OTT Content Market, By Content Type (Voice over IP (audio), Text and Images, Music Streaming, Video, Entertainment and infotainment, Food, Travel and Fashion, Gaming and Spiritual content, Sports & Live events), By Revenue Model (SVOD, AVOD, TVOD, Others), By Platform / Device Type (Desktop and Laptop, Gaming Consoles, OTT Streaming Devices, Smartphones and Tablets, Smart TVs, Others), By Region (North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028.
Market Overview:
OTT content, also known as Over-the-Top content, refers to audio, video, and other media content that is delivered directly to users over the Internet. OTT content can be accessed and consumed on various devices, including smartphones, tablets, smart TVs, and streaming devices, providing users with on-demand and personalized entertainment options. This form of content delivery has revolutionized the media and entertainment industry, providing greater flexibility, convenience, and a diverse range of content choices for consumers.
Competitive Landscape:
Major players operating in the global OTT content market include Limelight Networks, IBM Corporation, Facebook, Inc., Amazon, Inc., Microsoft Corporation, Netflix, LeEco, Google Inc., Apple Inc., and Akamai Technologies
Key Market Drivers:
The expanding global internet penetration, along with the increasing availability of high-speed internet connectivity is expected to augment the growth of the global OTT Content Market. Improved internet infrastructure has made it easier for consumers to access and stream content on various devices. For instance, according to the World Bank, in 2020, there were around 59.6% of internet users in the world.
Consumers are increasingly seeking on-demand content that allows them to watch their favorite shows and movies at their convenience. OTT platforms offer a wide range of content choices and personalized recommendations, catering to individual preferences and driving market growth.
There is a significant shift in consumer behavior from traditional TV viewing to digital platforms. OTT content providers offer flexibility, convenience, and a diverse range of content options, leading to increased adoption and market expansion. This is estimated to enhance the growth of the global OTT content market.
The global OTT subscriber base has witnessed substantial growth, driven by factors such as the availability of affordable OTT services, increasing smartphone penetration, and a shift toward digital entertainment. The rise in subscriber numbers translates to revenue growth for OTT content providers.
Covid-19 Impact Analysis:
During the COVID-19 pandemic, with lockdowns and social distancing measures in place, people turned to OTT platforms for entertainment, resulting in a surge in demand for OTT content. The closure of theaters and the postponement of film releases led to the release of new movies directly on OTT platforms, attracting a broader audience and driving the growth of the global OTT content market. For instance, in October 2021, Netflix acquired Roald Dahl Story Co., in order to create animated TV series.
Key Takeaways:
· North America is expected to dominate the growth of the global OTT content market, owing to the mature digital infrastructure, high internet penetration, and the presence of major OTT players. The region has a large subscriber base and is known for its high-quality original content production, contributing to market growth. For instance, in May 2022, Mattel, Inc. partnered with HBO Max in order to stream the new live-action American Girl specials, which are based on the doll and book line.
· The Asia Pacific is estimated to witness high growth in the global OTT Content Market, owing to the increasing smartphone penetration, expanding internet connectivity, and a growing young population. Countries like India, China, and South Korea are driving market expansion with a large consumer base and rising demand for digital entertainment. For instance, according to Selectra India, there are over 40 major OTT platforms in India.
Since OTT method of distribution uses the internet to deliver TV and film content like cable providers they use the network infrastructure that is maintained and owned by ISPs.
This has caused a certain level of disruption for the traditional cable service providers because of the migration of consumer interest towards third-party firms that offer over-the-top applications.According to a report by Market Research Future on Over The Top Content Market Research Report- Global Forecast 2023 states that domain is expected to grow approximately by USD 87 Billion by 2023 at a 14% CAGR rate between 2017 and 2023.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/2912 Though OTT subscribers are the smallest percentage of the market today, the market trends predict a rise in their numbers within a few years.
One of the most important factor that is driving their growth are the number of pricing and viewing options offered, as they are not restricted to limited program options to choose from.
Other important driving factors include technology, payments and partnerships.Device and delivery limitations coupled with bandwidth limitation challenges leading to concerns around quality of service are some of the factors that may cause limitations for the growth of this sector.
With OTT market’s ability to offer content personalization to consumers on their devices will lead to staggering growth levels in the market.Latest Industry News:14 Nov 2017 The startup Philo has received $25 million in funding from five cable programming groups.
