Increasing subscription video-on-demand and shifting consumer viewing behaviors are expected to drive the growth of the United Kingdom OTT media services market.
According to TechSci Research report, “United Kingdom OTT Media Services Market –By Region, Competition Forecast & Opportunities, 2018-2028F”, The United Kingdom OTT media services market is expected to grow during the forecast period, owing to several factors such as rising consumer usage smart devices, rising need for digital advertising, and availability of a wide variety of shows.
OTT (over-the-top) is a method of providing television and film content over the internet at the consumer’s request and to meet their specific needs. They have fundamentally changed how individuals watch television and movies, making them more broadly accessible and simple to watch. OTT services like Netflix and Amazon Prime Video allow consumers to access content through their websites or applications, in contrast to cable TV channels.
The rapid growth of OTT in the United Kingdom has been largely attributed to the development of video-on-demand (VoD) services in the UK, which is radically changing how viewers watch content. OTT platforms are able to provide viewing material directly to viewers by forget traditional distribution methods and media networks. As a result, the market has grown significantly. Other reasons, such as popularity, rapid adoption, and the growth of internet infrastructure have also contributed in the increased demand for OTT platforms. Along with mobile media streaming, OTT networks offer additional services. The ability to download videos in a variety of languages for offline viewing on devices and use reasonably priced ad-free streaming services are likely to have a positive effect on the market’s expansion.
The availability of individualized subscription plans for different consumers is the key factor driving the market growth in the UK. Providing consumers with options is important because some consumers prefer lower bandwidth when streaming OTT content on their smartphones. As more and more individuals become aware of the advantages of using OTT platforms and move to a better viewing option, the market is further anticipated to expand during the projected period.
According to a study, the majority of UK homes watch VoD on a monthly basis in one form or another. VoD has gained popularity among viewers only during the past few years. Nearly half of UK adults believe that online video services are their primary source for watching TV and movies. This tendency was boosted by the coronavirus (COVID-19) lockdowns, which allowed an estimated 12 million online adults to access a new VoD subscription.
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The United Kingdom OTT Media Services Market is segmented based on type, video quality, number of screens, region, and company.
Based on type, the market is further segmented into SVOD, AVOD, and TVOD. Among these segments, SVOD is the fastest growing due to the rising number of subscription-based video-on-demand services and the diversity of content they offer. Hence, these market segments are significantlyexpanding.
Based on video quality, the United Kingdom OTT media services market is segmented into HD, Full HD and Ultra HD. Based on number of screens, the market is further segmented into 1, 2-3, and more than 3. Based on the region the market is further segmented into England, Scotland, Wales, and Northern Ireland.
Key market players in the United Kingdom OTT media services market include:
- Netflix Inc.
- Amazon.com, Inc.
- Apple, Inc.
- Sky UK Limited
- The Walt Disney Company Limited
- The British Broadcasting Company Ltd (BBC iPlayer)
- Setplex LLC
- MUBI UK Limited
- Rakuten TV Europe, S.L.U.
- Alphabet Inc.
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“The emergence of the OTT market and rapid advancements in OTT technology are two key trends that are expected to have a positive impact on market growth in the coming years. Market demand is expected to be influenced by factors such as rising subscription video-on-demand and the availability of various payment options. Furthermore, the expansion of video-on-demand services, the surge in broadband usage, and the adoption of smart devices are driving the market demand.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United Kingdom OTT Media Services Market By Type (SVOD, AVOD, TVOD), By Video Quality (HD, Full HD, and Ultra HD), By Number of Screens (1, 2-3, more than 3), By Region, Competition Forecast and Opportunities, 2018-2028F”, has evaluated the future growth potential of United Kingdom 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 United Kingdom OTT media services market.
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