OTT services are provided through the channel of the Internet service provider, but they have no involvement at all in the planning or delivery of the service. Since these services are offered directly to consumers ‘over the top’ of the network of internet service providers, they are termed as over the top (OTT) services. The key driving factors for the OTT services market include smartphone penetration and accessible high-speed mobile internet packages. The connectivity of the smart devices with these OTT services has allowed access to them from anywhere and at any time.
Staying on top of market trends & drivers is crucial for decision-makers to hold this emerging opportunity. The study provides information on market trends and development, drivers, capacities, technologies, and the changing investment structure of the OTT Media Services market. The development scope, feasibility study, OTT Media Services market concentration, and maturity analysis is elaborated in this report. Prudent Markets addresses all these aspects and provides the latest scoop and detailed eye-opening study on all major & emerging business segments.
Rise in demand for OTT services and gaming during lockdown
Owing to the outbreak of COVID-19, governments of almost each country have enforced lockdown, which has resulted in the massive growth of OTT platforms. According to the CXOs, viewership on the OTT platforms is expected to grow further during the over-the-top market forecast period, as television channels are running out of content. Owing to the lockdown imposed, TV channels are running old content, as they have been unable to shoot. This has drifted viewers toward OTT to watch fresh content, which is expected to notably drive the growth of the market.
Surge in demand for live streaming channels
OTT operators are expected to offer more live streaming channels in the future. In addition, OTT content will witness a major transformation with breaking news reaching Periscope, Facebook Live, and even YouTube. Broadcasters in the U.S. are collaborating with multi-channel video programming distributors (MVPDs) to offer a ready version of live and linear feeds, which can be packaged as OTT offerings, thereby fueling the growth of the market. As the COVID-19 pandemic began and lockdown was implemented, streaming of live content increased tremendously, which is opportunistic for the market. For instance, the live streaming sector grew by 45% between March and April in 2020, and these gains are directly attributable to the outbreak of coronavirus. Moreover, viewers are live streaming Twitch concerts, Zoom lectures, office meetings, and virtual book launches, which is expected to provide lucrative opportunities for the market.
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Numerous conventional media houses, which own vast archives of television content and legacy movies, are amplifying and reinvigorating their growth via OTT-based distribution models. Additionally, several pay-TV operators have started offering their individual subscription-based services. Dish’s Sling TV and AT&T’s DirecTV are some of the popular examples of standalone and affordable services in the U.S. Similarly, the launch of OTT services by Sky across the European countries has promoted the industry’s regional penetration at a broader level, ultimately contributing to the revenue generation.
By Streaming Device
- Smartphones & Tablets
- Desktops & Laptops
- IP TV’s & Consoles
- Video on Demand
- Online Gaming
- Music Streaming
Streaming media players emerged as a dominating segment, in terms of revenue, with over 60.0% share in 2019. The demand for streaming media players has witnessed a significant surge over the past few years. An increasing number of product innovations are expected to induce immense potential to the segment growth over the forecast timeframe. The North American and European countries were among the first adopters of these devices due to well-established high-speed internet infrastructure. As per the estimates, more than 50% of internet users in Europe possess a streaming media player in their households. Consumers are benefitting from lower prices on these devices to equip their older television units with access to online streaming content. However, the rise in smart TV demand and the popularity of streaming sticks are expected to challenge the segment growth over the coming years.
Traditional media houses which formerly owned vast archives of legacy movies and television content reinvigorate and accelerate their growth through OTT-based distribution models. Most pay-TV providers are introducing stand-alone OTT-based subscription services. Dish’s Sling TV and AT&T’s DirecTV Now are successful examples of the US-based affordable and stand-alone services. Sky has introduced OTT services in key European markets, including the UK, Italy, Germany, and Austria. As subscribers make a concerted effort to pay for premium content, OTT players come up with “freemium” models that can provide open access to a selected catalog of content to acquire new subscribers together with premium content and services to pay subscribers to drive up average revenue per user. The free content business model that is funded by ad-supported advertising is a challenging proposition, as seen by the global leaders of digital online music: iHeartRadio, Spotify, and Pandora.
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