Over the Top Market 2020 - Industry Growth & Regional Trend To 2025
Increased smartphone adoption and the availability of wireless broadband is driving the over the top market growth. Internet service providers are offering enhanced broadband connectivity at an affordable price, enabling consumers to stream videos and download content at a high speed. With the rise in mobile workforce and smartphone users, companies are providing customers accessible platforms. The unceasing rise in content and globalization have forced companies to enable the consolidation of content by category.
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The presence of stringent government regulations & policies is a major challenge that will impact the growth of the over the top market. With the increasing adoption of these services, government administrations are creating local taxation, security, and content regulations for the providers. For instance, in August 2017, the Indonesian Government under the Ministry of Communication and Informatics (MCI) announced a regulatory framework for over the top providers to establish a permanent operation with network providers across the country and the use of local IP numbers and national payment gateways for their services.
North America over the top market is witnessing high growth due to the availability of high-speed internet. In the region, content generation, consumption, and distribution are disrupting television. In January 2018, there were around 120 million OTT subscriptions in the U.S., showcasing that the internet is increasingly overtaking television as the standard way customers consume media. Growing acquisitions and partnerships in the region are reshaping the video media landscape.
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Live streaming & short-form contents are witnessing a rise in demand. Viewers are spending eight times more time on live streaming in comparison with on-demand videos. In 2018, live streaming witnessed a hike, with major events such as the FIFA World Cup and Academy Awards being extensively covered. Owing to such trends, companies are experimenting with new business and subscription models for content monetization, driving the over the top (OTT) market growth.
Key players operating in the over the top market include Tencent Holdings Ltd., Limelight Networks, Facebook, Inc., Yahoo, Inc., Google, Inc., Apple, Inc., Microsoft Corporation, and Netflix, Inc., among others. These companies are launching innovative services, collaborating with partners such as traditional Mobile Network Operators (MNOs) and OTT video providers to expand and capture the industry share. For instance, in May 2019, Airtel, a telecommunications services company based in India, announced to offer free subscription to Amazon Prime and Netflix for both mobile & broadband customers. The company is also offering access to OTT content from ZEE5 by Essel Group, Eros Now, and HOOQ TV, among others on its mobile application Airtel TV Premium. Such collaborations/partnerships are propelling the over the top market demand.
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