Parks Associates: 310 Million Households Worldwide Will Have More Than 586 Million OTT Video Service Subscriptions by 2024

DALLAS, Jan. 23, 2019 /PRNewswire/ -- A new OTT report from Parks Associates predicts OTT services will accelerate their global expansion over the next five years, with more than 310 million connected households having at least one OTT service by 2024. OTT Video Services: Disruptive Globalization estimates approximately 200 million households had at least one OTT service at home at the end of 2018.

"The U.S. leads in adoption of subscription OTT services, but other regions are experiencing significant growth as new services expand across borders," said Brett Sappington, Senior Research Director, Parks Associates. "Content producers and OTT service providers want to capture audiences, and revenues, worldwide. As a result, Western Europe and other global markets will experience more rapid subscriber growth than North America over the next few years."

Global audiences also represent unique challenges that OTT providers must understand and navigate in order to be successful. Device preferences, for example, vary significantly from country to country—while U.S. households prefer smart TVs or streaming media devices, Canadians more often use game consoles than the Americans, and in Asia, smartphones and mobile-only devices are most prevalent. In many nations, connected households have mobile high-speed services only, with no access to fixed services. Other factors, including regulations, business models, viewing habits, and service mix, are also key areas of consideration.

"Ultimately, the success or failure of a service relies on the quality of its content library, but small variations in pricing and user experience can cause significant adoption differences across countries," Sappington said. "For example, HBO has tested its OTT service with pricing tailored to specific regions, with variances from Spain to the Nordic countries to the U.S. This level of experimentation will continue in the near term as service providers and content creators continue to test and tweak to find the right formula for pricing, content, and service quality for each region."

OTT Video Services: Disruptive Globalization explores the complexities of offering OTT video services across markets, content licensing, localization, platform considerations, and revenue opportunities. The report also includes a global forecast for OTT service subscriptions.

Additional research from the report includes:

• Roku is the streaming media device supporting the most OTT services (66% of all available) in the U.S.
• Nearly two-thirds of OTT services available in the U.S. are available in at least one additional market.
• Bollywood's T-Series YouTube channel has 74 million subscribers.
• 70% of broadband households in the U.S., 64% in Canada, and 52% in the U.K. have at least one OTT service.

For more information, contact [email protected]. To request data or an analyst interview, contact Julia Homier at [email protected], 972-996-0202.

About Parks Associates

Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com

Contact:
Julia Homier
Parks Associates
972.996.0214
[email protected]

SOURCE Parks Associates

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