A recent HSBC report cited across multiple sources in early 2026 reveals data about paying subscribers in India's OTT market. The figures tell an interesting story.
JioHotstar (the merged JioCinema and Disney+ Hotstar platform) leads with over 300 million, Amazon Prime Video has roughly 65 million, and Netflix trails at about 20 million.
This surge for JioHotstar stems largely from its 2025 shift of IPL cricket viewers to paid subscriptions. This one season boosted its base from around 50 million to nearly 300 million in months. The platform dominates due to exclusive rights for IPL, HBO/Warner Bros., Disney content, and a vast local library.
HSBC notes that only about 24% of India's OTT users pay for content. JioHotstar benefits from Reliance Jio integrations, while Prime Video leverages Amazon Prime bundling. Netflix holds a smaller but high-Average Revenue Per User share among affluent viewers.
For the quarter ended December 31, 2025, JioStar reported gross revenue of Rs 8,010 crore, with revenue from operations at Rs 7,232 crore and profit after tax of Rs 888 crore. JioHotstar drove much of the digital momentum.
