Introduction
The OTT TV or over-the-top TV and Video Service is a facility that is offered to viewers or customers directly through internet. The OTT TV service detours the traditional type of distributor such as cable television a system of television programming for consumers which was done earlier through the medium of radio frequency signals transmitted through coaxial wires are the copper wires specifically manufactured with a metal protection and other components to minimise signal interference, mostly used to broadcast the data, used in internet or video and voice calling. The OTT TV exemplifies Over-The-Top which means a service that can be broadcasted on different devices and is accessible at the audiences’ preference or choice. This service is mostly used to offer television or film content with a mandate of prepay method, which is streamed over the public internet instead of screening it over on closed or private web.
The over-the-top services are typically accessed or viewed through the medium of websites on personal computers or via apps on smartphone devices or through digital media or on Smart televisions platform.
How the OTT TV is delivered?
The prominent reason of OTT TV for being the most popular platform its user-friendliness, as it is very easy to get access through personal computer, laptop or mobile a person only requires high speed internet access or assembly and a device that ropes the browser. There are three main types of delivery platform such as
Mobile OTT TV device: Todays smartphone and tablets are embedded with technology that support the OTT TV apps
Personal Computer or Laptop: Consumers can access the OTT TV content on their personal desktops or laptops or browsers.
Smart TV’s: Now-a-days certain television system support the technology where smart phones can be connected. The common examples that support OTT TV platform on Smart TV include Apple TV, Amazon Fire stick, Play-stations so forth.
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Global OTT TVTV and Video Services Market Overview: Forecast, Trend, Growth Covid impact
over-the-top TV market Forecast
The Global OTT TV market was valued at USD 101.42 billion USD in 2020 and is forecasted to grow up to 223.07 billion by 2026, and expected to rise and reach at a CAGR of 13.87% during the forecasted period of 2021-2026.
Trends in OTT market
The OTT TV market is positively impacted due the onset of Covid -19 pandemic as people viewed more content via OTT TV devices at home which has said to have a spike in market. The OTT TV market opportunity is further deepened with wide range of technically advanced smartphones usage combined with economical subscription charges. It has been observed that during the period of pandemic, and government imposed lockdowns, people shifted their mode of entertainment to digital devices at home. There has been an increase in the membership for subscription channels reason being easy accessibility which has had a positive impact on the OTT TV market.
Growth of OTT market
The OTT TV platform is a high definition film and television content through rapid internet connectivity rather than cable or satellite based podium. Currently the OTT TV podium has boosted the video, music, short films, market significantly.
Due to wide range of flexibility options, narrow category choices, wider device availability, high speed web disposal, and economical price option has led to rise in customer for OTT TV podium.
Further OTT TV platform offering an unlimited direct screening of the content via digital media has led to a competition between the traditional mode of Television and OTT TV industry.
The driving force for the significant growth of the OTT TV market is spike in demand for OTT TV services, rise in SVod (subscription video on demand) facilities, wide range of content, demand for live streaming channels, lower subscription charges and so forth.
Covid-19 impact on over-the-top TV market
The Covid – 19 pandemic and lockdowns has worked positively with OTT TV platform giving a rise in consumer viewership. As per the report by Zuora Subscription Economy Index there has been positive impact of pandemic on market.
Post covid the OTT TV market is predicted to rise from $171.36 billion in 2020 to 1039.03 billion in 2027 at CAGR of 29.4%. The market prediction for 2027 is higher to that of pre-covid market. There has been a progressive influence of covid -19 restriction on the OTT TV market as there was high demand for over-the-top television content. Due to consecutive government imposed lockdowns, people were stuck in their homes which generated the need for more film and television content for entertainment purpose. There was a shift in entertainment platform, from theatres to online entertainment which fuelled the market.
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Market Segmentation
The OTT TV market is segmented on the basis of component, Revenue Model, End User, User type, and Region
Based on the Component the market is divided into two types such as Solution and Services
Solutions: The OTT TV platform provides online content service as a standalone product. This term is applied to any content available to video-on-demand platform which also includes audio streaming, messaging service and so on.
Service: The OTT TV podium provides media service directly to viewer through internet.
Based on the Revenue Model the market is divided into four types such as Subscription, Advertisement, Hybrid etc. The OTT TV revenue generation mostly takes place via subscription for video-on-demand that is payment for on demand video content which is pre-recorded. Another type is Advertisement where to optimise the viewership certain announcement or commercial is done. And last is Hybrid where the DTH operators bundle OTT TV service with linear television for seamless user experience.
Based on the User type the market is divided into seven types like Media & Entertainment, Education & Training, Health & Fitness, IT & telecom, E-commerce, BFSI and Government etc.
Based on the End User the market is divided into two types such as Personal and Commercial where Personal refers to individual viewership on smartphones or laptops and Commercial refers to the service used by businesses for profit making.
Based on the Region the market is divided into four regions such as North & South America, Europe, Asia Pacific and LAMEA
Market Key players
- AMAZON WEB SERVICES, INC.
- APPLE INC.
- FACEBOOK, INC.
- GOOGLE, LLC.
- HULU, LLC
- MICROSOFT CORPORATION
- NETFLIX, INC.
- RAKUTEN, INC.
- TELSTRA CORPORATION LIMITED
- TENCENT HOLDINGS LTD.
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