OTT Content Market Size, Share Growth Status, Emerging Technology, Key Players, Industry Challenges, and Forecast till 2030 | Akamai Technologies, Apple Inc

Market Overview:

The OTT content market provides on-demand audio and video streaming to consumers through the internet without the involvement of multiple system operators for distribution. Key offerings in this market include online videos, music streaming, VOIP and communication and cloud services.

The global OTT content market is estimated to be valued at US$ 101.2 billion in 2021 and is expected to exhibit a CAGR of 14.5 % over the forecast period (2021-2028).

Market Dynamics:

Surging internet penetration across the globe and increasing adoption of smartphones and smart TVs are major factors driving the growth of OTT content market. As per data from the International Telecommunication Union, over 4.9 billion people worldwide had access to internet by 2022, accounting for around 62% of global population. The tremendous growth in internet penetration has allowed more consumers to adopt OTT services like Netflix, Amazon Prime Video for video streaming and Spotify, Apple Music for music streaming. Further, around 102 million households in the US owned smart TVs in 2022 according to Business Standard, enabling easy access to OTT platforms. Additionally, increasing consumption of media and entertainment content on mobile devices is also estimated to propel the market growth during the forecast period.

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Driver: Increasing Penetration of Smartphones and Access to High-Speed Internet Driving Viewership of OTT Content

The increasing penetration of smartphones along with access to high-speed Internet has been a major driver of growth in the OTT content market. According to reports, smartphone penetration worldwide has crossed the 60% mark and continues to grow annually. Smartphones have made it very convenient to access and stream online content on the go. At the same time, access to high-speed broadband and mobile data networks has expanded rapidly. This has ensured that videos and other bandwidth-intensive content can be streamed smoothly without interruptions. As a result, viewers now prefer watching their favorite movies, TV shows, videos etc on smart devices using OTT platforms rather than being limited by traditional cable/satellite schedules. The convenience of accessing a huge library of content anytime, anywhere is fueling the massive popularity of OTT services.

Driver: Abundance of Exclusive and Engaging Content Attracting New Users and Subscribers

Original and exclusive content has played a pivotal role in attracting new users as well as retaining existing subscribers for various OTT platforms. Streaming giants like Netflix, Amazon Prime Video, Disney+ and others have invested heavily in producing high-quality exclusive films, documentaries and shows. Their strategy involves developing gripping storylines tailored for binge-watching sessions. Some of the most popular and talked-about shows have been available only on specific platforms, driving new subscriptions. The availability of a wide variety of genres catering to diverse tastes also engages users for longer durations. Furthermore, regional languages content is also being developed actively by players to target new international markets. The abundance of engaging exclusive titles is one of the strongest drivers of ongoing growth in the OTT market.

Restrain: Piracy Continues to be a Major Challenge for Monetization of OTT Content

Piracy has emerged as one of the biggest challenges restricting further monetization opportunities in the OTT market. Despite hefty investments in original content, a large percentage of viewers continue to access films, shows, live streams and more through illegal torrent sites or unauthorized streaming/download links. According to estimates, for every 1 legal viewer, there may be 4-5 illegal viewers. This hurts subscription revenues and discourages further investments. While stringent regulation and prosecution have helped curtail piracy to some extent, it still exists in many counties where enforcement is lax. Updating copyright laws, expanding jurisdiction worldwide and educating audiences about the value of intellectual property remain ongoing tasks. As long as pirated content continues to be easily and freely available, monetizing the full potential of the market will be difficult for OTT platforms.

Top Key Players:

Akamai Technologies, Apple Inc., Google Inc., LeEco, Netflix, Microsoft Corporation, Amazon, Inc., Facebook, Inc., IBM Corporation, and Limelight Networks

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Opportunity: Scope to Target Rural and Non-English Speaking International Markets

While major growth has come from urban youth in top cities, there remains a huge untapped opportunity in rural areas as well as non-English speaking international markets. Companies are now translating and dubbing content into local languages and designing affordable plans to target rural subscribers as well as global audiences. For example, Hotstar in India has over 300 million monthly active users with a heavy concentration from small towns and villages. Other than English and major Indian languages, content in Spanish, Portuguese, French are expanding the total addressable market. Partnerships with telecom operators to bundle plans are also helping drive subscriptions beyond tier 1 cities. If content localization, tailored interfaces and innovative bundling strategies are leveraged well, the next phase of growth can come from currently underserved audiences globally.

Trend: Increasing Adoption of Bundling Strategies by OTT Platforms and Telcos

A major trend gaining traction is the bundling of OTT platforms along with broadband/data plans offered by telecom operators. While standalone subscriptions were the early norm, customers now want access to multiple services together at optimized pricing. Telcos recognize the opportunity to upsell value-added services and reduce churn. Likewise, OTT providers see bundling as crucial for scale in price-sensitive markets. Some prominent examples include Jio's partnerships with Disney+ Hotstar, Netflix and more in India. Similar tie-ups exist between telecom giants and streaming apps globally. This allows economical access while driving higher engagement and revenues for all parties. Bundling strategies are especially important for

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the OTT Content Market over the forecast period?
What are the key trends expected to influence the OTT Content Market between 2023 and 2030?
What is the expected demand for various types of products/services in the OTT Content Market?
What long-term impact will strategic advancements have on the OTT Content Market?
Who are the key players and stakeholders in the OTT Content Market?
What are the different segments and sub-segments considered in the OTT Content Market research study?

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