The global Over-The-Top (OTT) services market size is expected to grow from USD 202.5 billion in 2022 to USD 434.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. OTT services are used to deliver audio, video, rich media, and other media content over the internet without the involvement of any traditionally laid cable or broadcasting players. OTT services are predominantly delivered over the end user’s handheld devices, such as smartphones, tablets, and laptops, through a wireless connection over the internet. OTT services are further being spread over other communication modes, such as audio and video. The major factors driving the growth of the OTT services market include rise in the demand of OTT services during lockdown, internet proliferation with penetration of smart devices along with flexibility and ease-of-use to offer seamless customer experience.
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Smartphones and Tablets segment to hold the highest market share during the forecast period
The penetration of smart devices has enabled OTT players to leverage internet connectivity with fast services, such as broadband and mobile data connection, 4G, and 5G technologies. Due to the rise of smartphone and tablet usage, viewers are more easily consuming digital content. The demand for OTT new OTT content is rising in proportion to the rise in the penetration of smartphones and tablets globally. Most smartphones and tablets have dedicated OTT entertainment apps depending on their operating systems i.e. Android or iOS. These devices have the largest market share as the average time spent over these by an average user is increasing daily.
Subscription-based segment to hold the highest market share during the forecast period
The subscription model is beneficial to both the company and the customer. Subscription based pricing attracts more customers because the subscription payments are lower for the customer and proves to be more economical. For the company, subscription based model offers a recurring and predictable revenue for the company. Hence for both company and customer this model proves to be beneficial. Also, subscription provides businesses a direct line of revenue from the consumers. As the consumer opts for a higher duration of subscription from monthly to quarterly or yearly etc. there are discounts offered to the customer that again motivates them to opt for longer duration services.
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Unique Features in the Over the Top Market
With the extensive on-demand content libraries that OTT platforms offer, users may watch films, TV series, and other digital media whenever it’s convenient for them, independent of set broadcast schedules.
Personalised recommendations for content catered to individual tastes and interests are provided by OTT platforms, which use sophisticated algorithms to analyse user preferences and watching behaviours.
OTT services facilitate multiscreen watching, giving customers freedom and convenience by allowing them to access content on a variety of gadgets, including PCs, tablets, smart TVs, and smartphones.
By enabling viewers everywhere to access and enjoy digital media regardless of location, over-the-top (OTT) platforms enable global content distribution, hence increasing the reach and accessibility of content creators and distributors.
Certain over-the-top (OTT) systems integrate interactive components, like viewer comments, live polls, and interactive storytelling, which encourage viewers to participate and immerse themselves in the content.
Major Highlights of the Over the Top Market
Due to rising internet usage, smartphone proliferation, and the need for on-demand content consumption worldwide, the over-the-top (OTT) business has grown significantly.
By providing a wide variety of material that is accessible anywhere at any time, over-the-top (OTT) platforms have upended established media distribution methods and challenged the dominance of broadcast networks and cable TV.
By overcoming regional boundaries and granting access to digital media material globally, over-the-top (OTT) platforms allow content producers and distributors to connect with a worldwide audience.
A consistent source of income for platform owners, many OTT platforms use subscription-based business models that give users access to content libraries in exchange for a monthly or annual membership fee.
OTT platforms facilitate seamless playback and optimal watching across devices by utilising technological innovations like adaptive streaming, 4K/UHD video quality, and interactive elements to improve user experience and engagement.
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Top Key Companies in the Over the Top Market
Major vendors include Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), The Walt Disney Company (US), Fandango Media (US), Roku (US), IndieFlix (US), Rakuten (Japan), Tencent (China), and Kakao (South Korea). To cope up with high competition in the OTT space, major vendors have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the OTT services market. The demand for original content is seen as one of the major demand among viewers on OTT video streaming platforms. In lieu of this, vendors have come up with various original contents in the form of movies, series etc. to retain the customer base. Partnerships and collaborations was also one of the strategies adopted by major players from 2019 to 2021, which helped companies to come up with new content and broaden their customer base.
Netflix is one of the leading players in the OTT services market. Netflix has focused on penetrating the Asia Pacific market, driven by volume, by adopting price-sensitive strategies. Netflix has also diversified its business to other sectors, such as education and fashion. Due to its features, user-friendliness, and robust, variety-filled catalog, Netflix has earned an Editors’ Choice Award for 2022. With the addition of an ad-based subscription, the platform is on equal footing compared to competitors like Disney Plus and HBO Max when it comes to pricing. Netflix has over 222 million paid memberships across 190 countries. The platform offers TV series, documentaries, and feature films across a wide variety of genres and languages. In 2021, the company added mobile games to its services.
Amazon with its SVoD platform, Amazon Prime Video, is another leading OTT services provider across the globe. With Prime Video, users can rent or purchase titles or select from more than 150 Prime Video Channels, including Showtime, HBO, CBS All-Access, Cinemax, and STARZ. Amazon has partnered with several other OTT players and companies to improve upon content availability on its platform. In June 2022, Amazon Prime Video partnered with American entertainment company AMC Networks to offer its content on Prime Video channels in India. As part of the partnership, Amazon Prime Video would offer ad-free subscription service AMC+ and AMC’s streaming service Acorn TV on Prime Video channels in India on a subscription basis.
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