Media Consumption is Evolving, and this Indian Smallcap is Driving the Change

Television and media have come a long way from the days of Doordarshan and state-owned TV stations. In the 1990s and 2000s, satellite and cable expanded the number of channels available, along with appointment viewership and 24×7 live broadcasting. Then, streaming platforms came in and changed viewing habits by giving audiences easy access to media via the internet, and the option to choose what they wanted to watch and when.

 

Now, another shift is underway: the rise of internet-connected televisions and free, ad-supported TV (FAST) and streaming channels. This new era of content-at-your-fingertips is driven by the internet and the cloud, which is changing not only viewing habits but also the business of distributing content.

 

Broadcasters and content owners now have multiple touchpoints and need to reach audiences across traditional television networks, streaming apps and connected-TV platforms. And helping drive this change is Indian media technology company, Amagi Media Labs, which provides cloud-based software to help broadcasters and content owners operate channels, distribute content and monetise audiences across platforms.

But before we examine how Amagi helps the media industry navigate this transition, it is worth understanding how viewership itself is changing.

 

The changing viewing landscape: VOD, SVOD, CTV, OTT and FAST

Traditional cable and satellite television operate around scheduled programming. Viewers select a channel and watch programmes according to its broadcast timetable. Streaming has changed this relationship by allowing audiences to access video over the internet, either through live channels or on-demand libraries.

 

VOD or (video on demand) allows viewers to choose individual films or shows. SVOD or (subscription video on demand) offered by streaming platforms like Netflix, provides access to a catalogue of shows and movies for a recurring monthly or annual fee. FAST (free, ad-supported TV) like YouTube offers advertising-supported services, which allow viewers to watch content free or at a lower price in exchange for advertisements that run in the middle of videos.

 

The scale of India’s digital video audience highlights the shift. According to the Ormax OTT Audience Report 2026, India’s OTT audience reached an estimated 665 million people in 2026, up 11% from approx 601 million in 2025. (Ormax defines this audience as people who watched online video at least once during the preceding month, whether free or paid.) The report also states that 45% of India’s estimated 2026 population is consuming online video content, a 41% increase from the previous year.

 

Television screens are also becoming part of this transition. CTV (connected television) refers to televisions used to access internet-delivered content. Ormax estimates that India’s CTV audience grew from 129.2 million in 2025 to 206.9 million in 2026, an increase of 60%. The number of active paid OTT subscriptions are estimated to be at approx 173 million, including subscriptions through telecoms bundles and OTT aggregators.

 

While on-demand streaming gives viewers control over individual titles, not everyone wants to browse a catalogue every time they switch on the television. This creates room for another format: FAST (free ad-supported streaming television.)

 

FAST channels are like TV channels built for the high-speed internet age. They bring back the familiar experience of scheduled television but deliver it over the internet. Viewers can watch continuously running channels with fixed programme schedules, rather than choosing a show, episode or movie themselves each time they log on to an app. Like TV, the service is free to access, with advertising providing the primary revenue source.

 

More platforms, more complexity

As viewing options multiply, broadcasters and content owners face a more complicated distribution environment. A company operating across conventional television, on-demand streaming and FAST channels must manage content across multiple platforms, formats, schedules and distribution partners. It must also ensure that programmes reach viewers reliably and are presented in ways that meet each platform’s technical requirements.

 

Traditionally, most broadcasters and networks relied on dedicated hardware and physical facilities. But today, cloud-based technology makes it easier to handle several of these functions through software and SaaS solutions, making it possible to manage channel operations, prepare content for distribution, and deliver video across internet-based platforms without relying on traditional broadcast infrastructure.

 

This kind of technology stack may include content-management systems, video encoding and transcoding, channel scheduling, cloud infrastructure and content delivery networks, continuous channel playout and the insertion and measurement of advertisements, which is necessary for FAST channels.

 

Advertising is, of course, crucial to this business model. As audiences spread across streaming services and connected televisions, media companies need ways to manage advertising inventory and deliver relevant ads within video streams. So, as distribution gets more fragmented, media companies and broadcast networks now need infrastructure that can simplify operations, improve reach and enable monetisation across different viewing environments and platforms.

 

 

 

The infrastructure supporting TV’s next phase

Television is evolving into a more diverse ecosystem, combining traditional broadcasts, on-demand streaming and channels delivered over the internet. For media companies, this creates new opportunities to reach audiences, but also raises the complexity of distributing content and generating revenue across platforms.

 

This is where Amagi Media Labs enters the picture. The company provides cloud-based technology designed to help broadcasters and content owners manage channel operations, distribute content and run ads and monetise video audiences across platforms. Its business sits at the intersection of changing viewing habits and the infrastructure required to support them.

 

Now that we know how the ecosystem is changing, we’ll look at what exactly Amagi does in Part 2: the technology, the business divisions, how the company generates revenue, and whether the growth of cloud-based broadcasting can translate into a sustainable business.

 

Sources

The Connected TV Era: India’s New Prime Time | The Trade Desk

Amagi

The Ormax OTT Audience Report 2026

Level Up Your Sports Broadcasting with Amagi

Unify Streaming Workflows

Download Amagi’s Global FAST Report – 7th Edition

TRAI: Consultation Paper on Formulation of a Regulatory Framework for Application-based Linear Television Distribution (ALTD) Services (Including Free Ad-Supported Streaming Television (FAST) Services)