A goldmine waiting to be discovered: The Indian Vernacular Content Market!
The Indian Vernacular Content Market,?which has the unique distinction of having 22 official languages and 1600 dialects, is growing by leaps and bounds. This is due to the rapid digitalization in the country. More and more people are becoming aware of the digital world and demanding vernacular content.?Covid-19 brought a significant increase in the vernacular segment, with an increase in digital penetration, high screen time and government support. It was the time when the vernacular market grew tremendously. For instance, Google searches for OTT services like Zee5 increased by 33% YoY in 2019, while searches for subscription-related terms increased by more than 200% YoY. These trends show that Indian customers are becoming more eager to pay for the content they want and to watch it whenever?they want. The total number of ZEE5 subscribers increased by 80% YoY in 2020, and we are continuing to see the same trend. According to ZEE5, as of December 2021, there were 9.6 million daily active users (DAUs) and 101.9 million monthly active users (MAUs) worldwide.
The vernacular market grew by a CAGR of ~61% during FY 17-21 and is poised to expand at a CAGR of ~75% by 2027.
During the pandemic, people adopted online channels to cater to their day-to-day needs like shopping, learning, transacting, and entertainment. That was the time when vernacular digital platforms like Sharechat, Dailyhunt, Koo, Pratilipi, Vokal, and many more boomed.
A?positive CAGR of ~61%?was recorded on the basis of revenue generated between FY’16 and FY’22 of the Indian vernacular market.
The Indian government is also providing support for the vernacular players by launching multiple programs with NITI Aayog’s Vernacular Innovation program being the major boost for companies working in the non English segment.
Does a ~61% growth rate from FY'17 to FY'22 promise a brighter future for the Indian Vernacular market?
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The consumption of vernacular content grew exponentially during the pandemic, one reason being that people stayed indoors. But even with the pandemic over, the demand for local language content has not declined. Therefore, the market is expected to grow at more than 100% CAGR?over the next 5 years owing to an increase in monetization efforts, the entry of new players such as Headline Network, increasing rural digitalization, and more.
Also, in a conversation with?Mr. Ranjeet Pratap Singh, Founder, and CEO at Pratilipi, told Ken research that “We have not observed any major changes post-pandemic for our platform. Talking about the industry in general, there has definitely been increase in engagement since people were at home and they spend more time watching online content.”?Looking at?the future market growth,?“The market in terms of value is expected to grow around 100%, because the market is very small with the user growth expected to be around 30%.”?
India has the second-largest digital population in the world. Anyone thinking to start a business or build a brand in India should focus on building websites, apps, and social media content that use regional languages. It is because the future of conducting business in India will be defined by the relationships that corporations develop with speakers of regional languages. Brands can focus more on effectively connecting with their present consumers and reaching new audiences by using vernacular ads and directing them to language specific landing pages. Instead of just translating the content, brands can think about trans-creating inclusive, effective assets to create meaningful interactions that allow people to interact with the brand in a way that feels natural and comfortable.
Which other industry is booming in India?
Technology in agriculture was yet to be tapped. But in recent years, India’s agritech sector has grown significantly. The rate at which the sector is growing is giving high hopes of a bright future to the people and potential investors. In 2020 alone, the investment in the sector crossed USD 300 million. The overall agritech industry witnessed revenue growth of ~85% during FY’19-FY’20.?Check out our latest report on the Indian Agritech Market Outlook for FY’2025.
Source:- https://bit.ly/3jHlN20