MUMBAI: The Confederation of Indian Industry (CII) and the Boston Consulting Group (BCG) have collaborated once again for an exclusive report which features the media industry of the country called ‘One Consumer, Many Interactions’.
Their study claims that with a compound annual growth rate (CAGR) of 9% since the last 6 years, India’s overall media consumption continues to grow 2 times more than China and 9 times more than the USA. It is expected to overtake both the countries in absolute consumption in the near future.
With more than 30 digital platforms, the average Indian consumer tends to spend 190 minutes of their time spread across two-three apps daily. This has upped the growth of video consumption to 8%.
However, the study believes that digital and traditional mediums can co-exist since users watch 10-15 channels on a daily basis, which is a complementing factor.
“We believe this coexistence and multi-modal growth will continue in the foreseeable future,” the survey read.
Interestingly, CII and BCG agreed that the relevance of ‘prime time’ in India is reducing considerably due to digital platforms customizing viewing experience for users, giving them the convenience to choose their time during the day.
When it comes to investments by over-the-top (OTT) platforms, 2017 saw a 14% increase in it as compared to the previous year, which stood at $4-5 billion. Major global players such as Amazon and Netflix have shifted their focus on producing more original content in the Indian market as well, especially in regional languages.
