In India, more than 65% of the population is under the age of 35, and the national average age is 29 years. In addition, only half of India’s 1.3 billion people use cell phones, and less than half of them use smartphones.
Although India is one of the most populous countries in the world, internet usage remains at 41%, with 700 million Indians currently connected to the internet. This provides incredible room for growth in India, which lags behind other emerging economies in terms of internet access and smartphone ownership. This large underprivileged population has long been a target of global entrepreneurs and big tech companies.
$ 5 billion opportunities
According to the survey, about 84% of Indian users browse the internet for entertainment purposes. In 2019, there has been an increase in OTT streaming, both audio and video, mainly driven by original content and sports. For example, the Cricket World Cup was broadcast on OTT platforms.
Then there’s the effect of Bollywood – a wave of movie stars moving from the big screen to streaming services. This is an attempt to attract loyal fans and penetrate. That could be good too.According to a report, the Internet streaming market in India is expected to be worth $ 5 billion by 2023.
The market is currently run by companies like Hotstar (a subsidiary of Disney) with over 300 million users. Other major players like YouTube, Amazon Prime, and Netflix, as well as in-house services such as Eros Now, Voot, Zee5, Arre and ALT Balaji, are building their content libraries to gain market share in India.
When it comes to streaming music, there are many options. Despite this diversity, there is still criticism of how streaming services allow the same model that many of them originally tried to break. Whether by design or by chance, these platforms have become the new gatekeepers to digital content and distribution.
Technological revolutions are always carried out from behind by idealists, who often do not have political influence but are driven by an intense desire for change. There are now many versions of this revolution. They are transforming industries, washing away the foundations of old companies, and allowing people to build new, better systems. But when it comes to digital media, the status quo remains strong.
Most streaming providers currently offer either pay-per-play subscriptions or downloadable ad-based systems that powerfully monetise users’ attention. But what if it was a better way to meet the needs of digital content consumers while removing the limitations of current media models? Yes, thanks in part to technologies that have become more cost effective in recent years.
Building a new foundation
In recent years, blockchain technology has become a transforming force in many aspects of public and private organizations. His promise of decentralized ownership, stability and security of encrypted data shook his head.
In India, blockchain use cases are being explored, and technology is needed in banking, insurance, logistics, and healthcare. While financial players are generally the first to take advantage of this technology, others are following suit. We’ve been through a phase where the blockchain wasn’t practically just a buzzword. Now the hype is over, and there are many real applications.
Digital content on the blockchain
Several blockchain-related projects have emerged that could provide an alternative to the growing dominance of broadcast platforms. When it comes to digital content, the technology is interesting in many ways. First, it will likely reduce corporate watchdog control. This is because in essence it allows data to be stored, processed and distributed without interference from a central authority.
By distributing energy more evenly, blockchain technology provides an opportunity to redefine the relationship between content producers, brands, and viewers. This is the most exciting promise, because it changes business models and can create systems with direct participation and benefits for all stakeholders.
The blockchain-based video-on-demand platform is designed to facilitate interactions. For content creators, the main benefit is removing publishing services. At the same time, customers can take advantage of the pay-per-view model, which differs significantly from the standard subscription models. But you can take it a step further.