Smartphones have indeed affected the market of TV in various ways. Some of the impacts are:
Smartphones have increased the demand of OTT (over-the-top) content, which is delivered via the internet and does not require a traditional TV subscription. OTT platforms, such as Netflix, Amazon Prime, and Hotstar, offer a wide range of content that can be accessed anytime and anywhere on smartphones. According to a report, the OTT video streaming market of India is forecasted to reach USD 5 billion by 2023.
Smartphones have also changed the advertising and marketing strategies of TV broadcasters and content creators. As more people use smartphones to access online content, advertisers have to shift their focus from traditional TV ads to digital ads that can target specific audiences and measure their effectiveness. According to another report, mobile ad spending in India is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2019 to 2023
Smartphones have also created new opportunities for TV manufacturers and service providers to offer smart TV product and services that can integrate with smartphones and other devices. Smart TVs are TVs that connect to the internet and offers various features, such as streaming apps, voice control, and screen mirroring. You can Chromecast any videos or pictures directly from smartphone to the TV and watch it more precisely into the big screen. You can watch all your favorite OTT shows in a smart TV also known as Android TV. The best part is you just have to ask what you want to watch via voice control and it will exactly show that particular video and also will suggest other videos too, exactly how smartphones are.
According to a third report, the India smart TV market size is expected to grow from USD 16.02 billion in 2023 to USD 36.97 billion by 2028, at a CAGR of 18.20% during the forecast period (2023-2028).
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