by Over-the-top (OTT) media services such as Netflix, Amazon Prime Video have revolutionized the way entertainment content is consumed by offering on-demand movies, TV shows, documentaries, etc for direct digital streaming and download. This eliminates the hassle of cable subscriptions and provides flexibility of viewing content on any compatible device and at any time. The global OTT content market comprises of various genres like video, audio/VoIP, games and communication. With increasing penetration of broadband, smartphones and smart TVs, the demand for OTT content is growing rapidly.
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 key trends:
Rise in mobile video consumption has been a major factor fueling the demand for OTT content. As mobile apps and mobile optimization of OTT platforms have improved tremendously, more viewers are choosing to stream content on their smartphones and tablets instead of laptops or PCs. Video streaming on mobile devices is expected to account for over 80% of total mobile data traffic by 2024. This rapid migration to mobile is enabling OTT platforms to widen their consumer base and strengthen their market stronghold. Higher investment in developing engaging content specifically tailored for mobile screens will further propel the mobile video consumption trend in coming years.
SWOT Analysis
Strength: The OTT content market is witnessing huge adoption due to penetration of high-speed internet and affordability of smartphones. Increased data consumption and preference for on-demand viewing is driving the market.
Weakness: Limited access to high-speed internet in some regions act as a barrier. Also, piracy and internet censorship in some countries hampers the market growth.
Opportunity: Partnerships between OTT players and telecom operators provide new opportunities. Growing adoption of 5G technology will boost streaming quality and user experience.
Threats: Stiff competition from emerging local players. Shift in consumer preference towards user generated content on social media platforms.
Key Takeaways
The Global OTT Content Market Size is expected to witness high growth over the forecast period driven by increasing preference of audiences towards on-demand video streaming. 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 Asia Pacific region dominates the market currently due to high smartphone and internet penetration. China, India and Indonesia are major revenue generating countries in the region. North America is another major market for OTT content driven by high consumption of video streaming services.
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. The listed players are focusing on expanding their regional presence and providing personalized streaming experience through innovations.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
