Indian e-commerce player Flipkart will soon launch a free video streaming service to draw new users from small towns and cities in India to combat Amazon’s Prime Video service.
The video content offering will be focused on three primary aspects: it’s free, curated and personalized. It will be a huge boost for Flipkart as India’s video streaming industry is all set to grow at a CAGR of 21.82% to reach Rs. 11,977 crore by 2023.
According to a report by global accounting firm PricewaterhouseCoopers (PwC), the over-the-top (OTT) video industry will record the highest growth rate among all segments and drive evolution over the next four years in the overall media and entertainment industry in the country that will rise by 11.28% to reach Rs. 4,51,405 crore.
Flipkart group chief executive Kalyan Krishnamurthy said: “We believe that great content, if made available to a wider base of consumers, especially the ones who are new to e-commerce but not internet, can bring them on board on an everyday basis and help take away any anxiety that they may have towards online shopping