Increasing preference for smart devices, growing internet connectivity, and wide variety of content requirement form the consumers are expected to drive the growth of the Global OTT Media Services Market.
According to TechSci Research report, “OTT Media Services Market –Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”. OTT media services market was valued USD 133.36 billion in 2022 and is predicted to grow at CAGR of 14.56% through 2028 on account of rising availability of 5G network, and variety of content versatility with combination of variety of regional languages among consumers
OTT platforms are those where users can stream a variety of video content directly through a website or application using the internet rather than a traditional cable or satellite connection. This includes web series, movies, live streaming, and other media content. Additionally, OTT platforms let users access premium content and stream video-on-demand services. The three types of OTT Video On Demand services are Subscription Video On Demand (SVOD), Advertisement Video On Demand (AVOD), and Transactional Video On Demand (TVOD). OTT platforms generate income through subscription- and advertisement-based business models.
The OTT platforms are witnessing increased demand with the increased adoption of new technologies. Live streaming will be one of the significant factor for the OTT space in 2023. Moreover, the launch of new content for viewing and marketing innovations such as attractive platform, launch of gaming channels on the OTT platform to keep engaging the customers engaged around that their respective platform change the market overview. However, the additional features are also gaining popularity , for instance, the market is witnessing increased demand for shared viewing where an individual who isn’t there in person can still enjoy content with others by participating in shared viewing. Each person’s movie is synced through the use of apps like Netflix’s Teleparty, Disney+ GroupWatch, and Prime Video Watch Party, and they can chat with one another in the sidebar. This kind of social viewing has become more prevalent.
Additionally, the increasing use of mobile phones and other digital devices, which increases demand for OTT services. The use of smartphones and other consumer gadgets has increased across different regions. The utilization of high-speed broadband ranges is increasing. In densely populated locations, the need for over-the-top equipment and services has expanded as a result of growing investment in numerous wireless sectors. The need for over-the-top apps and services has grown. These factors include artificial intelligence, the internet of things, and 5G technology.
In terms of type, SVOD has dominated the market in 2021. Even in 2021, a year marked by maturity, the SVOD market continued to expand steadily. Growth in the segment is primarily driven by stacking, or more subscriptions, as new households are significantly increasing their service supply costs which was rarely witnessed in the earlier existing households. However, the price war (started by companies like Disney and HBO) has driven down the average cost per subscription despite price increases from a number of other major services. The market is anticipated to witness 2022 to be an eventful year as pricing strategies become more crucial in a market that is maturing.
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The Global OTT Media Services Market is segmented into North America, Asia-Pacific, Europe, South America, the Middle East, and Africa in the regional analysis. The North America region dominated the global OTT media services market owing to the internet penetration level, and smart devices such as televisions, mobile phones, etc. However, due to the high penetration of smart devices and the widespread use of OTT across the region, the Asia-Pacific region is anticipated to experience a significant growth rate in the upcoming years. Moreover, significant market participants include nations like South Korea and India. For instance, the pandemic-driven trend of staying at home caused the OTT usage rate in South Korea to rise from 66.3% to 69.5%. Similar to this, India’s OTT audience increased by 20% between 2021 and 2022. In India, there are 49 million subscribers to subscription video on demand (SVOD) in the year 2022.
Key market players in the Global OTT Media Services Market include:
- Netflix, Inc.
- The Walt Disney Company
- Apple Inc.
- Amazon.com, Inc.
- Paramount Global
- Alphabet Inc. (YouTube)
- WarnerMedia Direct, LLC. (HBO Max)
- Sling TV L.L.C.
- Rakuten Group, Inc.
- Kakao Entertainment Co., Ltd.
The major firms are modifying their operation platform to maintain and boost revenue. To achieve this, businesses have begun focusing on providing an engaging platform to attract customers. As the users can be engaged in significant ways by creating visually appealing and interactive UI/UX designs, the companies are significantly working towards it. For instance, Netflix has developed an app that helps its users find the exact content they need. It debuted its Hindi user interface in august 2020 to make it easier for people in India and abroad to watch Hindi-language films and television programs. Even though the variety and quality of the content are crucial for attracting new viewers, the user interface is equally important for keeping viewers glued to the screen.
Furthermore, OTT media service players frequently working together to enhance the customers viewing experience with a variety of content and a better viewing, whether through acquisitions, partnerships, or other forms of collaboration. For instance, HBO Max and Amazon’s Prime Video collaborated in 2022 to bring HBO-only shows to India.
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“The global OTT media services market is expected to expand at a significant rate during the projected period owing to factors such as emerging economies, and competitive pricing drives the demand for the market. In addition to attract a considerable audience, variety of OTT media services offering platforms, including Amazon Prime, ESPN+, and Hulu, is propelling the global OTT media services market by featuring live sports streaming on their respective platforms. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“OTT Media Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type (AVOD, SVOD, TVOD), By Device Type (Smart TVs & Set-Top Box, Mobile Devices & Computers/Laptops, Gaming Consoles & Streaming Devices), By Region, By Company”, has evaluated the future growth potential of global OTT media services market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global OTT media services market.
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