Over-the-top service refers to movies and television shows that are delivered on to digital users without the need of cable or satellite TV subscription. OTT content are often directly downloaded and viewed on user’s demand. This sort of content includes movies and television services, and is delivered directly over the web to connected devices like PCs, tablets, smartphones, and consoles. Presently, over-the-top services are at a comparatively nascent stage, and are widely accepted as a trending technology across the world. The over-the-top market is projected to witness innovative and advanced transformation, which enable the purchasers to access everything they need at one space.
The global Over The Top (OTT) Market size was valued at USD 132.23 billion in 2019 and is predicted to reach USD 709.44 billion by 2030 with a CAGR of 16.5% from 2020-2030.
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The global over-the-top content market is majorly driven by improving the quality of content published by over-the-top platforms. Amazon Prime, Netflix, and Disney+ platforms are constantly engaged in publishing new series and content for their platforms, which is increasing user base. Netflix is involved in the strategy to develop original content locally in several places, where it has a presence. Furthermore, the increasing popularity of animation content and video games on gaming platforms are significantly providing huge growth opportunities to the global over-the-top content market during the forecast period. Online gaming is primarily a highly growing application area. Key market players operating in this sector utilize OTT services to release and deliver games online successfully, with scalability for multiple users across different locations. This segment is boosting OTT services globally. Further, the emergence of new OTT markets, new developments in OTT technology, disposable incomes, and a rise in the standard of living have positively anticipated in propelling the growth of the global Over-The-Top Market.
Some of the major key players in the over the top (OTT) market: Amazon Web Services (AWS), Apple Inc., Microsoft Corporation, Hulu, LLC, Telestra, Tencent Holdings Ltd., Netflix, Facebook, Google LLC and Rakuten Inc. among others.
Key Market Trends:
· According to Cisco, Connected TVs will grow third fastest (at a little less than a 6 percent CAGR), to 3.2 billion by 2023 after M2M connections and smartphones. Around 33% of people watch online videos on a Smart TV, with video-enabled apps compared to 23% who use a video game console.
· In India, the top 5 metro cities account for 55% of the total OTT video platform users, while Tier one cities account for another 36% of the users. As per the survey, Hotstar leads the Indian OTT video content market, followed by Amazon's Prime Video, SonyLIV, Netflix, Voot, Zee5, ALTBalaji, and ErosNow in terms of the percentage of respondents subscribed to each platform. ErosNow users were the most engaged users, with 68% of its users indicating that they watched content daily. The platform continues to thrive through partnerships. In India, it partnered with Xiaomi for pre-installation on smart TVs.
· Further, OnePlus ventured into the Indian smart TV market with the launch of the OnePlus TV. The device combined imagination and intelligence to seamlessly connect mobile and home networks for the future of interconnectivity. Hungama, Eros, and ZEE5 content have been deep-integrated into the OnePlus Play dashboard. Other content partners include Amazon Prime Video, Hotstar, SonyLiv, and YouTube. This significantly shall provide growth to the Subscription video-on-demand (SVOD) segment.
· In a country such as the United States, The Walt Disney Company announced it had reached 10 million subscribers upon initial launch, putting its Disney+ service fourth on the list. Also, Netflix had 69.97 million U.S. subscribers. The subscriber base in the United States accounts for around a third of Netflix's worldwide streaming subscriber base.
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