Our direct revenue growing by 40-50% YoY: Hoichoi co-founder Vishnu Mohta

Vishnu Mohta, the co-founder of Hoichoi, firmly asserted that their primary competition is with themselves, not other industry players. His belief is that the paramount focus should not be on competitive concerns but rather on consistently delivering high-quality shows and enhancing the platform's user experience.

Commencing its seventh year, Hoichoi has recently announced its upcoming content slate, including 24 fresh shows, incorporating 11 franchises, and debuting 13 new shows across diverse genres, namely Durgo Rawhoshyo, Chemistry Mashi, Kolonko, Abar Rajneeti, Dadur Kirti, Moddhoraater Opera, Parnashavarir Shaap, Parineeta, Antormahal, and more.

While providing a sneak peek into the genres of shows that Hoichoi will be exploring in its content slate, Mohta said, “In the upcoming announcement of our 24 shows, it's important to note that all of these are original content produced in India. In addition, we will have content that is being produced in Bangladesh. This content slate encompasses a wide range of genres, including female-centric content, what the industry terms "TV plus" content, thrillers, true crime, slice of life, detective stories, comedy, family dramas, and literature adaptations. Basically, we have a very diverse genre of content.”

While providing insights into Hoichoi’s growth journey, Mohta said that their current trajectory is showing a consistent year-on-year growth rate of approximately 40–50% in terms of direct revenue. Looking ahead, Hoichoi’s strategy involves maintaining patience and a long-term perspective to continue this upward trend in the foreseeable future.

On being asked what kind of content has resonated most with Hoichoi’s viewers, he said, “We provide a wide array of content genres, and it's evident from our own viewing habits that our preferences evolve over time. People don't restrict themselves to a single genre. Rather, they engage with diverse content, depending on the moment. The key lies in crafting content that resonates with individuals rather than merely segmenting it based on the owners' preferences.”

Mohan then went on to say that while the OTT platform produces branded content, it continues to abstain from ad-driven content. He said, "Currently, our platform remains ad-free, as our unwavering focus has consistently revolved around the subscription-based model. However, it is important to note that we envision growth potential in both markets. We engage in collaborations with partners to localise our content into multiple Indian languages. These partners subsequently monetise the content through advertisements and other avenues under the AVOD framework. Nevertheless, it is worth emphasising that all our original content on Hoichoi is exclusively accessible through a subscription paywall.”

Furthermore, he went on to say that in the foreseeable future, he perceives the OTT ecosystem to undergo growth in its overall size. It is imperative, given this context, to direct our attention towards effectively catering to both our existing and prospective customer base, which seeks quality content and is willing to pay for it.

In this dynamic landscape, customer loyalty is not absolute. Rather, it hinges on the pursuit of the finest content and the most satisfying platform experience, he added.

“We are competing with ourselves (not with other players in the industry). Consequently, concerns over competition should not be the central focus. Rather, our emphasis should be on delivering top-tier shows and optimising the platform's user experience. Customers, it appears, prioritise the quality of their entertainment choices over the intricacies of market competition,” Mohta said.

While speaking about Hoichoi’s subscription model, Mohta said, “We keep experimenting with a few things. Until about a year and a half ago, we were among the few pioneers who consistently adhered to an annual planning approach. Originating in India, we transitioned to offering quarterly plans for our customers. This shift was driven by the dominance of UPI, which now constitutes a substantial 70–80% share of all payments in India. The unique characteristic of non-recurrence associated with UPI transactions meant that each customer would churn out after a single transaction, necessitating costly reacquisition efforts. The absence of a recurring payment ecosystem made it an arduous process for customers.”

“However, the game-changer came with the introduction of UPI auto-recurring and auto-pay functionalities. This development allowed us to adopt a more agile quarterly planning approach, hence the shift to our 4K plan,” he added.

While elaborating on the benefits that Hoichoi derives from its association with aggregators, Mohta said that there are two key aspects to our distribution strategy: bundling and syndication.

“Bundling involves making the entire Hoichoi platform available through various partner services, such as telecom, internet service providers (ISP), etc. This approach transforms us into a B2B2C platform. Customers who are already paying these partners gain access to Hoichoi as an added-value service, which extends our reach. This arrangement benefits both parties, as customers are willing to pay a little extra for the additional content,” Mohta said.

“On the syndication front, we license our dubbed content in multiple languages. We currently have partnerships with Apple and Jio Cinema, which then offer this content to their customers and monetise it through advertising or other means. This approach is advantageous because it aligns with our partners' focus on diverse languages, allowing us to tap into new markets without direct involvement. It's a mutually beneficial strategy as partner platforms seek great content and we seek optimal monetisation opportunities based on the value we provide,” he added.

While shedding light on the growing popularity of vernacular content, Mohta said, “I foresee significant growth in this market over the next 5 to 10 years, spanning regional, language, and Hindi content, among others. Currently, we are only scratching the surface of its potential. Collectively, we are progressing at a relatively modest pace. Nevertheless, we remain integral to India's growth story. Considering our vast population and diaspora, including a substantial audience in Bangladesh, we anticipate a promising future.”

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