Over-the-top (OTT) market to grow to $1390.8 billion by 2032,

Pune, November 26, 2024 (GLOBE NEWSWIRE) — Over-the-Top Market (OTT). Size analysis:

“The SNS Insider report indicates that the Over-the-Top Market (OTT). The size increased to 235.8 billion in 2023.”

The increasing demand for on-demand and flexible content delivery is significantly driving the growth of the over-the-top (OTT) market. Viewers now tend to watch all their star shows, movies and live sporting events online, on platforms like Netflix, Amazon Prime Video and Disney+. For example, the global SVOD market saw an accelerated increase in subscriber numbers in 2023, with platforms such as Netflix boasting 230 million subscribers worldwide. The OTT market is driven by strong growth in mobile broadband and internet coverage as well as increasing usage of smart devices such as smartphones, smart TVs and tablets. The change is due to the consumer’s desire to break free from the shackles of traditional cable television, which includes fixed schedules and bundling of channels, as well as geographical and geographic restrictions.

In addition to video streaming, live events and sports, etc., the current growing OTT content has paved the way for strengthening the reach of OTT providers. Also, content creators evolve the original content to captivate more viewers. Integrated marketing has long been the key driver of content success, but exclusive content – Netflix’s Stranger Things and Amazon’s The Lord of the Rings series – are a priority for OTT platforms. As consumers increasingly demand personalized, high-quality content relevant to their interests, this trend will only grow.

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The key players listed in this report are:

• Netflix (Netflix originals, DVD rental)
• Amazon Prime Video
• Disney+
• Hulu
• Apple TV+
• HBO Max
• YouTube
• Paramount+
• peacock
• Sony Crackle
• Vudu
• Roku
• Tubi TV
• BBC iPlayer
• Discovery+
• Crunchyroll
• FuboTV
• BritBox
• Funimation
• Pluto TV and others.

Apart from entertainment, OTT services have also ventured into education, fitness and news, expanding their market scope. These platforms are not only for entertainment purposes but have also become an essential part of consumers’ daily lives when it comes to information, learning and well-being. Combined with the expansion of internet availability worldwide, particularly in developing countries, this is another driver for the increasing penetration of OTT services. The increasing usage of mobile devices is one of the influencing factors in the growth of the OTT market. As more consumers use their smartphones and tablets to access the Internet and view content, OTT services are leveraging the mobile-first strategy by providing apps for wearable devices. In addition, the expansion of 5G technology will further improve the OTT experience with higher internet speeds and lower latency, creating ideal conditions for high-definition streaming and interactive content.

Over-the-top market (OTT). Report scope:

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Segmentation analysis

By type

The services segment dominated the market and represented a significant revenue share in 2023. This category mainly consists of SVOD, TVOD and AVOD services. The majority of global subscription holders continue to question why SVOD services such as Netflix and Amazon Prime and Disney+ remain a significant source of global records due to their extensive accounting and unique programming. With continued investment in original content and increasing adoption of SVOD models in emerging markets, market leadership is likely assured. The future outlook points to continued growth driven by rising disposable incomes, urbanization and fast internet usage in the Asia Pacific and Latin America regions.

The OTT devices segment is expected to witness the highest CAGR during the forecast period. This category of devices used to stream OTT content includes smart TVs, streaming sticks (like Roku, Amazon Fire Stick, etc.), gaming consoles, and set-top boxes. The fact that people want to see big screens like never before and devices are becoming more affordable and easier to use is driving more and more users to these platforms. This is one of the main drivers contributing to the increasing demand for smart TVs, and this also applies to popular streaming devices like Roku and Amazon Fire Stick. Additionally, higher consumer interest in enhanced viewing experiences, such as the availability of 4K and 8K content, is expected to drive further growth in this segment. A positive trend is emerging as more customers are moving to cut the cord, increasing demand for affordable and easy-to-use OTT devices, especially in the emerging Internet infrastructure regions.

Over-the-Top Market (OTT). Segmentation:

By type

Through streaming devices

• Smartphones and tablets
• Desktops and laptops
• IPTV and consoles

According to OTT business model

• AVOD (Advertising-Based Video on Demand)
• SVOD (Subscription Video on Demand)
• TVOD (Transactional Video on Demand)

By service industry

• Media and entertainment
• Education and learning
• Play
• Utilities

By platform

• Smartphones
• Smart TVs and set top box
• Desktop and laptop
• Other

Regional landscape

North America dominated the OTT market, accounting for more than 38% of the global OTT revenue share in 2023 due to a highly developed streaming market and well-established technological infrastructure. The US OTT market was estimated at approx. $50 billion as market leaders Netflix, Hulu and Amazon Prime Video continue to strengthen their positions. This gradual consolidation of the market is supported by positive regulatory systems and heavy investments in content production.

The Asia Pacific region will witness the maximum CAGR during the forecast period. Asia-Pacific Telecommunity (APT) predicts that regional internet penetration will reach 70% by 2025, which will significantly contribute to digital content consumption. Government initiatives such as the Digital India Program are driving these numbers up even further. The Asia Pacific OTT market will emerge as an important region in the global OTT landscape due to the rapid rise of the regional middle class and growing disposable income.

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Current developments

January 2024: Netflix has introduced a new subscription tier with ad-supported streaming to make its platform more affordable and reach new price-sensitive customer segments.

March 2024: Amazon Prime Video expanded its sports streaming offering by acquiring the exclusive rights to broadcast major NFL games, increasing the appeal of its content to sports enthusiasts.

February 2024: Disney+ announced the launch of an integrated platform that combines its live TV services and on-demand library, creating a central hub for traditional and modern streaming.

Table of Contents – Important Key Points

2. Summary

3. Research methodology

4. Analysis of the impact of market dynamics

5. Statistical insights and trend reports

6. Competitive landscape

7. Over-the-Top (OTT) Market Segmentation by Type

8. Over-the-top (OTT) market segmentation by streaming devices

9. Over-the-top (OTT) market segmentation by OTT business model

10. Over-the-top (OTT) market segmentation, by service industry

11. Over-the-Top (OTT) Market Segmentation by Platform

12. Regional analysis

13. Company Profiles

14. Use cases and best practices

15. Conclusion

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