BIG BREAKING NEWS – LONG-FORM VIDEO (LFV) POISED TO GROW: Long-form video (LFV) poised to grow to whopping 650 million users by 2025 [#LongFormVideo #LFV] 10/06
Long-form video (LFV) in India is poised to grow to a whopping 650 million users by 2025, according to a new report by the American consultancy firm Bain & Company.
This growth according to the report will be driven by a steady increase in the internet user base, access to cheaper, faster data, the introduction of more affordable plans, including the advent of freemium models, and a proliferation of content.
The Covid-19 pandemic is another contributing factor fuelling the rise of LFVs, the surge bolstered by prolonged lockdowns and with work from home becoming the new normal.
Today, India’s online video user base has scaled to more than 350 million people—growing at 24% annually from 2018 to 2020.
Over this period, the time spent on online videos per daily active user per day has increased by 60% to 70%.
“Despite this rapid boom, there exists massive headroom for growth—online video user penetration in India is nearly 60% of internet users, compared with more than 90% in China.”
YouTube has always been the juggernaut in the LFV space, but other players are also growing at a fast clip.
Paid subscription-based platforms like Netflix, Amazon Prime Video, and Disney+ Hotstar, saw a sharp uptick in users last year, especially during the first lockdown in March through June 2020.
“Sports content has helped players such as Disney+ Hotstar expand their user base significantly, with the platform seeing a 50% increase in monthly active users during the Indian Premier League in 2020.”
OTT platforms like Netflix, Prime Video and others to have 650 million users by 2025: Bain & Co.:
The growth of long-form videos, according to a report by Bain & Company, will be driven by a steady increase in the internet user base, access to cheaper, faster data, and proliferation of content: