FICCI Frames 2023: The next decade will belong to Indian stories

On the second day of FICCI Frames 2023, Sushant Sreeram, country head, Prime Video India, spoke about how OTT can power India’s storytelling and creative ecosystem.

During the session, Sreeram decoded the OTT landscape of India, opportunities for content creators and how Indian content is gaining a global appeal. 

Sreeram kicked off by stating that OTT businesses are at a pivotal moment in the evolution of the Indian media landscape. “The realms of possibilities that lie ahead are endless and exciting for the OTT space," he said. 

The democratisation of Indian entertainment 

Sreeram claimed that the entertainment industry in India has become a unifying force, bringing together different regions and cultures through the power of storytelling.

"It has also given storytellers the broadest reach to audiences within and outside the country. It has revolutionised the way content is created, accessed, and consumed, providing viewers with a diverse range of pan-Indian and global content. This democratisation of storytelling has been gratifying to both witness and support," he added.

Change in entertainment patterns

Sreeram pointed out that India has grown up with a select set of shows and movies. 

“Earlier, we were cued into a slightly defined set of entertainment. Now, we have the world’s entertainment at our fingertips. Anytime access to stories from around the country and the globe. It is an exciting space for Indian content creators and OTT publishers to be in as it gives us opportunities to scale. We are able to bring forth ideas and concepts that weren’t able to bring to the fore previously," he shared. 

Heterogeneity of content

Sreeram believed that for audiences there is no one entertainment preference now.

“The Indian audience likes a diverse content library. We are diverse in regards to genres, languages and how we want to consume it. We are delightfully diverse as Indians when it comes to content consumption but what unites us is our love for entertainment. We are a land of stories and storytellers”, he said. 

Sreeram advised that diversity can be used as a vantage point while pitching an OTT platform to business associates. 

“When we think about the future of the creator economy and the OTT space, what I find incredibly exciting is that there is a common underpin that drives growth which is a diverse country seeking an array of views and forms of entertainment. As an OTT company we aim to provide more diversity in our content to appeal not just to our consumers but unique storytellers as well," remarked Sreeram.  

A limitless canvas for storytellers

Sreeram stated that earlier reach was limited in regards to the distribution of content and decoding audience cohorts, however, OTT has democratised access.

He expressed, “With a wider canvas and accessibility of OTT, there is an opportunity for storytellers to find an audience for each content. The streaming industry allows us to tap into newer audience cohorts. This gives stakeholders in the creator economy to reach a wider set of audiences. OTT platforms have accelerated opportunities and the canvas to find audience cohorts.”

“Our aim is to collaborate with storytellers, creators and the full ecosystem of entertainment partners. By partnering with content publishers we are able to tap into newer audiences. The need for convenience and the need to access content gives OTT players a wider customer base. We can unlock different business opportunities by partnering with content publishers and widening our content library”, added Sreeram.  

He went on to say that entertainment choices were limited because of access to content in regional languages. “OTT has broadened the linguistic capacity of customers. We aspire to give a local interface to customers. An OTT gives them ease of access to have these content pieces with them."

Key areas to grow the Indian creative economy

He listed three areas that will drive growth in the Indian creative economy space: 

1. Public-private partnerships will play a more pivotal role like our partnership with MIB

2. Rise in disruptive collaborations between storytellers across geographical locations and cultures will further push the creative boundaries 

3. Alliances and accessibility are great accelerants to the creative ecosystem through preferred devices, subscriptions, payment instruments, interface languages, collaborations among studios, creators and streaming services

Indian stories having a global appeal

Signing off Sreeram, said, “Our reach used to come from an Indian diaspora previously. However, the trend that is on the rise is the popularity of Indian content having a global appeal. Currently, there is a vantage point for investors to cash in on Indian content at its prime.”