The global over the top market size is expected to reach USD 2,228.36 billion by 2032, according to a new study by Polaris Market Research. The report “Over the Top Market Share, Size, Trends, Industry Analysis Report, By Type (Game Streaming, Audio Streaming, Video Streaming and Communication); By Monetization Model; By Streaming Device; By Vertical; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
OTT platforms are more likely to be adopted by developing countries as they are evolving day by day in the use of technology like India. The OTT audience in India increased by 20% between 2021 and 2022, despite the theaters reopening. In fact, 3 out of 10 Indians watched an internet video at least once in the previous month, according to Ormax Media. On free streaming websites like YouTube, about half of the OTT population views online videos. The top six metro areas in India account for 33% of all paid memberships, according to the survey. However, metro areas in India only make up 10% of the whole OTT universe.
There are many platforms available today, from Netflix to Disney+Hotstar, and the pandemic undoubtedly encouraged more users in India to sign up for OTT services. The Ormax OTT Viewership Sizing Report 2022 estimates that 424 million people presently make up the Indian OTT audience universe. There are 119 million active paid OTT subscribers in India out of this total. This growth potential further propels the demand for OTT industries in coming years.
The impact of OTT channels varies between urban and rural audiences. According to the data produced by the Ascent Group India, "around 65% of OTT content consumption is from the remote rural India, which has just 40% internet availability." These statistics demonstrate the prevalence of regional language content on OTT platforms, opening doors for regional content producers.
The rise in subscription video on demand (SVoD) services, availability of a variety of content, during the lockdown period, & accessibility of freemium models in the price-sensitive rural markets are some of the factors driving the growth of the global over-the-top market. New OTT markets and technological advancements are also anticipated to have a significant impact on market expansion. It is projected that each of these factors would significantly affect market growth throughout the projection period.
Governments in practically every nation have implemented lockdown measures in response to the COVID-19 outbreak, which has caused OTT platforms to develop significantly. The CXOs claim that because television channels are running out of material, viewership on OTT platforms is anticipated to increase even more throughout the over-the-top market forecast period. TV channels are broadcasting old content as a result of the lockdown because they were unable to film. This has caused users to go toward OTT to watch new content, which is projected to significantly fuel industry growth.
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Future OTT providers are likely to provide more live streaming channels. Breaking news will also significantly change OTT content, reaching platforms like Periscope, Facebook Live, and possibly YouTube. The rise of the market is being fueled by the collaboration between American broadcasters & the video programming distributors (MVPDs) live & linear feeds to be bundled as the OTT products. When it comes to paying for entertainment, India is a complex market.
Due to the availability of smart devices and reasonably priced mobile data plans, the consumption of digital content is rising quickly. The way Indians consume material has unquestionably changed since the switch from the “Doordarshan” to Direct-to-Home (D2H) to OTT services. OTT viewers in India spend about 70 minutes/day on these streaming platforms, with astounding consumption frequency of around 12.5 times/week, according to an Eros Now-KPMG survey.
Over the Top Market Report Highlights
Polaris Market Research has segmented the over-the-top market report based on type, monetization model, streaming device, vertical and region:
Over the Top, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Over the Top, Monetization Model Outlook (Revenue - USD Billion, 2019 - 2032)
Over the Top, Streaming Device Outlook (Revenue - USD Billion, 2019 - 2032)
Over the Top, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
Over the Top, Regional Outlook (Revenue - USD Billion, 2019 - 2032)