SVOD OTT Media Services Market to Grow During the Forecast Period
Growing popularity of OTT content,
rising penetration of smart devices and increasing use of broadband services
are expected to drive the growth of the Global OTT Media Services Market.
According
to TechSci Research report, “OTT Media Services Market –Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Due to the availability of internet
connectivity through broadband or satellite, the variety of content presence of
smart devices among consumers is expected to drive the growth of the OTT media
services market.
The market for OTT media services increased at a high rate during COVID-19,
mainly to the availability of streaming material in local languages, which
improves the consumer's viewing experience. Furthermore, technical advancements
have made OTT material available on several devices, including televisions, smartphones, setup boxes, and other
devices.
COVID-19 allowed new OTT service providers to enter the market by offering
interactive content at low pricing, creating competition for current OTT
service providers, and ultimately benefiting consumers. Moreover, many local
players entered the OTT media services business. They grabbed many subscribers
as they provided content in local languages and created interactive content
related to local traditions and real-life incidents.
The OTT platforms are witnessing increased demand owing to the variety of
subscription options provided by brands and the increasing availability of
different payment options and discounts while purchasing subscriptions of any
OTT platform. Moreover, many brands offer multi-user licenses for a specific
amount, providing users with an account that can be accessed from multiple
devices simultaneously.
Additionally, the increasing use of mobile phones and other digital devices,
which increases demand for OTT services. The use of smartphones and other
consumer gadgets has increased across different regions. The utilization
of high-speed broadband ranges is increasing. In densely populated locations,
the need for over-the-top equipment and services has expanded as a result of
growing investment in numerous wireless sectors. The need for over-the-top apps
and services has grown. These factors include artificial intelligence, the
internet of things, and 5G technology.
In terms of revenue model, SVOD has dominated the market owing to the multiple
benefits provided by the companies, such as video with higher quality, the
online content after subscription can be accessed on multiple devices such as Smartphones, Smart televisions, Laptops, Personal
Computers, etc. Thus, making it easier for the consumer to access the variety
of content on the specific platform.
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on "OTT Media Services Market"
The Global OTT Media Services Market is segmented into North America,
Asia-Pacific, South America, Europe, the Middle East, and Africa in the
regional analysis. The North America region dominated the global OTT media
services market owing to the internet penetration level, and smart devices such
as televisions, mobile phones, etc. Moreover, multiple brands penetrated North
American countries due to several benefits, such as increasing urbanization,
rising per capita income, and increasing awareness about the OTT content among
people in the countries.
Key market players in the Global OTT Media Services Market include:
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc.
- The Walt Disney Company
- Hulu, LLC
- Apple, Inc.
- Rakuten, Inc.
- Roku, Inc.
- Kakao Corp.
- Sling TV
The major firms are expanding their operations into other countries to maintain
and boost revenue. To achieve this, businesses have begun focusing on localized
content to attract customers. Localization will attract more customers and help
the company establish a name in the industry, aiding in marketing. Furthermore,
there is a trend among OTT service providers to start offering personalization
features so that more viewers can choose the genre in which they wish to watch
movies. Netflix Inc., for example, analyses customer data to deliver better
search results based on their previous viewing habits.
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“The Global OTT Media Services Market is expected to expand at a healthy rate
during the projected period. Factors such as emerging economies', availability
of a variety of content, possible use of content streaming on different
devices, and competitive pricing drive the demand for the market." said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Global
OTT Media Services Market By Revenue Model (SVOD, AVOD), By Device Type (Mobile
Devices & Computers, Smart TVs & Set-Top Box, Gaming Consoles &
Fire Tv Devices), By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the
future growth potential of Global OTT Media Services Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global OTT Media Services Market.
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