Indian OTT Platforms Witness 194% Increase In Revenue: Razorpay's Report The report claims to analyze over 10 million transactions processed on Razorpay's platform in the last two years, between April 1, 2021, and July 31, 2023
By Teena Jose
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The full-stack financial services company Razorpay's latest international payments report titled ''From India to the World', has stated that the Indian OTT platforms witnessed a 194% increase in revenue from international viewers in the last two years.
The report, which tries to understand the global trends and impact of international transactions on Indian businesses, claims to analys over 10 million transactions processed on Razorpay's platform in the last two years, between April 1, 2021, and July 31, 2023.
India recorded remarkable growth in online international payments in 2022-23 as compared to the preceding year (2021-22). "If 2021 saw a boom in digital payments, 2022-23 witnessed a veritable explosion," stated the report.
With productions like RRR and KGF 2, and Naatu Naatu, India gave Hollywood a "run for its money when Indian OTT platforms saw an increase of 194% in revenue from international viewers in the last two years, and a massive 361% increase in international transactions," the report claims.
Further, the International Payments Report also sheds light on the growth of other sectors within the Indian market. It says India now has successfully reimagined and reshaped classrooms for the 21st century. "With over 4,450 edtech startups in India today, Indian edtech businesses have bolstered the e-learning ecosystem, witnessing 51% more sales for e-learning platforms internationally over the last year."
Moreover, Indian SaaS (software-as-a-service) companies have recorded a significant 73% increase in their international sales, as per the report, while India's PaaS (platform-as-a-service) and IaaS (infrastructure-as-a-service) have experienced growth at 74% and 130%, respectively.
In 'revenge tourism', India succeeded in positioning itself as a preferred tourist destination for global tourists. "Online travel agencies witnessed a 14 times increase in international payments and a whopping 12 times hike in transactions from travellers globally," said the report.
"From legacy brands to startups, Indian businesses have taken the global audiences by a storm, demonstrating resilience and innovation-first approach. From technology, textiles, education to entertainment and tourism, India has embraced the winds of change without compromising its essence. The insights from the International Payments Report are a testimony to the conducive government policies and the thriving digital payments environment which has bolstered its influence across borders," said Rahul Kothari, chief business officer, Razorpay.
