OTT revenue in India is projected to reach $3.5 billion by 2029: PwC

Over-the-top (OTT) revenue in India is projected to reach $3.5 billion by 2029, with SVOD (Subscription Video on Demand) accounting for nearly 69% of the market—driven by mobile-first consumption and sports-led streaming, according to PwC’s Global Entertainment & Media Outlook 2025–2029 (GEMO) report.

In India, the leading paid-for OTT services nationally are JioHotstar (formed in 2025 by the merger of Disney’s Indian operations with Reliance Industries ’ Jio), followed by Amazon Prime and Netflix.

India has a thriving industry of more than 50 OTT subscription platforms, many of which stream content in regional languages to consumers in specific geographic areas, the PwC report said, adding that the fragmented nature of the sector makes it ripe for horizontal consolidation and capital injections from private equity investors.

In June 2025, Amazon Prime Video in India turned its entry-level offering into an AVOD (Advertising-based Video on Demand) service, in which subscribers receive ‘limited advertisements’ unless they switch to an ad-free version for a higher price.

Netflix’s global ad revenues are still relatively low, but its ad-supported variant has been a major driver of subscription growth. Netflix expects its ad revenue to ‘roughly double’ in 2025.

This comes at a time when growth has slowed for paid or subscription products in mature markets and companies are looking to advertising as a vital supplement. The OTT video segment’s overall revenues are projected to grow rapidly, from $169 billion in 2024 to $230 billion in 2029. But AVOD, which accounted for 20% of the segment’s revenues in 2020, will account for 27.1% of total revenues in 2029, said the PwC report.

India’s video games and e-sports market is expected to grow to $4 billion by 2029, with social and casual gaming continuing to dominate the landscape, shows the PwC’s

In India, YouTube’s 450 million–strong subscriber base has fuelled the growth of a huge and dynamic economy of online creators and influencers. In 2024, YouTube alone paid close to US$2.8 billion to Indian content creators, a figure that it expects to rise by 30% in 2025, the report said.

The video game industry is also booming in India—a country with an estimated active user base of 500 million gamers, of whom 200 million are prepared to pay extra for enhanced experiences, the report said. In early 2025, South Korean gaming giant Krafton made a strategic investment in Pune, India–based gaming company JetSynthesys, which is now planning an IPO. Krafton has also announced plans to set up an R&D facility in India by 2026.

Among the fastest-growing markets globally over the forecast period are India, Indonesia and Saudi Arabia, all with CAGRs above 7.5%, as per PwC. In India, as in China, much of the growth will stem from internet advertising, which will grow at a CAGR of 15.9% and be driven by expanding internet penetration, rising 5G connectivity, and the popularity of social media and short-form video content, said PwC.

In India, AI is being used by brands to make campaigns more flexible and engaging, leveraging advanced analytics and automation to boost targeting and adaptability, the PwC report said. "High-profile examples of personalised AI-enabled campaigns include Zomato’s in-house developed “New Gym Buddies” aired during the Tata Indian Premier League 2024 season," it added.