The world over, millions are consuming over the top (OTT) content through varied platforms. In the last few years, OTT content, which can be described as a media that is delivered over the internet as an alternative to traditional media, has seen substantial prevalence when compared to conventional forms of communication.
The OTT content market is projected to grow at 14% CAGR during the forecast period (2017-2023). A report published by Market Research Future (MRFR) provides a detailed analysis of global OTT market along with a comprehensive segmental analysis. The report also includes a detailed assessment of some of the leading market participants with regards to their current market positions and growth strategies.
Personalized content has demonstrated to be extremely effective in reaching the target audience. Additionally, OTT content providers are making high quality original content that provides direct competition to content created and distributed on more classic forms of communication. Advertising is also moving online and using OTT content as a medium for reaching targeted audience. In the near future, the market is expected to embrace new entrants that will include TV content providers and traditional content providers, this can be attributed to the competitive pricing models that OTT content providers offer end users.
Key players are investing in innovative technology and development of new OTT content. It is likely that the Over the Top Content Market will see some cross over with conventional content providers joining in. New entrants may struggle to find footing without successfully distinguishing themselves from existing players, however there is a lot of potential for growth in this niche market, which is expected to reach a valuation of USD 87 billion by 2023-end.
Major Key Players:
Some of the key players operating in the OTT content market include Apple, Inc. (U.S), Facebook (U.S.), Tencent Holdings Limited (China), Netflix, Inc. (U.S.), ActiveVideo Networks, Inc. (U.S.), Google, Inc. (U.S.), Brightcove Inc. (U.S.), Hulu LLC. (U.S.), Microsoft Corporation (U.S), Nimbuzz (Netherlands), Limelight Networks, Inc. (India), Roku, Inc. (USA).
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On the basis of content, the market has been segmented into voice over IP (VoIP), texts and images, videos and music streaming. Based on deployment the market has been segmented into on cloud and premise. Based on device or platform, the market has been segmented into gaming consoles, OTT streaming devices, smartphones, tablets, smart TVs and others. By region, the market is segmented into North America, Europe, Asia Pacific and Rest of the World.
Findings from the regional analysis reflect that North America will continue to dominate the OTT content market. This continued prepotency over the market can be credited to factors such as the availability of high-speed connectivity and presence of established content creators and providers in the region. Meanwhile, Asia Pacific is expected to be fastest growing market for OTT content during the forecast period.
This primarily attributable to the increasing number of viewers and a steady but significant rise in local content creators and providers.
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Latest Industry News:
Alibaba, a global e-commerce giant from China is planning to launch an OTT video content service in India. The service is set to be powered by Paytm and UCWeb. Official from Alibaba have been making visits to India in an effort to better understand the Indian market and create relevant quality content.
Netflix plans to release diverse, original content from the Europe, Middle East and Africa (EMEA) region. The online streaming service giant has decided to double its production of shows and investments and produce content that originates in 16 countries. The last year saw Netflix release critically acclaimed shows like Suburra (Italy), Dark (Germany) and Black Mirror (UK). These shows also experienced acclaim from viewers on a global scale. This success has encouraged the entertainment mammoth to widen its horizons and set sights on developing content for more countries.
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