Time spent on OTT platforms amongst Indian viewers has increased and so has the penetration of these platforms, as per the March report of Axis My India Consumer Sentiment Index (CSI).
Axis My India, the consumer data intelligence company, has released its findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues.
The March report highlights that consumption of media such as TV, internet, radio has increased for 19% of the families.
The March net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +8, from +10 last month reflecting a decrease by 2 points.
The sentiment analysis delves into five sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment and tourism trends.
Key findings on media consumption behaviour:
· Consumption of media (TV, Internet, Radio etc.) has increased for 19% of the families, which reflects a decrease by 1% from last month. The overall, net score, which was at 0 last month, is at -1 this month.
· The survey also threw light on the OTT (Over-the-top) viewing behaviour of viewers. According to the survey, 29% spend 1-3hrs watching content on OTT platforms, while 26% spend upto 30 minutes on OTT platforms. 23% watch content for 31mins-1hr and interestingly there are 8% who watch it for more than 3 hours.
· Moreover, the survey also discovered that 24% share their OTT passwords with their friends and family.
On topics of current national interest:
· The survey found out that 52% were pleased with the Union Budget, which sets out on a quest to fulfil the dreams of the corporates, farmers, and the middle class. However, 29% rated the budget unsatisfactory and only 10% had a neutral stance towards it.
· Further investigating sentiments, the study discovered that 72% believe that Indian economy would continue to grow in 2023 in comparison to previous year. The optimism stems from the country’s superior performance in dealing with unprecedented obstacles such as Covid, the Russia-Ukraine war, control of inflation as compared to other nations.
· The survey also highlighted that 43% believe that Sensex will go beyond 70,000 in the next three months. Whereas 25% believe that, it will remain between 55,000 to 65,000. Additionally, 18% believe that it will drop below 50,000.
· As we move towards the 2024 Lok Sabha elections, Axis My India Consumer Sentiment Survey also attempted to understand the BJP’s contributions towards the country. Basis the same, the survey revealed that handling Covid (16%), infrastructure development (14%), and welfare schemes (11%) have been some of the key achievements of the current BJP government. The survey also discovered that 72% believe Prime Minister Narendra Modi to be India’s most influential person, followed by Rahul Gandhi at 5%, Mukesh Ambani at 4% and Yogi Adityanath at 3%.
· Expenses towards health-related items such as vitamins, tests, healthy food has surged for 35% of the families. This reflects an increase in consumption by 2% from last month. The health score which has a negative connotation i.e., the lesser the spends on health items the better the sentiments, has a net score value -24 this month.
· Mobility has increased for 7% of the families, which reflects a decrease by 2% from last month. The overall mobility net indicator score, which was at +2 last month, is at zero this month.
· Overall household spending has increased for 58% of families, decrease by 1% from last month. The net score, which was +52 last month has decreased by 1 to +51 this month.
· Spends on essentials like personal care and household items has increased for 36% of the families, which reflects a dip by 4% from last month. The net score, which was at +29 last month, has decreased by 6 to +23 this month.
· Spends on non-essential and discretionary products like AC, Car, and Refrigerator has increased for 4% of families, which reflects a decrease by 1% from last month. The net score, which was at +1 last month, is at zero this month. Sentiment towards discretionary spending has steadily decreased over the last four months.
Pradeep Gupta, Chairman and MD, Axis My India, said, “Over-the-top (OTT) consumption has been steadily growing among Indian consumers in recent years, particularly with the increasing availability of affordable high-speed internet connectivity and the widespread adoption of smartphones. The COVID-19 pandemic has also contributed to the growth of OTT consumption in India, with more people spending time at home and seeking entertainment options online. Many OTT platforms have reported a surge in viewership during the pandemic. Overall, the trend towards OTT consumption among Indian consumers is expected to continue in the coming years, driven by the growing demand for digital content, and the convenience of watching content anytime, anywhere, on any device.”