New Delhi, Oct 22 (IANS) In a socially distanced world, over-the-top (OTT) video and data consumption are witnessing a steep surge in India and led by Jio Platforms that has committed to launch an India-built 5G network in the next 12 to 18 months, the video-on-demand space is set for an explosive growth, according to a new report.
According to global market research firm PwC's ‘Global Entertainment & Media Outlook 2020-2024,' the Indian E&M industry is expected to grow at 10.1 per cent CAGR to reach $55 billion by 2024.
"India is the ninth-largest consumer market for E&M and is growing rapidly. Looking solely at consumer revenues, India, the fifth-largest economy in the world, is in clear first place with an 8.8 per cent CAGR, helped by the fact that print revenues are still rising in many regions of the country," the report mentioned.
When it comes to the subscription-based content streaming market, OTT revenue in India is likely to be the sixth largest in the world in 2024.
"In India, explosive growth in OTT subscriptions has spurred production of short low-budget films made specifically for OTT platforms, sometimes repurposed from long-form movies whose production was halted," the PwC report mentioned.
India's vibrant market of 40 OTT providers includes regional players targeting the country's large local-language populations.
"Some OTT players aimed at local village audiences charge one rupee a day for access to content. Disney+, offered in India via Disney's local subsidiary Hotstar, offers a range of pricing levels from basic to premium," the findings showed.
In June 2020, in the midst of the pandemic, Indian regulators gave the go-ahead to Facebook's $5.7 billion investment for a 9.99 per cent stake in Reliance's Jio Platforms.
"Jio, India's largest telecoms network, operates an expanding suite of entertainment and media apps and digital services. Within a month, Google invested $4.5 billion to pick up a 7.7 per cent stake in the company," the report said.
In the 5G era, on-the-go consumers using high-speed mobile data will access greater quantities of content, games and services.
Inching closer to its 5G rollout, Reliance Jio, which counts 400 million subscribers on its 4G network in India, this week achieved a 1000Mbps throughput milestone for its first round of 5G trials in partnership with US wireless-communication chip giant Qualcomm Inc.
"The revenue opportunities opened up by 5G reach far beyond wireless data and communications themselves, encompassing markets such as gaming, entertainment, music and OTT video," the report added.
What's more, 5G's massive network capacity is likely to continue reducing the cost of mobile data, removing the principal constraint for consumer activities such as mobile video consumption over cellular networks.
In China, many content owners have renegotiated their arrangements with cinemas to switch their movies to OTT streaming platforms and a similar phenomenon can be seen in India.
Bengaluru, Nov 25 (IANS) South Western Railway's (SWR) Divisional Railway Manager, Ashok Kumar Verma, on Tuesday flagged off the first export-bound New Modified Goods (NMG) rake from the Hosur railway station to neighbouring Bangladesh.
This is the first NMG rake dispatched by the South Western Railway to Bangladesh.
Speaking to reporters, Verma said the rake consisting of 25 wagons loaded with 100 light commercial vehicles (LCVs) is called "Dost" and has been manufactured by Ashok Leyland. It left for Benapole railway station in Bangladesh.
He said that transportation of automobiles by train is safer and faster compared to transportation by road. "Nont only it is safe and cheaper, but it is also easy to monitor the movement of the consignment in trains with real-time check in practice," he said.
The SWR in a statement claimed that earlier, the Bengaluru division had dispatched two export-bound NMG rakes to Nautanwa (Nepal) from the Penukonda railway station. "Overall, the division has loaded 128 NMG rakes during the current financial year," the statement added.
Verma said the Bengaluru division, which was mainly transporting raw materials and essential commodities, took to loading of automobiles for the first time when it transported 175 tractors from the Doddaballapur railway station to Phuleria in Rajasthan on April 29 this year.
Upbeat about change in the recent policies such as two points unloading of NMG rakes and exemption of terminal charges for automobiles, Verma said that these policy changes have certainly boosted the loading of automobiles by India in Railways.
"In 2020-21, five NMG rakes have been loaded from Hosur. Apart from the rake that left for Bangladesh today, 5,528 two-wheelers have been sent in four rakes to Mandideep in Madhya Pradesh," the Verma said.
The SWR statement added that during the current year, 65 rakes of automobiles manufactured by TAFE, mainly tractors, have been transported by train from the Doddaballapur railway station near Bengaluru.
Till date, a total of 5,600 cars have been transported to Farukh Nagar in Haryana and Nautanwa in Uttar Pradesh from Penukonda in 55 rakes.