The Global Over The Top (OTT) industry hit a significant mark in the year 2017. The sector was valued at $97.43 billion in the year 2017 and is expected to grow at a compound annual growth rate of 16.7% between the years 2018 to 2025. By the year 2025, the industry is expected to cross an astounding figure of $332.52 billion marks. The massive growth opportunities have excited investors all across the globe, and the companies are in a race of producing some of the most excellent platforms.
The Over The Top (OTT) industry is characterized by several numbers of factors. The success of the video streaming platform Netflix and Hulu is already phenomenal. Companies have been focusing on replicate similar success with the introduction of significant platforms that can include video, games, and a variety of other things. The rapid adoption of smartphones, even in the most remote corners of the world, coupled with the affordable internet connection, has helped the industry flourish in recent years.
On the other hand, rapid globalization and increasing awareness about the existence of similar technologies have helped the industry flourish all across the globe. The fierce competition has already affected the price, and the rise of similar platforms may see a consolidation of platforms all across the world. The rapidly growing Over The Top (OTT) industry has already put the traditional media platforms in grave danger. The traditional media industry is seeking alternatives that can help them survive in changing times.
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Key Players :
Tencent Holdings Limited (China)
ActiveVideo Networks (U.S.)
Brightcove Inc (Boston,USA)
Hulu LLC (Santa Monica)
Microsoft Corporation (U.S.)
Limelight Networks (India)
The Over The Top (OTT) industry can be segmented on the basis of a number of factors. Each factor plays a critical goal in the growth and development of the industry. These segmentations enables us to have a view on the industry from multiple lenses and hence benefit the user. The user can then have a clear picture of the industry with unbiased opinions on the industry. Some of the leading factors based on which the industry can be segmented into are the type and the application.
Based on the application, the Over The Top (OTT) industry can be segmented into consumer use, small office or home office, large enterprises, and small and medium enterprises. On the other hand, based on type, the industry can be segmented into smart devices, gaming consoles, set-top boxes, and a few others.
North America leads the race due to better internet connectivity and the presence of disposable income. The same goes for Europe. The Asia Pacific region also shows some significant signs of the race with nations like India and China leading the race. India, particularly, has the highest chances of growth and may count itself as one of the significant markets in Over The Top (OTT) by the year 2022. However, the severe restrictions in China may indicate the rise in several ingenious companies in the region. The Over The Top (OTT) is still in its early stages and is about to disrupt many industries.
In a recent news, View Lift went into an agreement with Marquee. Marquee will be sourcing its content from Viewlift. Viewlift is popularly known as Netflix for arts and offers streaming content on the same. The partnership will help Marquee stream content over their platform. Furthermore critical data and analytics will be shared mutually.
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