Novi Digital Entertainment, the parent company of online video streaming service Hotstar has reported a 20% rise in losses for FY17 to INR 489 crore. According to reports, the VOD platform has witnessed a 79% increase in revenues in FY17 to INR 320 crore. The subscription revenues increased 5 times to INR 129.5 crore between FY16 and FY17, while revenues from advertising grew at a moderate pace of 24.4% to INR 168 crore.
Hotstar is the most popular online video streaming service provider among the Indian OTT platforms currently with a whopping 75 million active users. It tunes into the content that Star Network provides through the platform. A source was quoted, “Hotstar’s subscriber base has seen a significant jump, the company had over 30 million users in August 2016 and hit over 60 million users in August 2017”.
Hotstar competes directly with international SVOD service providers like Amazon Prime Video and Netflix, among a host of other OTT players.