LONDON, May 27, 2021 (GLOBE NEWSWIRE) -- Amazon just ramped up competition with its OTT streaming rivals by purchasing MGM for $8.45 billion. This gives Amazon Studios a vast library of shows and films to parallel the catalogues of Netflix and Disney+. This larger shift towards the entertainment sector can be understood by the increasing change in customers' social behavior, which is shifting from traditional subscriptions to broadcasting services and to over-the-top (OTT) on-demand video and music subscriptions every year. The OTT streaming industry in the forecast period is expected to grow at a rapid pace. Various segments of the population have started using video streaming services instead of regular television for entertainment due to added benefits such as on-demand services and ease of access. Countries such as India and China are expected to see an exponential rise in the number of content streaming users in video on streaming and pay-per-view services.
In 2020, OTT content streaming service Netflix closed the year with 4.6 million paid customers. Thus, an increasing customer base is expected to boost the growth of the global OTT streaming market during the forecast period.
Disney+ itself was created and enhanced through an acquisition. In March 2019, The Walt Disney Company, a media and entertainment conglomerate, acquired 21st Century Fox for $71 billion and now owns Hotstar. Through this acquisition, Hotstar is now rebranded as Disney+Hotstar, localizing Disney+ movies and shows by dubbing or adding subtitles in Indian languages. Hotstar is an over-the-top streaming service owned by Novi Digital Entertainment, a subsidiary of Star India.
Other major players covered in The Business Research Company’s OTT statistics 2021 report are Facebook, Microsoft, Google, Apple, Hulu, Tencent, Rakuten, YouTube, Roku, IndieFlix, Vudu, Kakao, Line, Home Box Office, HBO, Telestra, and Alphabet Inc.
As per data on the Global Market Model, the global OTT streaming market is expected to grow from $121.11 billion in 2020 to $141.17 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $257.37 billion in 2025 at a CAGR of 16%.
Countries with OTT streaming market shares are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. TBRC’s report also has a section for mapping the market of the OTT video streaming landscape in the US and other countries.
Streaming on 4K televisions is a key trend in the OTT (Over-The-Top) streaming market. A 4K resolution is typically 3,840x 2,160 pixels and is also known as UHD or Ultra-High Definition. This is the highest level of high-definition video quality available to film, television, and sports viewers these days. Nowadays most of the latest TVs are 4K compliant. Major streaming services such as Netflix, Disney+ and Amazon Prime Video have included premium 4 K and 4 K content in their services. FuboTV launched the first live-TV to provide coverage in 4 K with HDR. The only sports that took advantage of this improved visual quality were World Cup matches, but later the company added some NCAA football matches in 4 K as well.
The global OTT streaming market is segmented by device type into smartphones, smart TVs, laptops, desktops and tablets, gaming consoles, set-top box, others, by revenue source into AVOD, SVOD, TVOD, others, by user type into commercial, personal, and by end user into e-commerce, media and entertainment, education and training, IT and telecom, health and fitness, others.
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