Flipkart set to take on Amazon with free video streaming service

Flipkart is looking at the following 200 million customers who are coming on the web. The company accepts that most consumers are introduced to internet through online videos. Thus, video content and stimulation could assume a major role in getting consumers to come and purchase online.

The CEO Kalyan Krishnamurthy of Flipkart group said at the launch of Flipkart Videos, a curated range of movies, shows and entertainment series. consumers should not to pay extra for premium content.

The content market is yet advancing, considering the number of customers paying halfway or completely for memberships to Netflix, Amazon Prime and Hotstar.

As indicated by Krishnamurthy, the emphasis is on attracting customers, especially those in the age group of 20-30 and the one who consume a lot of user generated and professionally created content.

There might be another reason behind Flipkart's video streaming service. "It might be more affordable or increasingly beneficial to service existing customers by extending the share of wallet than to acquire new customers. Companies try to include however many products or services to the customer relationship as possible.

By 2023, India's video streaming industry is set to grow at an annual average pace of 21.8 per cent to reach Rs. 11,977 crore (US$ 1.71 billion).

Subscription based video-with respect on request platforms are anticipated to grow at an average yearly rate of 23.3 per cent to reach Rs. 10,712 crore (US$ 1.53 billion) by 2023.

The 34 companies present in the cluttered market involve US platforms, for example, Netflix and Amazon Prime Video, just as Indian services, like, ZEE5, Voot, Eros Now and ALTBalaji.

Meanwhile, Flipkart is launching its service in Hindi with a Hindi-language "audio visual guided navigation" to empower simple on-boarding for new customers.

“It is also upgrading its application, which will enable users to get to their preferred language, curated entertainment content and content feeds through the navigation bar at the bottom of the landing page”.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.