India’s once-buoyant streaming landscape is showing signs of fatigue. After a pandemic-fuelled binge of original content, platforms are pulling back. The number of Indian originals, once on a meteoric rise, has plateaued, raising questions about the sustainability of the streaming model in the country.
The number of original Indian titles has dropped from 225 in 2021 to 199 in 2022, with only a slight increase to 206 in 2023, according to a report by Media Partners Asia (MPA). This slowdown reflects growing pressures on margins and more precise data on what content truly engages audiences. Content creators also warn that the shift of some films back to theatres, which had previously gone straight to digital, is further reducing output—a move that could challenge OTT platforms' ability to retain and engage subscribers as the frequency of new titles diminishes.
"Platforms need to launch new, engaging, and fresh content at regular intervals. The existing and new subscribers should see value in continuing to subscribe to the platform. And it is only through such strategies that subscribers will feel that they have got value for their money," said Rajat Agrawal, director and content syndication head at Ultra Media & Entertainment Group, which owns the Marathi OTT platform Ultra Jhakaas.
Agrawal acknowledged that some platforms have scaled back on new releases. He noted that streaming repetitive content generates viewer fatigue, discouraging new and potential subscribers from signing up.
Soumya Mukherjee, chief operating officer of Bengali streaming service hoichoi, confirmed that the number of originals across platforms has decreased, though hoichoi has maintained a steady volume of about 30 new releases annually. "Weekly engagement on any OTT is derived from user acquisition and retention, which boils down to the right content strategies," Mukherjee added.
A senior executive at a content studio noted that 2021, during the height of the pandemic, saw a significant spike in content investment as many films went directly to OTT, bypassing closed or financially unviable theatres.
"In the following years, the recession in the US impacted OTT spending in India, and platforms also gained a better understanding of their addressable audience. They realized returns from paid subscriptions were lower compared to earlier, when they were spending more freely in dollar terms," the executive said.
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This shift in investment patterns is evident. Online video content investment in originals peaked at $529 million in 2022 but dipped to $479 million in 2023. It's projected to recover slightly to $527 million in 2024, according to data from MPA, an independent provider of research, advisory, and consulting services across the media and telecom sectors in Asia-Pacific.
The executive explained that services are now balancing the release of big-scale shows at a lower frequency with lower-budget shows, often streaming for free with ads, to maintain content pipelines. "Many platforms have also realized that a big film post-theatrical release can attract more subscribers than a web original, so do you really need that many shows?" the executive added.
Partho Dasgupta, managing partner at Thoth Advisors and ex-CEO of BARC India, pointed out that aside from Netflix and Amazon Prime Video, most platforms are financially strained.
"Nobody is sitting on much cash, and there will be an issue in terms of attracting new customers through new shows. While the core audience may not be affected, the fringe segment is likely to drop out," Dasgupta said, adding that the strategy of launching smaller-scale shows that stream for free with ads could help alleviate some pressure.
