Indian OTT platforms witnessed a 194% increase in revenue from international viewers in the last two years, full-stack financial services company Razorpay’s latest international payments report titled ‘‘From India to the World’ says.
The report, which tries to understand the global trends and impact of international transactions on Indian businesses, analyses over 10 million transactions processed on Razorpay’s platform in the last two years, between April 1, 2021, and July 31, 2023.
India recorded remarkable growth in online international payments in 2022-23 as compared to the preceding year (2021-22). “If 2021 saw a boom in digital payments, 2022-23 witnessed a veritable explosion.”
With productions like RRR and KGF 2, and Naatu Naatu, India gave Hollywood a “run for its money when Indian OTT platforms saw an increase of 194% in revenue from international viewers in the last two years, and a massive 361% increase in international transactions,” the report claims.
It says India now has successfully reimagined and reshaped classrooms for the 21st century. “With over 4,450 ed-tech startups in India today, Indian ed-tech businesses have bolstered the e-learning ecosystem, witnessing 51% more sales for e-learning platforms internationally over the last year.”
In weavesmanship, India saw a whopping 163% increase in sales for Indian fashion brands globally, the report finds.
In SaaS (Software As A Service), Indian companies recorded a 73% increase in international sales, while India’s PaaS (Platform as a Service) witnessed a skyrocketed 74% growth in purchase over the last year. IaaS (Infrastructure as a Service), on the other hand, saw a 130% surge in spending within the same period.
In ‘revenge tourism’, India succeeded in positioning itself as a preferred tourist destination for global tourists. “Online travel agencies witnessed a 14x increase in international payments and a whopping 12x hike in transactions from travelers globally.”
Rahul Kothari, chief business officer, Razorpay says India has been successful in embracing and leveraging its global identity. “From legacy brands to startups, Indian businesses have taken global audiences by storm, demonstrating resilience and an innovation-first approach. From technology, textiles, and education to entertainment and tourism, India has embraced the winds of change without compromising its essence.”
India’s streaming platforms, however, have been under scrutiny ever since the government unveiled a new set of regulations for them in 2021, bringing the industry players under the ambit of the Ministry of Information and Broadcasting (I&B). Many stakeholders saw this as a move to tighten the government's grip over these platforms and as an attack on freedom of expression.
Just last month, the telecom regulator Telecom Regulatory Authority of India (TRAI) floated a "consultation paper" on regulatory mechanisms for over-the-top (OTT) communication services. In its latest consultation paper, the telecom regulator has sought suggestions from stakeholders on regulating these services considering their huge popularity in India.
