- The broadcast media sector in India has had its fair share of problems amidst COVID-19, experiencing virtually nil footfall in theatres and other places of mass gatherings such as concerts, live plays, etc.
- This has led to an inevitable boom in streaming content online, with international OTT platforms such as Netflix/Amazon Prime as well as domestic ones such as AltBalaji, Zee5 and Hotstar are witnessing record viewership
- With the lockdown now being lifted in various states in India, there still remains a cloud of uncertainty over theaters/multiplexes as they’ve been shut since early March 2020, with no signs of opening soon
- The industry is expected to undergo a radical shift owed to social distancing norms, but there remain those who are optimistic about its revival and continual growth in the post-COVID era
India currently stands at 3rd in the tally of total COVID-19 cases reported across the world. The downturn in its economy which came as a result of the nationwide lockdowns enforced has been attributed to other factors dating before the pandemic as well, but there seem to be no arguments on how the pandemic further facilitated the economic deterioration.
With the economic crisis, there came a ripple effect on its business ecosystems and industries; and broadcast media was no stranger to the heat of the pandemic. The broadcast media sector in India is currently witnessing a bunch of shifts, trends, disruptions and more – owed to the recent boom in the usage of OTT platforms which came as a result of cinemas and multiplexes being shut.
This also increased TV viewership, which saw reruns of various once-popular TV shows such as Ramayana and Mahabharata that consequently posted record-viewership numbers. While the common consensus says that OTT is the future, there is plenty of skepticism attached to this notion.
A lot of factors need to be considered, especially keeping in mind the value chain of not just one industry, i.e., the broadcast media one, but that of several others which are highly ancillary to it and inter-dependent. This has led to another faction of believers who emphasize how the paranoia regarding mass public gatherings will remain a temporary affair, and people will eventually go back to their old viewing habits – that while OTT is a major player right now, it is out of choice and not a seismic shift that will lead to industry big-wigs moving to OTT.
Echoing this same sentiment is one of Coinmen’s very own – Amrita Deol, who currently leads our Corporate Secretarial Services as an Assistant Manager. We spoke to Amrita as part of our podcast series, The Big Picture, and dove deep into what is in store and what can be, in the broadcast media sector of India, during as well as post the COVID-19 pandemic.
The entire podcast with Amrita’s inputs on the sector’s current status, its recovery path, how the Government of India can fast-track it, what it means for alternate models of media distribution and more, can be listened to on this link shared below:
Do listen to the podcast and share your thoughts with us. Let us know why you agree/disagree; we’d be happy to engage in a discussion on the same.
*Views presented in the podcast are of the Consultant and do not reflect the views of Coinmen as an entity.