DISRUPTIVE INNOVATION

Game changers, led by technology, have been catalysts of transformation across industries in over a decade

Over the past 14 years, noteworthy changes in key sectors of the economy have taken place. These changes have resulted in disruptive transformations in certain key sectors, making it imperative for businesses to adapt and innovate in order to stay competitive, even if it meant adapting to changing technologies.

It is crucial to understand these changes in order to effectively navigate the current business landscape in these sectors.

Let us understand some important changes in key sectors in our economy, which have changed the way businesses are done in these sectors.

STREAMING PLATFORMS

One of the biggest disruptions in the media and entertainment industry is the rise of streaming services, such as Netflix, Amazon Prime and Disney+Hotstar, among others. These platforms have revolutionized the way films are distributed and consumed, completely altering the way films are shown.

Today, four things have changed in India's entertainment industry. One: tastes of audiences have changed because of engaging and visually appealing content on streaming platforms. As a result, audiences do not accept mediocre and run-of-the-mill stories in theatres.

Two: streaming platforms are serving as a new source of revenue for film producers. Third: streaming platforms have become new distribution platforms for small-and-mid-budget films. Fourth: beyond theatres, streaming platforms provide another lifeline for films, which audiences missed in theatres.

At present, over 45 million people have subscribed to streaming platforms in India. It is projected that this number will reach 50 million by the end of 2023. Additionally, the market size for streaming platforms in India is predicted to increase from *2,590 crore in 2018 to 12,000 crore by 2023.

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