Indians are spending more time on streaming platforms than ever, but they are increasingly watching content beyond web originals made exclusively for OTT services.
According to media consulting firm Ormax, the list of the most-watched OTT properties in the first half of 2026 was topped by the ICC Men's T20 World Cup (224.6 million views), followed by the Indian Premier League (228.4 million). Comic Samay Raina's India's Got Latent (38.5 million views) and theatrical releases Dhurandhar (35.2 million) and Dhurandhar: The Revenge (27.8 million) also ranked high, while web originals such as Made in India: A Titan Story and Chiraiya featured further down the list.
Industry experts say the battle for streaming audiences is now being led by sports, with strong competition from theatrical films and GEC (general entertainment channel) shows. As a result, platforms are becoming far more cautious about commissioning expensive web originals.
A cautious reset
The shift is already visible in commissioning cycles. Announcements are fewer, greenlights are slower, second seasons increasingly depend on hard audience-retention metrics, and budgets are being scrutinized line by line in a way they weren't in 2021-22.
However, the industry's next phase may involve doubling down on cost-effective regional programming rather than sharply cutting investments in originals.
"Rationalization is already underway. Platforms are scrutinizing budgets, star fees and production costs far more closely. Proven franchises, strong regional stories and high-concept shows remain attractive, while generic or excessively priced projects are finding it harder to secure funding. The mood is cautious, not negative," said Rohit Dalmia, chairman and managing director, CineNow, an entertainment financing platform.
According to Rajat Agrawal, chief operating officer, Ultra Media & Entertainment Group, Indian OTT platforms are indeed reassessing their strategy on commissioning and investing in streaming originals.
The market is undergoing a recalibration, with platforms prioritizing profitability over expansion. This shift is being driven by increased competition, regulatory scrutiny and rising content costs, Agrawal added.
Dhruvin Shah, founder and CEO of JOJO Ltd, which operates a Gujarati OTT platform, expects the market to evolve into a "barbell" model—with a handful of large tentpole productions alongside a much broader base of lower-cost, faster-turnaround originals, much of it regional and non-fiction.
“The mid-tier show with a premium budget and a niche audience is the one that disappears. The volume shifts to where the cost structure supports it. A Gujarati, Bhojpuri or Marathi original can work at a fraction of the Hindi premium budget and still be the reason somebody in Leicester or New Jersey pays for a subscription. That's the segment where the show count could go up, not down,” Shah added.
Quality over quantity
To be sure, many industry executives believe the popularity of sports, television shows and blockbuster films on OTT platforms reflects the growing maturity of India's streaming market rather than signalling bad news for originals.
Rajesh Sethi, partner and leader–media, entertainment and sports, PwC India, said that as the OTT market evolves, platforms are becoming more selective about the projects they back, focusing on content that can stand out in an increasingly crowded landscape.
“We are noticing greater emphasis on storytelling, stronger concepts, higher production values, and effective audience engagement. This is positive for the industry as shows will need to be compelling enough to hold audience attention while competing with cricket tournaments or major film releases,” Sethi added.
Regional opportunity
Industry executives also argue that established streaming platforms today have a far deeper understanding of their audiences than they did during the industry's early growth years.
Sandeep Bansal, director at Chaupal, which specialises in Punjabi, Haryanvi and Bhojpuri content, said platforms now commission originals only when they identify a clear opportunity, a defined audience and long-term value.
The market, he said, is becoming more disciplined. Instead of funding everything, platforms are backing stories they genuinely believe in.
“Original programming remains the cornerstone of audience acquisition and retention for OTT platforms. A strong slate of exclusive originals helps build viewer loyalty and differentiate platforms in an increasingly competitive market. However, producing premium originals and extending successful franchises requires significant investment, as audiences now expect cinematic production values and high-quality storytelling,” said Chandrashekhar Mantha, partner and media & entertainment sector leader, Deloitte India.
Sports rights, he added, continue to be a strategic priority because of their ability to deliver large, highly engaged audiences and predictable viewership at scale. As a result, every platform is adopting a distinct content strategy, balancing original productions, licensed content, regional programming and live sports based on its target audience and business objectives.
“While overall content investments are becoming more disciplined and selective, regional content has emerged as a particularly compelling proposition. Production costs are relatively lower than large-scale Hindi originals, yet these titles consistently deliver strong engagement within their core markets. Importantly, successful regional stories can be dubbed into multiple languages, significantly extending their reach and improving return on investment,” Mantha added.