The COVID-19 pandemic and subsequent lockdowns have led to an unprecedented surge in demand for OTT entertainment. With multiplex and cinema screens closed, OTT platforms seized the opportunity to expand the delivery of entertainment directly to customers’ screens. TV shows are no longer the only way to watch their favorite shows. People prefer streaming their favorite shows on OTT platforms like Netflix, Amazon Prime, and others.
Viewers have a wide selection of options in the OTT streaming market. Keeping viewers hooked requires offering premium content along with a suitable business model. With improved internet penetration, OTT viewers now reach beyond urban metropolises. Understanding the tastes and preferences of different audience segments is essential to cater to such a diverse audience. Developing regional content that resonates with the aspirations and struggles of young people in smaller towns and villages is also imperative. However, improvements need to be made in the data infrastructure for OTT services as it may present itself as a limiting factor for market growth in this sector.
According to estimates, the global over-the-top (OTT) market will reach $1241.6 billion by 2030, registering a CAGR of 26.42 percent from 2022 to 2030. Global market segments are classified as subscription, advertisement, hybrid, and others based on revenue mode. In the past, subscription revenue mode accounted for a significant share of the market.
The trend of subscription video on demand (SVoD) trend on different platforms worldwide drives subscription services and accelerates market growth. The advertisement revenue mode is projected to grow at a CAGR of 20.0 percent in the foreseeable future. Companies must innovate in such a competitive market to stay ahead of the competition and meet customer demands.
In this edition, our goal is to provide readers with insights into the current OTT Solutions space and the recent trends prevailing in the market.
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