YouTube has gained tremendously from this trend and reaches 245 million unique users per month with daily active viewer base growing at 100 per cent year-on-year, he added.
Players like Netflix and Amazon Prime Video -- which operate on a subscription model -- have been investing millions of dollars on creating original content, including from India.
Netflix, for example, recently showcased Sacred Games and Ghoul that were made in India. It is also lining up more originals from India, including content based on 'Bard of Blood' and Salman Rushdie's book Midnight's Children.
Amazon Prime Video, on its part, has released original series like Inside Edge and Breathe as well as shows like Remix and Comicstaan.
Other streaming services like Hotstar, HOOQ, Voot, Eros Now, Yupp TV, Hungama and ALT Balaji are also looking at wooing audiences in the country. While many players are focussing on expanding their library with movies from Bollywood and other parts of the country, there is also a huge focus on original content.
While YouTube has thrived on original content created by users, under 'Originals' it will feature content from some of its most successful creators/ partners.
"YouTube funds and commissions these shows based on insights from user data, but the IP remains with the creator," Raghavan explained.
Globally, YouTube Originals has released over 60 projects to date, and plans to release more than 50 new shows in 2019.
The move, according to the Google-owned company, will also help boost its business from online video ad-spends.
"With our growing reach and highly engaged audience, brands have an incredible opportunity to engage with the audience. Our goal is to further boost the ecosystem and supercharge the growth," Raghavan said.
YouTube said it had run two sponsored shows as pilots, working closely with advertisers to test the market and it claims to have received a phenomenal response.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.