TechSci Research reveals that the “OTT Media Services Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” reported a valuation of USD 133.36 billion in 2022, projected to grow at a CAGR of 14.56% through 2028. The surge is attributed to the increasing availability of 5G networks and diverse content options in various regional languages.
OTT platforms redefine video consumption, offering web series, movies, live streaming, and more through the internet, avoiding traditional cable or satellite connections. The market is segmented into SVOD, AVOD, and TVOD, generating revenue through subscription and advertisement-based models.
The OTT space witnesses rising demand with technological adoption. The significance of live streaming is expected to play a vital role in 2023. Innovations like engaging platforms, the launch of gaming channels, and shared viewing options are reshaping the market dynamics.
The increasing use of smartphones and digital devices intensifies the demand for OTT services. High-speed broadband utilization is on the rise globally, driven by factors such as artificial intelligence, the Internet of Things, and 5G technology.
SVOD dominated the market in 2021, driven by stacking and new households increasing their service supply costs. The OTT Media Services Market is expected to face pricing strategy challenges in 2022 as it matures.
The regional analysis places North America as the market leader due to high internet penetration and smart device usage. The Asia-Pacific region is poised for significant growth due to widespread OTT use and the penetration of smart devices.
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.
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Major firms focus on enhancing revenue by creating engaging platforms and visually appealing UI/UX designs. Collaborations and partnerships among OTT media service players, such as HBO Max and Amazon’s Prime Video, aim to enhance the viewer experience.
“The global OTT media services market is expected to expand significantly during the projected period owing to factors such as emerging economies and competitive pricing driving market demand. The variety of OTT media services platforms featuring live sports streaming is also propelling the market,” said Mr. Karan Chechi, Research Director at TechSci Research.
“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” evaluates the future growth potential, providing statistics and information on market structure, size, share, and future growth. The report aims to offer cutting-edge market intelligence and assist decision-makers in making informed investment decisions, identifying emerging trends, and addressing essential drivers, challenges, and opportunities in the global OTT media services market.
About Techsci Research
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