings us closer to the consumer at a very personal level. Owing to the last mile measurability that the medium provides, our entire content strategy is based on a deep data-backed analysis of the needs and desires of our consumers and their consumption preferences and patterns. Thus, our play is across a bouquet of genres and languages.”
The company has targeted its next phase of growth through three new mediums:
- News on VOOT: The company plans to add 16 live channels to bring news across 13 languages to add to the range and reach of its platform
- Teching it Up: Voot now plans to add Google Watch Action to add to the user search experience and facilitate easy discoverability
- Global Foray: The company claims that with Indian origin population of 1.825 Mn, the UK market presents a significant reach opportunity to leverage for its international growth
The company has earlier claimed to have 22 Mn subscribers and offers freemium services.
In the video streaming industry, the global video streaming player Netflix, having only 5 Mn subscribers in India, is also pushing in for producing localised content.
Netflix CEO Reed Hastings recently revealed that Netflix sees a potential of adding 100 Mn customers in India. In this direction, Netflix also announced three Indian original productions — Ghoul, Leila and Crocodile, in addition to the four productions already in the process which include Sacred Games, Selection Day, Again, and Bard of Blood.
Amazon Prime Video allows users exclusive access to movies, Amazon’s original series as well as premium content from across the globe. According to a global information company IHS Markit, Amazon Prime in its short run of one year has captured around 10% of the Indian market.
Video on demand is a growing segment with many players like Hooq, Hotstar, Ogle, Big Flix, Eros Now, Ditto TV, Muvi, and Spuul, AltBalaji in the space.
Also, Times Internet recently acquired a majority stake in Gangnam (Seoul) based MX Player for about $200 Mn to launch its over-the-top (OTT) video service.
By 2019, the video segment is expected to grow to 74% of all Internet traffic in India. Digital media product consumption in this segment is currently pegged at $1.2 Bn (INR 8,000 Cr) and is expected to grow at a CAGR of 33.5% to reach $3.9 Bn (INR 25,500 Cr) by 2020 in India.
As global players come to India, VOOT’s attempt to cover regional as well as International sectors will be an interesting watch.