With content becoming a new battleground for e-commerce players, the over-the-top (OTT) space is witnessing every few months an entry of new player.
Now is the turn of online payment and e-commerce platform Paytm. The Alibaba-backed firm has kicked off the process to build the team for the services. It has started the hiring process, according to an ET report.
Paytm plans to draw more customers on its platform through the video streaming services. It currently offers a few live TV channels through Yupp TV.
Entrackr had earlier reported that payment major is ramping up its content play last year. The company had allocated around $30 million funds for strengthening its content offerings.
Its backer Alibaba sees huge potential for this format as it increases huge engagement with consumers. The daily average views for the short videos are about 15 billion. Importantly, Alibaba was also planning to launch short format OTT service last year. But, now it’s executing upcoming video streaming offering through Paytm.
Every now and then, Paytm comes up with some new services for consumers engagement. In past, it has launched several engaging services including news, cricket, entertainment videos, and games to the users hooked on its platform. Paytm aims to raise its customer base through original and exclusive contents.
In the last three years, India OTT space has witnessed a noticeable growth with players like Hotstar, Amazon, and Netflix gaining good tractions.
Since the video is expected to dominate two-thirds of content consumption over the Internet by 2021. Indian online video industry is expected to touch $1.6 billion in revenue by 2022, according to Media Partners Asia (MPA).
Over the past two years, OTT space in India has been crowded as many players jumped on video streaming bandwagon. The space proving to be a natural extension for e-commerce firms who look to attract more consumers.
Flipkart and Future Group are also gearing for entry in OTT segment. Once they foray in, it would be interesting to see how they fair against core content players.