Over the Top Market | OTT Market Worth USD 1,039.03 Billion by 2027
Ad-supported VoD platforms is experiencing strong growth in ad revenues, thereby making the advertisement-based revenue model popular amidst the COVID-19 pandemic. For instance, five of the major ad-supported streaming platforms such as Hulu, Peacock, Roku, Pluto TV and Tubi, ad revenue reached 31% year-over-year in the second quarter of 2020.
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Impact of Covid-19 on Over the Top (OTT) Market
Post COVID-19, the size of the OTT market size is estimated to grow from $171.36 billion in 2020 and projected to reach $1,039.03 billion by 2027, at a CAGR of 29.4%. The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates.
The COVID-19 outbreak has a positive impact on the growth of the global OTT market, due to constantly rising demand for OTT services. This demand is majorly attributed to continuous growth in online communications services, owing to the lockdown imposed, as more number of viewers are communicating through various online platforms. Moreover, the consumption of online entertainment platforms is increasing remarkably in developing economies such as India and China, which is positively impacting the growth of the market. According to the survey by InMobi, a mobile marketing platform, 46% viewers are watching more online content, while another consumer survey has revealed that OTT consumption primetime has moved to 7 pm onwards, as opposed to 10 pm–12 am before.
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Top Impacting Factors
The growth of the global over-the-top market is driven by factors such as rise in demand for OTT services in developing regions, increase in SVoD services, availability of a variety of content, the surge in demand for live streaming channels, rise in demand for OTT services & gaming during the lockdown period implemented due to the COVID-19 outbreak, and availability of freemium models in price-sensitive markets. In addition, the emergence of new OTT markets and new developments in OTT technology are expected to notably impact the growth of the market. Lack of data network infrastructure and latency issues further affect the growth of the market. However, each of these factors is anticipated to have a definite impact on the market growth during the forecast period.
The rise in demand for OTT Services and Gaming During Lockdown
Owing to the outbreak of COVID-19, governments of almost every country have enforced lockdown, which has resulted in the massive growth of OTT platforms. According to the CXOs, viewership on the OTT platforms is expected to grow further during the over-the-top market forecast period, as television channels are running out of content. Owing to the lockdown imposed, TV channels are running old content, as they have been unable to shoot. This has drifted viewers toward OTT to watch fresh content, which is expected to notably drive the growth of the market.
Moreover, as the demand for new OTT entertainment content has grown tremendously, the number of OTT service providers are offering some of their content for free and are launching new content on their platform. For instance, to cater to the continuously growing demand of consumers, platforms such as Zee5 and Amazon Prime Video have made few of their shows free to watch under its #BeCalmBeEntertained initiative. In addition, the Indian OTT service provider, Zee5 platform has witnessed almost an 80% increase in subscriptions and over 50% growth in time spent recently. Furthermore, Amazon Prime Video recently has made some of the kids’ content on its platform free in India.
The surge in Demand for Live Streaming Channels
OTT operators are expected to offer more live streaming channels in the future. In addition, OTT content will witness a major transformation with breaking news reaching Periscope, Facebook Live, and even YouTube. Broadcasters in the U.S. are collaborating with multichannel video programming distributors (MVPDs) to offer a ready version of live and linear feeds, which can be packaged as OTT offerings, thereby fueling the growth of the market. As the COVID-19 pandemic began and the lockdown was implemented, streaming of live content increased tremendously, which is opportunistic for the market. For instance, the live-streaming sector grew by 45% between March and April in 2020, and these gains are directly attributable to the outbreak of coronavirus. Moreover, viewers are live streaming Twitch concerts, Zoom lectures, office meetings, and virtual book launches, which is expected to provide lucrative opportunities for the market.
OTT Market Segmentation
OTT Market By Component
OTT Market By Device Type
o Smart TVs
o Laptops, Desktops, and Tablets
o Gaming Consoles
o Set-top Box
OTT Market By Content-Type
OTT Market By Revenue Model
OTT Market By User Type
OTT Market By End-User
o Media & Entertainment
o Education & Training
o Health & Fitness
o IT & Telecom
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