The Next-Generation OTT Market Growth in 2021- Current Industry Figures & Forecasts By 2030

OTT Platform is a revolutionary move of the entertainment industry, and it has totally changed the definition of visual mediums such as TV and video. Even the DTH cable is experiencing less volume due to the availability of several OTT platforms.

The statistics never showcase false information when it is approved by an authentic survey site such as Statista. In 2020, the OTT video users were 2130.41 million that is reached 2280.27 million in 2021. Major survey sites have claimed that it will reach 2709.02 million in 2025; that is big enough data so easily it can be predicted that what will happen in 2030 until & unless any replacement to the OTT technology.

Billions of dollars have been invested in promoting OTT platforms that are equally applied to the king of OTT platforms – Netflix and other leading brands such as HBO, HULU, etc. Even the top-notch infotainment brands such as Discovery, National Geographic have launched their app to showcase their show similar to the OTT platforms, and the brand like Curiosity has its separate fan base.

The growth of OTT platforms changed the industry landscape within few years. The older generation tuned the TV channels for their favorite show, but now the younger generation is accessing at least 2-3 OTT mobile apps via their handheld internet-enabled devices such as smartphones or tabs.

The industry experts recognized the users who tend towards OTT platforms as – Cord Nevers or Cord Covers. The code cutters age group ranges from 18-49 years olds, and in the past three years, their population has been raised by 50%. In terms of home viewers, more than 64% of homes having Wi-Fi internet connection watch their favorite show on OTT platforms. Another reason is the revolution in the manufacturing sector as several brands are targeting the customer by offering Smart TVs and solutions.

So, if we talk about 2030, then there will be the following scenario as per industry experts-

• Universal Heaven For The OTT LoversThere may be ample chances that instead of national broadcasters, the future will be global or universal broadcasters.

• Global Content
Instead of national content, the shows will be available as per the global audience choices, where language will be no bar as the content will be available in multiple continental languages.

• Localized Content
On major streaming platforms now, only global and national content is available. In the future, there will be several localized OTT platforms for the regional viewers in regional language.

• Diversified Content
The market players will be changed constantly, and there will be more diversified content.

At last, the point is that broadcasters and streaming industry giants already poured billions of dollars into the OTT platform industry, making it one of the host shot trends of the entertainment industry.

Due to the high competition, many startups are considering it as a potential medium for revenue generation. If you want to get a video streaming app for your business,
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So as a conclusion lots of changes we are experiencing and the picture of the next-generation market will be big more than the expectations.

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Dev Technosys is a leading custom software development company known for its bespoke services in the field of custom web development and mobile app development, across multiple industry verticals and business niches. It follows the central principle “Bringing IT to Life.” Since its inception, the company has been serving custom-made digital solutions for enterprise setups and SMBs with B2B and B2C solutions.

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