India has greater than 65% of ut inhabitants under the age of 35, with the typical age nationwide being 29 years previous. Moreover, out of India’s
India has greater than 65% of ut inhabitants under the age of 35, with the typical age nationwide being 29 years previous. Moreover, out of India’s 1.three billion folks, solely half at the moment use cell phones, and fewer than half of this quantity are smartphones.
Though India is likely one of the world’s most populated nations, web utilization stays at 41%, with 700 million Indians at the moment related to the web. This leaves unbelievable room for progress in India, which lags behind different rising economies in the case of each web entry and smartphone possession. This huge, underserved inhabitants has lengthy been the goal of world entrepreneurs and mega tech companies.
A $5-billion alternative
In response to a survey, roughly 84% of Indian customers entry the web for leisure functions. In 2019, there was a surge in over-the-top, or OTT, streaming, each audio and video, primarily pushed by authentic content material and sport. For example, the cricket World Cup streamed on OTT platforms.
And there’s additionally the Bollywood impact — a wave of migration of film stars from the massive display screen onto streaming providers. That is an effort to faucet into loyal fan bases and hack adoption. It might even be good enterprise. In response to one report, India’s OTT streaming market is anticipated to be valued at $5 billion by 2023.
This market is at the moment led by the likes of Hotstar (a subsidiary of Disney), which has over 300 million customers. Different massive gamers corresponding to YouTube, Amazon Prime and Netflix, in addition to home providers, corresponding to Eros Now, Voot, Zee5, Arre and ALT Balaji, are build up their content material libraries to win market share in India.
On the music streaming aspect, there are quite a few choices. Nonetheless, regardless of this selection, there’s nonetheless criticism over how streaming providers allow the very mannequin that a lot of them initially sought to disrupt. Whether or not it was by design or by chance, these platforms have turn out to be the brand new gatekeepers of digital content material and distribution.
Streaming reimagined
Technological revolutions are at all times carried out on the backs of idealists who typically lack political clout however are pushed by a burning want for change. Many variations of this revolution are at the moment underway. They’re reshaping industries, washing away the muse of legacy enterprise and letting folks construct new and higher methods. But, in the case of digital media, there’s a well-entrenched establishment that is still.
Most streaming suppliers at the moment supply both pay-to-play subscriptions or extractive ad-based methods that aggressively monetize their customers’ consideration. However what if there was a greater method to meet digital content material shoppers’ wants whereas addressing limitations in present media fashions? There may be, and that’s thanks, partially, to expertise, that’s turn out to be extra commercially viable in the previous few years.
Constructing a brand new basis
Lately, blockchain expertise has emerged as a transformative drive in a number of features of private and non-private sector operations. Its promise of decentralized possession, immutability and cryptographic information safety has turned various heads.
In India, blockchain use instances are getting explored, and the expertise is experiencing demand in banking, insurance coverage, logistics and healthcare. Though it’s largely monetary gamers which are the primary movers to capitalize on this expertise, others are following. We’ve moved previous the stage the place, in sensible phrases, blockchain was somewhat greater than a buzzword. Now the hype has quieted, and extra real-world implementations exist.
Digital content material on the blockchain
A number of blockchain-connected tasks have cropped as much as present a substitute for the rising hegemony of the streaming platforms. When it comes to digital content material, the expertise is attention-grabbing from many angles. First, it doubtlessly lessens the facility held by company gatekeepers. It’s because, at its core, it permits for the storage and processing of knowledge in a distributed method with out interference from a central physique.
By distributing energy extra equitably, blockchain expertise presents the opportunity of redefining the connection between content material producers, manufacturers and viewers. And that is its most enjoyable promise as a result of in doing so, it alters enterprise fashions and might construct methods with direct participation and advantages for all stakeholders.
New options
A blockchain-powered video-on-demand platform stands to simplify interactions. For content material creators, a main profit is the elimination of middleman providers. On the similar time, prospects can make the most of the pay-per-view mannequin, a big departure from commonplace subscription fashions. But it surely will also be taken a step additional.
A blockchain-backed VoD platform will be designed to allow customers to derive worth for contributing their consideration, engagement and information to the community. This can be a key improve the place monetary inclusion is worried. As a substitute of being handled as a commodity, getting charged for entry or being bombarded with…