The rapid growth of internet services and smart devices has changed multimedia content consumption patterns and fostered the development of many Over-The-Top (OTT) providers. As a result of OTT services, viewers today have expectations that are drastically different from those of the past. As on date there are roughly 40 OTT providers in India that deliver media content over the Internet. According to market research, there are already close to 350 million users in India, with that number anticipated to rise to 500 million in the not-too-distant future. There is fierce competition among OTT service providers. Viewers can watch digital material whenever and wherever they want using OTT. OTT being a media-on-demand service (predominantly Video) that provides a wide range of content for audiences of all age groups and in various genres. Streaming video is becoming a more popular and successful approach to reach today's viewers, and it's the best option for enterprises looking to engage new consumers during the discovery stage of the customer journey. Through the trinity of sight, sound, and motion, advertising over streaming media platforms create an effective connection between the enterprise and an interested consumer. With the wide acceptability among subscribers, OTT platforms make money and gain popularity. This paper throws light on the OTT platforms, their economics, Advertising on the OTT Platforms, and the Legal Aspects from an Indian perspective. © Grenze Scientific Society, 2022.