The global OTT Content Market is estimated to be valued at US$ 132.68 Bn or Billion in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Over-the-top content or OTT refers to delivery of audio, video, and other media over the Internet without the involvement of a multi-system operator in the control or distribution of the content. It allows viewing of TV shows and movies, streaming of music, and online communication on various devices like laptops, desktops, smartphones and tablets.
Market key trends:
One of the major trends in the OTT Content Market is the rising adoption of OTT platforms by broadcasting companies. Broadcast television providers are collaborating with OTT streaming platforms to offer content portfolios focusing on both linear broadcast and streaming VOD libraries. They aim to expand their customer base and improve viewer experience. This approach helps broadcasters to monetize and distribute content beyond traditional TV platforms.
Market key trends:
The over-the-top (OTT) content market has been witnessing significant growth over the past few years. One of the major trends spurring this market’s growth is the increasing consumption of OTT video content across various devices. The extensive use of smartphones and rising internet penetration across the globe have positively influenced the video streaming trend. Further, the COVID-19 pandemic has accelerated the viewership of OTT services as customers stayed indoors amid lockdowns and movement restrictions. On-demand video streaming allowed users to watch content across devices from the comfort of their homes.
SWOT Analysis
Strengths: Growing subscription revenues, emergence of 5G networks improving streaming quality, increasing investments in original content creation
Weaknesses: Threat from piracy, dependency on third party infrastructure providers, concerns over data privacy and security
Opportunities: Monetization of newer content formats such as short videos, focus on non-English markets, partnerships with telecom operators
Threats: Slowdown in global economy affecting spending, competition from other entertainment options, regulations on video streaming services
Key Takeaways
The global OTT Content Market Share is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing internet connectivity and smartphone penetration in developing economies.
The Asia Pacific region dominates the OTT content market currently, owing to high mobile and internet connectivity in nations such as India and China. Increasing consumer spending on entertainment services and growth in regional OTT players offering localized content have fueled market growth in Asia Pacific.
Key players operating in the OTT content market are Akamai Technologies, Apple Inc., Google Inc., LeEco, Netflix, Microsoft Corporation, Amazon, Inc., Facebook, Inc., IBM Corporation, and Limelight Networks. Netflix holds the leading market share currently, supported by its vast content library and continuous focus on original content production. Other major players are also investing heavily in content to attract more subscribers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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