The global Over-The-Top (OTT) Services Market size is expected to grow from USD 81.6 billion in 2019 to USD 156.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period. The major factors driving the growth of the OTT services market include internet proliferation with penetration of smart devices along with flexibility and ease-of-use to offer seamless customer experience.
Smartphones and Tablets segment to hold the highest market share during the forecast period
The inception of OTT video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the rise of smartphone and tablet usage, leading to the growth of digital content consumption and has triggered the growth of digital video consumption. OTT entertainment apps have become the most penetrated app category among smartphone users after social networking, chatting, and eCommerce apps.
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Subscription-based segment to hold the highest market share during the forecast period
The subscription model owes its success to the optimal balance of value it provides to both the company and the customer. A subscription provides businesses a direct line of revenue from the consumers without having to consult or sell to advertisers. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty.
Major vendors include Facebook (US), Netflix (US), Amazon (US), Microsoft (US), Google (US), YouTube (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Tencent (China), Rakuten (Japan), Kakao (South Korea), and Line (Japan). These OTT services market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the OTT services market. Partnerships and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped companies innovate their offerings and broaden their customer base.
Netflix is one of the leading players in the OTT services market. Currently, Netflix is working toward enhancing its market share and presence with the help inorganic and organic growth strategies, such as partnerships and new service launches, respectively. For instance, in November 2019, Netflix partnered with kids entertainment giant Nickelodeon, that will produce original TV shows and films for Netflix streaming services. This partnership is an expansion of their existing deal and is focused on their strategy to attract kids and families segment to compete with competitors, such as Disney+ and HBO. In May 2019, Netflix announced the launch of high-quality audio facility for its TV viewers to offer the users streaming services with better sound quality.
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Amazon with its SVoD platform, Amazon Prime Video, is another leading OTT services provider across the globe. The company is focusing on both organic and inorganic growth strategies to improve its position in the OTT services market. For instance, in April 2019, Amazon partnered with Virgin Media (UK) to integrate the Amazon video app with its Ultra HD V6 set-top box, which can be consumed by the 4 million Virgin Media TV customers in the UK. In September 2019, Amazon entered the music streaming industry via Amazon Music HD for its prime membership customers. Amazon Music HD facilitates customers to access and stream more than 50 million songs in HD audio and millions of songs in Ultra HD.
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