JioHotstar's 300M Subscribers Expose India's Streaming Market as a Two-Horse Race

The numbers from HSBC's latest analysis of India's streaming market paint a stark picture of dominance. JioHotstar, the merged entity of Reliance Jio's streaming service and Disney's Hotstar, reportedly had 300 million paying subscribers in 2025. That's more than four times Amazon Prime Video's 65 million and fifteen times Netflix's 20 million in the same market. The report also notes that roughly 24% of India's OTT users pay for content, with JioHotstar generating over $900 million in annual revenue from the country.

This isn't just a story about one platform's success. It's a case study in how local infrastructure, pricing strategy, and bundling can create an almost insurmountable moat in emerging markets. JioHotstar's subscriber base isn't just large—it's structurally different. The platform benefits from being part of the Reliance Jio ecosystem, where mobile data plans often bundle streaming access. For millions of Indians, JioHotstar isn't a separate subscription to consider; it's simply what comes with their phone plan.

Amazon Prime Video's position at 65 million subscribers is noteworthy for a different reason. The platform's strength comes from its integration with Amazon's broader e-commerce ecosystem. Prime membership in India includes shopping benefits, fast delivery, and streaming, making it a multi-value proposition. Yet even with this advantage, it trails JioHotstar by a factor of four. This suggests that the local platform's pricing—often significantly lower than global services—and its deep integration with India's mobile-first infrastructure create a more compelling value proposition.

Netflix's 20 million subscribers, while respectable, reveals the challenges global services face in price-sensitive markets. The platform has experimented with mobile-only plans and lower pricing tiers in India, but its premium positioning and focus on high-production-value content may not align with the viewing habits and budgets of the broader Indian audience. The 20 million figure represents a dedicated, likely higher-income segment, but it's a fraction of the total addressable market.

The 24% payment rate among OTT users is another critical data point. It indicates that while India has massive viewership, most consumption happens through ad-supported or bundled models. This creates a challenging environment for subscription-only services. JioHotstar's model, which likely includes significant ad-supported content alongside subscription tiers, captures both paying and non-paying users within the same platform, creating a larger total audience and more data for targeting.

This market structure has implications for content strategy. Local platforms like JioHotstar can invest in regional language content and sports rights—particularly cricket, which commands massive viewership—while global services must justify their higher price points with premium, often English-language, content. The result is a bifurcated market where local platforms dominate volume and global services serve niche audiences.

The counter-perspective here is that subscriber numbers don't tell the full story about profitability or content quality. Netflix and Amazon may have smaller subscriber bases in India, but their global content budgets and production quality could create a different kind of competitive advantage. They might be playing a longer game, building brand loyalty among affluent urban audiences while local platforms compete on volume and accessibility.

There's also the question of sustainability. JioHotstar's growth has been fueled by aggressive pricing and bundling, which may not be sustainable long-term if content costs rise or if the platform needs to generate higher per-subscriber revenue. The $900 million in annual revenue, while substantial, represents an average of just $3 per subscriber per year—a fraction of what Netflix charges in mature markets.

The broader pattern here is that in emerging markets, infrastructure and distribution often trump content libraries. Platforms that can integrate with local telecom providers, offer compelling pricing, and understand regional viewing habits can build massive user bases even with less premium content. This challenges the conventional wisdom that global content libraries and high production values are the primary drivers of streaming success.

For global services, the path forward in markets like India may involve deeper localization, strategic partnerships with local telecoms, or acceptance of a smaller, premium segment. For local platforms, the challenge will be maintaining growth while improving content quality and potentially increasing revenue per user without alienating their price-sensitive audience.

The data also raises questions about measurement. "Paying subscribers" can mean different things—monthly subscriptions, annual plans, bundled access, or promotional rates. The 300 million figure for JioHotstar likely includes various tiers and bundled arrangements, while Netflix's 20 million may represent more straightforward subscription metrics. This makes direct comparisons imperfect, but the scale difference is undeniable.

Ultimately, India's streaming market demonstrates that in regions with massive populations and varying income levels, accessibility and affordability often drive adoption more than content prestige. JioHotstar's success isn't just about having good content—it's about being available, affordable, and integrated into the daily digital life of millions of Indians. For global services, this represents both a challenge and an opportunity: the challenge of competing on price and accessibility, and the opportunity to serve a smaller but valuable premium segment.

The 24% payment rate also suggests significant room for growth in paid subscriptions as India's middle class expands and digital payment infrastructure improves. However, that growth may not automatically benefit global services unless they adapt their strategies to local market realities. The battle for India's streaming market will likely be won not by the platform with the most content, but by the one that best understands the intersection of technology, pricing, and local viewing habits.