Any disaster — small or large — provides new prospects as well as downfalls. Related ups and downs have also been noted for the way the media and entertainment (M&E) industry monetized content. Advertisers first realized the power of radio by convincing citizens of the US Government to join the army via radio during the World War 1. And, once again, the media were in the spotlight as the Spanish Flu pandemic was expressed in positive public awareness advertisements or posters in newspapers.
Today, when the lockout puts people together more downtimes, they experience the pleasure of sitting and enjoying a movie or two, watching shows or communicating with a large family or friends and totally strangers through video calls, both of them away from home comforts and the misery beyond four walls. The only connecting thread to the outside world is the social media that is now as mainstream as it is. Using the high price of seats, park-parkling and movie snack, a phenomenon that will fuel more development of the digital media, consumers are also conscious of the possibility of cost reduction of not utilizing the multiplex.
“With the growing smartphone prevalence and availability of cheap internet bandwidth, the virtual distancing intensified what we saw in the media sector — the expanded acceptance of the mobile video perspective, various forms of entertainment, such as online social games, downloading and edutainment and premium videos on-demand clogging audiences.
The current crisis can be downtimes for certain companies, but there is a growing number of digital media. In addition to traditional news, Digital media has gained popularity through podcasts, video influencers and more Specialized channels and new entries in India in recent months.
In the early 2020’s, empirical information and culture, including OTT, digital reporting, social networking and gaming, is already seen in significant numbers; relative to other industries, the current pandemic is projected to grow in resilience.
The Indian media and entertainment industry is estimated to cross INR 307 K Cr ($43.93 Bn) by 2024, based on data obtained in January2020. The online media platform grew to INR 163 K Cr ($23,34 billion) at CAGR 13,3 percent in FY 199, contributing in no small measure to the expansion of the media and entertainment sector in India. At the CAGR by 32 percent, the Indian digital advertising sector is projected to grow to INR 18,986 Cr ($2,93 Bn), an increase in 2020, due to the current consumer demand shift.
An AppsFlyer study says that the amount of Coronavirus cases registered in India began to grow steadily in device installs and sessions on the 7 March. Sessions grew 65%, with organic installs up to 50% by the end of March. Gaming has produced substantial increases in India in general. In casual games, organic installs jumped 75%, especially as the complete shutdown was enforced on 21 March.
While the challenges have become an inconvenience for businesses in different industries, they provide more time for media and entertainment audiences. The social effects of the pandemic often contribute to shifting habits of consumption. People stuck inside are relentlessly hit by bad news, which leaves them worry about the future. And, web games, social networking, video sharing, streaming music come as major distractions from all the negetavities.
Major rise in OTT platforms:
A total of 20% growth in the amount of OTT channels has also occurred. Amazon Prime Video’s average active users (DAU) grew 83% between 5 February and 29 March. Furthermore, Kalogato’s report states that Netflix has seen a 102 percent rise.
“We have witnessed a 20% increase in viewership on Hungama Play, since the beginning of March. This spike was first witnessed in cities like Mumbai, Delhi and Bengaluru, but is now being seen in other cities as well,” Neeraj Roy, founder & CEO, Hungama Digital Media said.