Market Overview
Over-The-Top (OTT) platforms are services where entertainment movies & TV shows are delivered straight to digital users without the requirement of a cable or satellite television subscription. These platforms encapsulate movies & TV services that are directly downloaded & viewed on the user’s demand over the internet to interconnected devices like smartphones, PCs, tablets, & consoles, among others.
Today, OTTs are at a relatively aborning stage & are widely accepted as a trending technology. Backed by the growing popularity of these platforms, especially amidst the crisis of the Covid-19 pandemic, the OTT industry is set to witness innovative & advanced transformation, enabling customers to access everything they want in a single stretch.
Market Insights
The Global OTT Platform Market is projected to grow at a CAGR of around 18% during the forecast period, i.e., 2022-27. The Market is primarily driven by the growing demand for video-on-demand platforms, music streaming over-the-top media platforms, etc., among customers worldwide. The global OTT Platform market saw a considerable rise owing to a gradual shift in living standards and a rapid increase in internet penetration over the last few years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 18% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: Germany, France, Italy, The UK, Spain, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific | |
| Middle East & Africa: Saudi Arabia, The UAE, Egypt, Turkey, South Africa, Rest of Middle East & Africa | |
| Key Companies Profiled | Amazon.com, Inc., Netflix, Inc., Hulu, LLC, Google LLC, Apple Inc., Telstra Corporation Ltd., Facebook, Inc., Kakao Corp., Vimeo Live, Rakuten, Inc., The Walt Disney Company, iNDIEFLIX Group Inc., Home Box Office, Inc., XUMO, Others (STARZ, Showtime Networks Inc., etc.) |
| Unit Denominations | USD Million/Billion |
Besides, with its unique ability to cater to a diversified audience by supporting audience-specific entertainment content in terms of various languages and genres, OTT platforms are captivating customers to consider them for watching movies, serials, etc., thereby providing the necessary impetus required to fuel the market growth.
Another prominent factor propelling the market growth is the exponential increase in subscribers to OTT platforms worldwide. The brands dealing in OTT platform services have been making concerted efforts to make the entertainment content in line with customers' demands. Again, brands are walking extra miles to put their best leg forward by expanding their portfolios and partnership.
South Korean entertainment-tech firm Kakao Entertainment acquired Wuxiaworld, a Hong Kong-based online platform for English-language, Asian fantasy fiction to enhance its North American customer base. Such efforts by the leading market players are expected to bolster the growth of the Global OTT Platform market during the forecast period.
