The global Over-The-Top (OTT) services market size is expected to grow from USD 202.5 billion in 2022 to USD 434.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. OTT services are used to deliver audio, video, rich media, and other media content over the internet without the involvement of any traditionally laid cable or broadcasting players. OTT services are predominantly delivered over the end user’s handheld devices, such as smartphones, tablets, and laptops, through a wireless connection over the internet. OTT services are further being spread over other communication modes, such as audio and video. The major factors driving the growth of the OTT services market include rise in the demand of OTT services during lockdown, internet proliferation with penetration of smart devices along with flexibility and ease-of-use to offer seamless customer experience.
Major vendors include Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), The Walt Disney Company (US), Fandango Media (US), Roku (US), IndieFlix (US), Rakuten (Japan), Tencent (China), and Kakao (South Korea). To cope up with high competition in the OTT space, major vendors have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the OTT services market. The demand for original content is seen as one of the major demand among viewers on OTT video streaming platforms. In lieu of this, vendors have come up with various original contents in the form of movies, series etc. to retain the customer base. Partnerships and collaborations was also one of the strategies adopted by major players from 2019 to 2021, which helped companies to come up with new content and broaden their customer base.
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Netflix is one of the leading players in the OTT services market. Netflix has focused on penetrating the Asia Pacific market, driven by volume, by adopting price-sensitive strategies. Netflix has also diversified its business to other sectors, such as education and fashion. Due to its features, user-friendliness, and robust, variety-filled catalog, Netflix has earned an Editors' Choice Award for 2022. With the addition of an ad-based subscription, the platform is on equal footing compared to competitors like Disney Plus and HBO Max when it comes to pricing. Netflix has over 222 million paid memberships across 190 countries. The platform offers TV series, documentaries, and feature films across a wide variety of genres and languages. In 2021, the company added mobile games to its services.
Amazon with its SVoD platform, Amazon Prime Video, is another leading OTT services provider across the globe. With Prime Video, users can rent or purchase titles or select from more than 150 Prime Video Channels, including Showtime, HBO, CBS All-Access, Cinemax, and STARZ. Amazon has partnered with several other OTT players and companies to improve upon content availability on its platform. In June 2022, Amazon Prime Video partnered with American entertainment company AMC Networks to offer its content on Prime Video channels in India. As part of the partnership, Amazon Prime Video would offer ad-free subscription service AMC+ and AMC’s streaming service Acorn TV on Prime Video channels in India on a subscription basis.
Over the Top Market by Type (Game Streaming, Audio Streaming, Video Streaming and Communication), Monetization Model (Subscription-based, Advertising-based, and Transaction-based), Streaming Device, Vertical and Region - Global Forecast to 2027
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