New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "OTT Media Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" - https://www.reportlinker.com/p06370190/?utm_source=GNW
The OTT media services market can be segregated based on revenue model into (AVOD and SVOD).
The expansion of the OTT industry has been fueled by the availability of a wide range of streaming content and the simplicity of viewing through various devices and platforms. Furthermore, the content is now available in local languages, significantly influencing customers’ choice to use OTT services.
During the forecast period, the demand for OTT media services is expected to rise due to the rising disposable income.This signifies a rise in consumer spending power.
With that, the consumer prefers to buy different subscriptions for streaming OTT services on various devices such as television, smartphones, etc. Moreover, according to the data provided by the business standard, more than 665 million households have smart tv in their homes, significantly fueling the demand for OTT media services in the country.
The pandemic caused widespread harm around the world.People were forced to stay indoors and consume entertainment and other media through over-the-top (OTT) services such as sporting events, theatres, and other public places were shut down.
Furthermore, the innovative pricing strategy and customization of content selection are based on the comfort and flexibility of the consumer. Thus, it allowed the existing and new OTT media service providers to grab the opportunity.
Broadband usage and the adoption of smart devices are driving market expansion Currently, there are more than six billion active smartphone subscribers globally.Viewers can watch content whenever, wherever, and on their preferred device by simply connecting their smart devices to the subscribed OTT services.
However, the popularity of smart gadgets like TV sticks and smart TVs is accelerating market expansion.
The expansion of over-the-top (OTT) services is primarily being driven by an increase in broadband penetration.An growth in internet users and their access to over-the-top (OTT) material like video, music streaming, and VoIP was brought on by high speed broadband internet access.
This will increase the demand for over-the-top (OTT) content and lead the global OTT market to grow.
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Availability of OTT content in different local languages fueling the market growth
OTT services are becoming increasingly popular because of the availability of content dubbed in many local languages, allowing consumers to understand the content more readily and helping them engage with the story.Furthermore, OTT streaming media firms are attempting to provide subtitles in additional languages so that any consumer anywhere in the world can access and enjoy the content.
Additionally, Netflix, Inc. acquired Animal Logic Group of Companies, an animation studio, in 2022; with this acquisition, the company looks forward to strengthening its market in the animation business.
Pandemic accelerated the market growth
COVID-19 boosted OTT media providers because people were stuck at home, and OTT streaming content provided them with some entertainment.For instance, The Walt Disney Company launched it streaming services in Europe and gained more than 22 million subscribers, which almost doubled the company’s global subscribers, as quoted by the Guardian.
Furthermore, OTT pricing is quite reasonable, as it is provided over the cheap internet without the need for a traditional broadcast or cable video infrastructure. The market for OTT media services has also benefited from increased broadband penetration.
Rising Market Competition Hindering the Market Growth
The OTT media service sector is undergoing intense competition because new service providers offer content at lower prices than current providers. Furthermore, service providers have begun to deliver new content they have created, which might become a disadvantage because the web series or movie may fail, and their money would be wasted.
Additionally, the absence of technological specialists and qualified professionals in both developed and undeveloped nations would hinder the market’s expansion.The high expenses associated with using and obtaining the services will slow down the market’s expansion.
Strong infrastructure facilities and poor internet service, which affect image and audio quality depending on the internet connection, are additional factors that have an impact on market growth. Additionally, the presence of cheaper alternatives like satellite or cable-based programming is projected to have a negative impact on the expansion of the trade during the forecast period.
Market Segmentation
The Global OTT Media Services Market is segmented based on revenue model, device type, region, and company.Based on revenue model, the market is further segmented into SVOD and AVOD.
Based on device type, the Global OTT Media Services Market is segmented into Mobile Devices & Computers, Smart TVs & Set-Top Box, Gaming Consoles & Fire Tv Devices.
Company Profiles
Netflix, Inc., Amazon.com, Inc, Alphabet Inc., The Walt Disney Company, Hulu, LLC, Apple, Inc. Rakuten, Inc., Roku, Inc., Kakao Corp., Sling TV and others. etc. are among the top players operating in the global OTT media services market.
Report Scope:
In this report, Global OTT Media Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Global OTT Media Services Market, By Revenue Model:
o AVOD
o SVOD
• Global OTT Media Services Market, By Device Type:
o Mobile Devices & Computers
o Smart TVs & Set-Top Box
o Gaming Consoles & Fire Tv Devices
• Global OTT Media Services Market, By Region:
o North America
The United States
Canada
Mexico
o Europe
France
Germany
United Kingdom
Italy
Spain
o Asia-Pacific
China
India
Japan
South Korea
Australia
o Middle East & Africa
Saudi Arabia
South Africa
UAE
Turkey
o South America
Brazil
Argentina
Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global OTT Media Services Market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06370190/?utm_source=GNW
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