LONDON, June 12, 2020 /PRNewswire/ -- The global over the top (OTT) streaming market is expected grow from $104.11 billion in 2019 to $161.37 billion in 2020 at a compound annual growth rate (CAGR) of a whopping 55%. The exponential growth is mainly due to worldwide lockdown caused by the COVID-19 outbreak, during which subscription to various OTT streaming channels and viewership has increased. The market is then expected to stabilize and reach $169.4 billion in 2023 at CAGR of 14.0% from 2021.
The over the top content (OTT) streaming market consists of sales of over-the-top content (OTT) streaming services and related products that provide streaming video services through the internet. Examples of well-known OTT players include Apple TV, iTunes, Netflix, Roku, Hulu, and Amazon among others.
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Shift In Consumer Behavior From Traditional Subscriptions To Streaming Services
The increasing change in customer's social behavior, which is shifting from traditional subscriptions to broadcasting services and to over-the-top (OTT) on-demand video and music subscriptions every year, will drive the OTT streaming market in the forecast period at a very fast pace. Various segments of the population have started using video streaming services instead of regular television for entertainment, due to added benefits such as on-demand services and ease of access. Countries such as India and China are expected to see an exponential rise in the number of content streaming users in video-streaming and pay per view services. In March 2018, OTT content streaming service, Netflix, announced its plans to add 100 million users from India to their existing 125-million base worldwide. The increase in customer base will boost the growth of the OTT streaming market.
Streaming On 4K Televisions Is The Latest Trend In The OTT Streaming Market
Streaming on 4K televisions is a key trend in the OTT (Over-The-Top) streaming market. A 4K resolution is typically 3,840x 2,160 pixels and is also known as UHD or Ultra-High Definition. This is the highest level of high-definition video quality available to film, television, and sports viewers these days. Nowadays, most of the latest TVs are 4K compliant. They are extremely costly but for under $1,000 (or even under $500) 4K tubes are available. Major streaming services such as Netflix, Disney+, and Amazon Prime Video have included premium 4K and 4K content in their services. FuboTV became the first live-TV to provide coverage in 4K with HDR in July 2018. The only sports event that took advantage of this improved visual quality was the World Cup matches in 2018, but later the company added some NCAA football matches in 4K.
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Companies in the OTT streaming market have been investing in mergers and acquisitions to strengthen their business. For example, in March 2019, The Walt Disney Company, a media and entertainment conglomerate, acquired 21st Century Fox for $71 billion and now owns Hotstar. Through this acquisition, Hotstar is now rebranded as Disney+Hotstar, thus localizing Disney+ movies and shows by dubbing or adding subtitles in Indian languages. Hotstar is an over-the-top streaming service owned by Novi Digital Entertainment, a subsidiary of Star India.
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