Regional over-the-top (OTT) streaming platform hoichoi expects to clock 50-75% growth in revenue by the end of FY23, Vishnu Mohta, co-founder, hoichoi, told BrandWagon Online. The platform, which is present globally, expects international markets to account for nearly 40-50% of its total revenue. “Bangladesh is an emerging market for us and it is yet untapped. Currently, we are only present in tier 1 cities of Bangladesh and we expect to make inroads in the tier 2 and tier 3 markets. Bangladesh will drive growth for us more than the Indian market will in future,” he added.
The platform aims to launch 25 new shows. Of this, 21 shows will be launched in India and four in Bangladesh, this festive season. For Mohta, the company has doubled its investment in content in Bangladesh while the Indian content has recorded a 40-50% increase in investment this year. “We are working with the top creators this year for our content. While we have announced only 25 originals, we know the number will exceed. For instance, in Bangladesh, we expect to release six to 10 shows this year,” Mohta clarified.
hoichoi claims to have seen a 50% growth in direct subscriptions on its platform with a 20% increase from other platforms such as Amazon Prime Channels last fiscal. Further, it has seen a 31% rise in watch-time and 30% rise in monthly active users, besides international subscriber base. To increase its userbase further, the platform has launched a marketing campaign across Bengal leveraging the upcoming Durga Pujo. The company claims to have increased its marketing spends by 30% this year as opposed to last.
The company has set aside 15-20% of its marketing spends for below-the-line (BTL) medium via out-oh-home (OOH) advertisements, events and pandal sponsorships, events; while the rest 75-80% will be diverted towards online medium where the platform to drive conversations and trying to build communities. “On traditional platforms such as TV, radio and print, our marketing spends are very minimal. However, during this time we invest a lot on OOH a lot of people come to Kolkata during Durga Pujo and we want to leverage the rise in footfalls to communicate with a larger audience,” he added.
Interestingly, hoichoi has established a retail channel of network by partnering with telecom companies as well as local mobile recharge service providers to promote and sell hoichoi subscriptions in tier 3 and tier 4 cities. While still at a nascent stage, the company believes that it is imperative to build a direct relationship with distributors and has set aside a 10-12% cut for the distributors. Furthermore, it has inked syndication deals with other platforms such as MX Player. “Our partnership with other platforms is a way for us to tap into an ancillary market and increase our base in the Hindi speaking market as only Hindi dubbed content are available on these platforms,” Mohta highlighted.