PayTM, an online payment and e-commerce platform, enters the video content space and plans to provide a growing Over-the-top (OTT) services. According to media reports, the company started the process for the service.
Recently, Paytm added a host of new features to ‘Inbox’, in-app messaging service that allows users to chat with friends and family and send/request money at the same time. With this feature, users would be able to enjoy in-app Live TV, News, Cricket, Entertainment Videos and Games on-the-go for free.
To provide this service, Paytm has entered into partnership with content providers Hungama, UC News and OTT YuppTV to give content through the PayTM inbox service.
It has been reported that Paytm believes it requires more content to compete with its rivals such as Amazon, which provides streaming video and audio services.
According to a previous report in September 2018, the Flipkart also wanted to enter the OTT content space in order to compete with Amazon Prime video services. It is reported that the company is trying to acquire stake in Hotstar, which is owned by Star India.
Among the problems and disputes related to extortion by Paytm, the company had been intensified its initiative to strengthen its presence in the country.
According to Paytm, it is the largest source of UPI payments in India since November 2018 and has grown by 600% over the past six months.
Recently, the Reserve Bank of India also lifted the ban on Paytm Payments Bank and allowed its users to open a new account.
Now, the Paytm is trying to enter growing OTT space in this country. According to a report from PricewaterhouseCoopers (PwC), India will be the tenth largest online video market in 2022 in terms of revenue.
Not only the domestic players but also international players want to strengthen their position in India. Netflix recently hired 1.5 million sq. Feet im Mumbai for building its headquarters in India.
