The OTT streaming market in India reached a new milestone last year, with around 707 million internet users actively engaging with OTT audio and video services, according to the ‘Internet in India’ Report 2023. Accessible high-speed internet, rapidly increasing internet users and widespread adoption of digital payments fuelled the demand for these already existing OTT platforms in India.
hoichoi, a subscription-based OTT platform focussing on Bengali content, was launched in 2017 by SVF Entertainment. Co-founded by Shrikant Mohta, Mahendra Soni, and Vishnu Mohta, the platform hosts over 600 Bengali movies, 150+ original web series, short films, and documentaries.
hoichoi has approximately 13 million subscribers in over 100 countries. It aimed for a 50-75 percent revenue increase in FY23, with about 40 percent of its direct revenue coming from international markets. The company has partnerships with Vodafone and smart TV brands such as Samsung, Amazon Fire Stick and Roku.
“hoichoi is India’s first language OTT platform, operating in Bengali which has a huge addressable market in not only India but internationally as well. Despite a post-COVID market correction, we continue to experience growth, with a current year-over-year increase of 50 percent. Our sustained success can be attributed to a sustainable business model built on limited funding, says Soumya Mukherjee, Chief Operating Officer, hoichoi (India & Bangladesh).
“Internationally, our monthly retention rate exceeds 82 percent, demonstrating strong user loyalty. In India, where the payment ecosystem is less mature, we measure retention based on the percentage of users who renew their subscriptions within six months. Our goal is to retain approximately 60 percent of our Indian user base,” adds Mukherjee.
While West Bengal remains hoichoi’s core market, over 45 percent of our users come from other regions of India. “Internationally, although our subscriber base may be smaller, it contributes significantly to our direct revenue due to the global spread of Bengali communities,” he states.
hoichoi’s priority markets include the US, UK, Australia, and Canada, followed by regions like Malaysia and the Middle East, which are experiencing rapid growth.
What makes hoichoi thrive is the high completion rates of its shows and franchises, often reaching 80 percent. “We define binge-watching success as 65-75 percent of users completing a show, and most of our top shows fall within this range,” says Mukherjee.
hoichoi’s franchise characters are key to driving viewership. Social dramas and detective series are among its top-performing genres, while the platform also explores niches like mytho-horror, and crime.
In addition to direct subscription revenue, hoichoi has diversified its revenue streams through bundling partnerships and initiatives, such as Hindi dubbing of its Bengali shows. Mukherjee points out that hoichoi’s extensive original content catalogue, including Hindi-dubbed versions, has contributed significantly to its revenue, especially in the Hindi market.
“While hoichoi does not have traditional ads on its platform, we work with branded content to create tailored content that resonates with our premium Bengali user base. This strategy has led to a 200 percent increase in advertising revenue compared to the previous year,” states Mukherjee while addressing hoichoi’s ad spends.
“hoichoi’s average revenue per user is not the sole metric we consider. We also focus on customer lifetime value, which exceeds 2,500, a substantial amount compared to industry standards,” he says.
Although hoichoi primarily caters to the 30+ demographic, the 50+ segment has shown the most significant growth. In terms of gender, Hoichoi’s audience is more balanced with a male-to-female ratio of 60:40, compared to the industry average of 80:20.
While addressing what makes hoichoi stand out in the OTT market, Mukherjee emphasizes that hoichoi’s competitive advantage lies in producing over 160 original shows in Bengali and securing premium theatrical movies. hoichoi is also exploring new content formats to stay ahead in the evolving OTT market.