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  Business   In Other News  30 Nov 2019  Netwood eyes a slice of OTT pie

Netwood eyes a slice of OTT pie

THE ASIAN AGE. | RITWIK MUKHERJEE
Published : Nov 30, 2019, 1:54 am IST
Updated : Nov 30, 2019, 1:54 am IST

Mind you that India’s homegrown Netwood is not only a talent aggregating and OTT platform, but it is a production house too.

The soon-to-arrive 5G networks will only work as a shot in the arm for the market.
 The soon-to-arrive 5G networks will only work as a shot in the arm for the market.

Kolkata: Buoyant over the prospects of the booming over-the-top (OTT) market in India, which is set to grow at a rate of 22 per cent to reach Rs 12,000 crore in the five years, Mumbai-headquartered Netwood Entertainment Industry Pvt Ltd, has now come up with its OTT platform, which is a video streaming and sharing content provider.

The video OTT market in India, which primarily comprises content streaming services, is expected to be ranked among the top 10 markets globally with a market size of $823 million (nearly Rs 5,363 crore) by 2022, an Asso-cham-PwC joint study said.

 

Mind you that India’s homegrown Netwood is not only a talent aggregating and OTT platform, but it is a production house too. It will be producing original content that will be available all over the world on its Android, iOS, and Smart TV apps as well as on its website. Netwood content will be produced in English, Hindi and most of the major regional Indian languages including Gujrati, Telegu, Kannada,  Marathi, Mala-yalam, Tamil, Bengali, Bhojpuri, Punjabi, Oriya, Assamese, said Abhijeet Ganguly, managing director, Netwood Entertain-ment Industry Pvt Ltd. “Netwood.tv aims to explore the vast galaxy of artistic minds using this powerful medium of expression. The possibilities are enormous,” said Ganguly.

 

Going by the PwC-Assocham study, although the Indian video OTT market is at a fairly nascent stage, the video OTT market globally has entered into the growth phase of the market life cycle. With a CAGR of 22.6 per cent during the period of 2017–2022, the Indian video OTT market however is poised to outperform the global video OTT market, which is pegged to have a CAGR of 10.1 per cent during the same period. The soon-to-arrive 5G networks will only work as a shot in the arm for the market.

According to a recent study by Deloitte, there are already 38 OTT services in India and the rate at which new players are springing up, the number could soon shoot up to 100. Even online retailer Flipkart, with no media and entertainment experience, plans to launch a video streaming platform.

 

Netwood has teamed up with percussionist Bick-ram Ghosh, musicians Dibyendu Mukherjee and Ujjaini Mukherjee, film  makers Kamaleswar Mukherjee, Utsav Mukherjee and  Aditi Roy.

Tags: ott