Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) — OTT Media Services Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028F Segmented by Revenue Model (SVOD, AVOD), By Device Type ( (Mobile Devices & Computers, Smart TVs & Set Top Boxes, Gaming Consoles & Fire TV Devices)), By Region, By Company” added to the report ResearchAndMarkets.com’s offering.
The Global OTT Media Services Market is primarily driven by the ease of viewing through various devices and platforms, variety of content for streaming, and technological advancements. OTT media services market can be segmented based on revenue model into (AVOD and SVOD).
The expansion of the OTT industry has been driven by the availability of a wide variety of streaming content and the simplicity of viewing through various devices and platforms. In addition, the content is now available in local languages, which greatly affects the choice of customers to use OTT services.
During the forecast period, the demand for OTT media services is expected to increase due to the rising disposable income. This indicates an increase in the spending power of consumers. With that, the consumer prefers to buy different subscriptions for streaming OTT services on different devices like TV, smartphones, etc. Moreover, according to the data provided by the business standard, more than 665 million families have a smart TV in their homes, significantly. fueling the demand for OTT media services in the country.
The pandemic has caused widespread damage around the world. People were forced to stay indoors and consume entertainment and other media through over-the-top (OTT) services such as sporting events, theaters and other public places. In addition, the innovative pricing strategy and customization of material selection is based on consumer comfort and flexibility. Thus, it gave the opportunity to the existing and new OTT media service providers to seize the opportunity.
Broadband usage and smart device adoption are driving market expansion Currently, there are more than six billion active smartphone subscribers worldwide. Viewers can watch content anytime, anywhere, and on their favorite device by connecting their smart devices to the subscription OTT services. However, the popularity of smart gadgets like TV sticks and smart TVs is accelerating the expansion of the market.
The expansion of over-the-top (OTT) services is being driven primarily by increasing broadband penetration. High-speed broadband internet access has increased the number of internet users and their access to over-the-top (OTT) content such as video, music streaming, and VoIP. This will increase the demand for over-the-top (OTT) content and drive the growth of the global OTT market.
The availability of OTT content in different local languages contributes to the growth of the market
OTT services are becoming more popular due to the availability of content dubbed in many local languages, which allows consumers to understand the content more easily and help them engage with the story. In addition, OTT streaming media companies are trying to provide subtitles in additional languages so that any consumer anywhere in the world can access and enjoy the content.
Increasing Market Competition Hindering Market Growth
The OTT media service sector is facing intense competition as new service providers offer content at lower prices than existing providers. In addition, service providers have started delivering new content that they have created, which can be a disadvantage as the web series or movie may fail, and their money will be wasted.
In addition, lack of technological specialists and qualified professionals in developed and underdeveloped nations would hamper the market expansion. The high costs of using and obtaining the services will slow down the expansion of the market.
- Availability of Streaming Services on Various Devices is Driving Market Growth
- Availability of OTT Content in Different Local Languages Driving Market Growth
- Availability of High Speed Internet, Increased Acceptance of Digital Payments Driving Market Growth
- Increasing Market Competition Hindering Market Growth
- Changing Choice Among Users Due to the Development of New OTT Platforms
- The Interactive and Participatory Era
- Multi View and Shared View
- OTT for Sports Events
- Advertisement Based Model
- Interactive User Interface
Global OTT Media Services Market, By Revenue Model:
Global OTT Media Services Market, By Device Type:
- Mobile Devices & Computers
- Smart TVs & Set Top Boxes
- Gaming Consoles & Fire TV Devices
Global OTT Media Services Market, By Region:
- North America
- The United States
- United Kingdom
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- South America
Main Topics Covered:
2. Research Methodology
3. Functional Summary
4. Voice of Customers Analysis (B2C Model Analysis)
5. Global OTT Media Service Market Outlook
6. North America OTT Media Service Market Outlook
7. Asia-Pacific OTT Media Service Market Outlook
8. Europe OTT Media Service Market Outlook
9. South America OTT Media Service Market Outlook
10. Middle East & Africa OTT Media Service Market Outlook
11. Market Dynamics
12. Impact of COVID-19 on the Global Air Conditioners Market
13. Market Trends & Developments
14. SWOT analysis
15. Porter’s Five Forces Model
16. Competitive Landscape
17. Strategic Proposals/Action Plan
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc.
- The Walt Disney Company
- Hulu, LLC
- Apple, Inc.
- Rakuten, Inc.
- Roku, Inc.
- Kakao Corp.
- Sling TV
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