Digital video consumption grows over twofold in two years: BCG-CII report
Though India's per-capita media consumption continues to grow with all forms of media rising simultaneously maintaining the unique multi-modal growth format, digital media is driving overall growth with at a compound annual growth rate (CAGR) of 16 per cent over the past two years.
"Digital video consumption has increased from 11mins/day to 24mins/day over the past 2 years," said the report adding that the number could increase further with growing internet and smartphone penetration.
It added that internet penetration, along with growing affluence and smartphone penetration, is expected to rise in future, further driving growth in digital.
According to the report, two out of every three phones sold in India are smartphones now.
"India has the second-largest base of smartphones in the world, setting up a massive platform for digital video consumption. Moreover, India has witnessed a dramatic reduction in data cost over the past 2-3 years. This is leading to higher data usage -- India has the highest per-capita consumption of data at 9.8 gigabytes per month," it said.
Besides, advertisements in digital videos are also able to retain more visual attention than traditional TV.
"Fifty-five per cent viewers use TV advertising time in multitasking, switching screens or skipping content. In comparison, mobile advertising commands more viewer attention," it added.
The industry has set the bar on generating compelling content, creating new experiences for both their viewers and advertisers.
"The coming year is truly pivotal for the industry as they seek to raise the bar once again in possibly challenging times ahead. However, if the past is anything to go by, then the industry will not only rise to the expectations but turn the adversity into an advantage," the report added.