The Over-The-Top (OTT) content market consists of video and audio streaming services that provides digital content directly to consumers through the internet without the need for cable or satellite television subscription. Examples of OTT content include subscription-based streaming services for movies, TV shows, news, live sports and digital publications accessible through various internet-connected devices including smartphones, desktops, laptops, tablets and Smart TVs. Some key players providing OTT content are Netflix, Hotstar, Amazon Prime Video, Disney+ Hotstar, ZEE5 and YouTube among others.
The global OTT content market is estimated to be valued at US$ 132.68 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to recent data, there are over 4 billion active smartphone users worldwide who have access to internet connectivity which is ideal for accessing streaming content on OTT platforms. In addition, significant improvement in wireline and wireless broadband speed in developing countries has further enhanced the OTT video streaming experience for subscribers. These technological advancements have dramatically shifted consumer preference towards digital content and growing cord-cutting of traditional pay TV services that mandate expensive cable/satellite subscriptions. Moreover, availability of low-cost data plans and bundled content are attracting more subscribers, thereby propelling the demand for OTT content globally.
Segment Analysis
The global OTT content market is segmented into video, audio/voices streaming, and communication. The video streaming segment currently dominates the market and accounts for over 60% share. This is primarily because of increasing internet penetration, availability of high-speed internet, and OTT subscriptions from users given a wide variety of online video contents including movies, TV shows, videos etc to choose from various OTT platforms.
PEST Analysis
Political: Regulations related to online privacy and data collection have increased. Localization norms will need compliance from OTT players.
Economic: Expanding internet subscribers and affordable data plans are major growth drivers. Rise of regional languages content increases addressable market size.
Social: Changed media consumption behavior of millennials and generation Z towards on-demand and mobile-first content drives demand.
Technological: Advent of 5G, increasing penetration of smart TVs and devices, and developments in voice assistant technologies will augment market opportunities.
Key Takeaways
The Global OTT Content Market Size is expected to witness high growth during the forecast period supported by increasing internet and smartphone adoption worldwide. The global OTT content market is estimated to be valued at US$ 132.68 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis comprises
The Asia Pacific region is expected to witness the fastest growth in the OTT content market given rising middle-class population, high-speed mobile internet, and local language content offerings from players in countries like India, Indonesia, China etc. India is the largest and fastest growing OTT content market in the world supported by affordable data plans and diverse content in local languages.
Key players related content comprises
Key players operating in the OTT content market are Conair, Helen of Troy, Cezanne, Kizure, InfinitiPro, BaBylissPRO, Hot Tools, Remington, HSI Professional, Bio Ionic, Russell Hobbs, Xtava, Herstyler, Bed Head, John Frieda, Tresemme, Revlon, Paul Mitchell, CHI, Babyliss. Key players are focusing on expanding their regional footprint and local language content offerings to tap the high growth potential markets in Asia Pacific and Middle East and Africa regions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it