OTT Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

OTT, or Internet-based streaming, delivers digital media directly to users, bypassing traditional channels like cable or satellite TV. This market, driven by the increasing adoption of SVOD services, provides on-demand access to a variety of content. However, video content piracy impacts revenue for content creators and legitimate streaming media services. The growth of Internet-delivered television is fueled by the rise in smart devices and faster internet speeds. The North American web-based television market, including major players like Netflix and Amazon Prime Video, has seen significant growth.

Over The Top (OTT) Market Size

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Over The Top (OTT) Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 0.58 Trillion
Market Size (2029) USD 1.99 Trillion
CAGR (2024 - 2029) 28.19 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Over The Top (OTT) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Over The Top (OTT) Market Analysis

The Over The Top Market size is estimated at USD 0.58 trillion in 2024, and is expected to reach USD 1.99 trillion by 2029, growing at a CAGR of 28.19% during the forecast period (2024-2029).

The Over-the-Top (OTT) market refers to delivering video, audio, and other media content over the Internet directly to users, bypassing traditional distribution channels like cable or satellite television. OTT platforms provide on-demand access to a wide range of content, including movies, TV shows, live events, and original programming.

  • Over the top (OTT) is a film and television content platform provided via a high-speed internet connection instead of a cable or satellite provider-based platform. OTT adoption has significantly aided the video, music, podcast, and audio streaming category. Increasing adoption can be attributed to narrow genre choices, packaging flexibility, wider device availability, internet penetration, and lower costs. Furthermore, the rising demand for customized content led to significant adoption rates of OTT devices.
  • The ongoing shift towards commoditizing sporting and entertainment services and growing competition among OTT providers are expected to drive the Over-the-Top (OTT) market. In recent years, there has been a significant shift in how sporting events and entertainment content are consumed. Traditionally, these services were primarily delivered through cable and satellite TV subscriptions, with limited options for customization and on-demand viewing. However, the rise of OTT platforms has disrupted this model by offering a wide range of sporting events, live broadcasts, and entertainment content directly to consumers.
  • The increasing adoption of Subscription Video on Demand (SVOD) services in emerging markets is expected to drive the Over-the-Top (OTT) market. Due to several factors, SVOD services have gained significant popularity worldwide, including in emerging markets. The expanding middle class and rising disposable incomes in many emerging economies have contributed to the growth of SVOD services. As more individuals have the financial means to afford subscriptions, there is an increased demand for access to a wide variety of content through OTT platforms.
  • Video content piracy is a significant issue affecting the OTT market. Piracy involves the unauthorized distribution and consumption of copyrighted content, leading to revenue losses for content creators and legitimate streaming platforms. It undermines the business models of OTT providers, who rely on subscription fees or advertising revenue to sustain their operations and fund content creation.
  • The COVID-19 pandemic has significantly impacted the Over-the-Top (OTT) market. The global health crisis and associated lockdown measures led to a surge in demand for streaming services and accelerated the growth of the OTT industry in several ways. With people staying at home due to restrictions and seeking entertainment options, the demand for streaming services skyrocketed. Many individuals turned to OTT platforms for movies, TV shows, documentaries, and other forms of content. This surge in demand resulted in a significant increase in subscriptions for established streaming services and the launch of new platforms.

Over The Top (OTT) Market Trends

Adoption of Smart Devices & higher Internet Speeds is Expected to Drive Over the Top (OTT) Market

  • The growth in the adoption of smart devices and greater access to higher internet speeds are key factors driving the growth of the Over-the-Top (OTT) market. The increasing penetration of smartphones, tablets, smart TVs, and other connected devices has provided users with more avenues to access OTT services. These devices come equipped with internet connectivity and support streaming applications, making it easier for consumers to watch their favorite shows, movies, and other content on demand.
  • Furthermore, the availability of high-speed internet connections, such as broadband and 4G/5G mobile networks, has played a crucial role in enabling seamless streaming experiences. While the increase in Internet users is a worldwide trend, regional variances exist.
  • According to Cisco Systems, North America is likely to have the greatest internet adoption rate during the projection period (followed by Western Europe), but the Middle East and Africa are expected to have the quickest growth (10 % CAGR from 2018 to 2023). Faster internet speeds allow for smoother playback, reduced buffering times, and the ability to stream high-definition (HD) and ultra-high-definition (UHD) content. This has greatly improved the overall user experience and contributed to the growing popularity of OTT services.
  • The combination of smart devices and high-speed internet has also led to increased personalization and convenience. OTT platforms leverage data analytics and recommendation algorithms to understand users' preferences and provide personalized content recommendations. Additionally, users can access content whenever and wherever they want, as long as they have an internet connection.
  • These factors have fueled the growth of OTT platforms, attracting many subscribers and driving the revenue generated by subscription fees and advertisements. As a result, traditional media companies and broadcasters have recognized the importance of OTT and have launched their own streaming services or partnered with existing OTT platforms to tap into this expanding market.
Global Over the Top (OTT) Market

North America is Expected to Hold the Significant Market Share

  • The North American OTT market has witnessed significant growth in recent years. North America is home to some of the most prominent and established OTT platforms, including Netflix, Amazon Prime Video, Hulu, and Disney+. These platforms have gained a large subscriber base and offer a vast content library, including movies, TV shows, documentaries, and original productions.
  • Streaming devices, such as Roku, Apple TV, Amazon Fire TV, and Google Chromecast, have seen widespread adoption in North America. These devices provide easy access to various OTT platforms and allow users to stream content directly on their TVs.
  • North America has experienced a significant shift in consumer viewing habits, with an increasing number of individuals opting for OTT services and not subscribing to traditional cable or satellite TV services. OTT platforms' flexibility, cost-effectiveness, and personalized content offerings have contributed to this trend.
  • Sports streaming has gained traction in North America, with major sports leagues and organizations launching their own OTT platforms or partnering with existing services. These platforms offer live sports events, exclusive content, and behind-the-scenes coverage to cater to the growing demand for sports content.
  •  Localization of content is a significant trend in the North American OTT market. Providers invest in original content production specific to the region, targeting local preferences and demographics. This approach helps attract and retain subscribers and differentiate platforms in a competitive market.
Over the Top (OTT) Market - Growth Rate by Region

Over The Top (OTT) Industry Overview

The Over the Top (OTT) Market is fragmented. With many media and content companies jumping on the streaming TV bandwagon, the marketplace is becoming increasingly competitive, creating even more competition for high-quality content to keep viewers hooked. The companies are focusing on product innovation to gain consumer attention. Major players in the market are Netflix, Inc., Amazon.com Inc.(Prime Video), The Walt Disney Company (Hulu), Tencent Holdings Ltd, and Roku Inc. among others. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

  • December 2022 - Netflix has collaborated with Nike Training Club to deliver workout and fitness programming to the OTT platform. Fitness content is being delivered to the video streaming platform through the collaboration between Netflix and Nike Training Club.
  • November 2022 - Amazon has introduced a smartphone version of its Prime Video membership, which costs Rs 599 (USD 7.29)annually. This plan would be accessible specifically in India, and clients can purchase an annual subscription for their mobile access using the official website or the Android app.

Over The Top (OTT) Market Leaders

  1. Netflix, Inc.

  2. Amazon.com Inc. (Prime Video)

  3. The Walt Disney Company (Hulu)

  4. Tencent Holdings Ltd

  5. Roku Inc.

*Disclaimer: Major Players sorted in no particular order

Over The Top (OTT) Market Concentration
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Over The Top (OTT) Market News

  • May 2023 - Jio Fibre and OTTplay Premium have collaborated to provide 19 OTTs to Jio Set-Top Box consumers. OTTplay Premium is well-known for its high-quality and varied content, designed to give users a personalized, smooth, and premium streaming experience. With this connection, Jio set-top box customers could download the OTTplay app from the Jio Store and access prominent OTT platforms like Sony Liv, Zee5, Lionsgate, FanCode, and 15 more, all under one roof.
  • October 2022 - Vislink has announced and introduced a new integrated collaboration with sports OTT provider StreamViral as part of their exhibition at Sportel 2022 in Monaco. Vislink, a significant broadcast live streaming production technology provider, is now delivering an OTT playout and distribution platform to complement its Artificial Intelligence (AI) cameras, which can generate captivating sports productions without using live camera operators.
  • September 2022 - Medianova and streaming platform Jet-Stream announced a partnership to provide Medianova's CDN service within Jet-Stream's service. Jet-Stream Airflow Multi CDN is integrated into Jet-Stream Cloud services with the partnership.
  • May 2022 - Sony Sports Network has announced that Roland-Garros 2022, the second grand slam event of the year, will be aired in four regional languages for live broadcast in India. The tournament can be streamed on Sony Sports Network's on-demand OTT platform SonyLIV.

Over The Top (OTT) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Ecosystem Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Adoption of Smart Devices & Greater Access to Higher Internet Speeds

      2. 5.1.2 Ongoing Shift Towards Commoditization of Sporting & Entertainment Services Coupled with Growing Competition Among OTT Providers

      3. 5.1.3 Increasing Adoption of SVOD (subscription - Based Services) in Emerging Markets

    2. 5.2 Market Restraints

      1. 5.2.1 Growing Threat of Video Content Piracy and Security Threat of User Database Due to Spyware

    3. 5.3 Impact of COVID -19 on the OTT and TV industry

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type of Service

      1. 6.1.1 SVOD

      2. 6.1.2 TVOD

      3. 6.1.3 AVOD

    2. 6.2 By Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia Pacific

      4. 6.2.4 Latin America

      5. 6.2.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Netflix, Inc.

      2. 7.1.2 Amazon.com Inc. (Prime Video)

      3. 7.1.3 The Walt Disney Company (Hulu)

      4. 7.1.4 Tencent Holdings Ltd

      5. 7.1.5 Roku Inc.

      6. 7.1.6 Google LLC (YouTube)

      7. 7.1.7 DAZN Group Limited

      8. 7.1.8 NBC Universal (Hayu)

      9. 7.1.9 PCCW Media Group (Viu)

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Over The Top (OTT) Industry Segmentation

An over-the-top (OTT) application is an app or service that avails a product over the Internet and bypasses traditional distribution practices. Services that are available over the top are most typically related to media and communication and are generally, if not always, lower in cost than the traditional method of delivery. The study outlines the key regional trends and provides insights into the OTT industry who focus on localization as a means of differentiation.

The Over the Top (OTT) Market is segmented by Type of Service (SVOD, TVOD, AVOD), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.

By Type of Service
SVOD
TVOD
AVOD
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Over The Top (OTT) Market Research FAQs

The Over The Top (OTT) Market size is expected to reach USD 0.58 trillion in 2024 and grow at a CAGR of 28.19% to reach USD 1.99 trillion by 2029.

In 2024, the Over The Top (OTT) Market size is expected to reach USD 0.58 trillion.

Netflix, Inc., Amazon.com Inc. (Prime Video), The Walt Disney Company (Hulu), Tencent Holdings Ltd and Roku Inc. are the major companies operating in the Over The Top (OTT) Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Over The Top (OTT) Market.

In 2023, the Over The Top (OTT) Market size was estimated at USD 0.45 trillion. The report covers the Over The Top (OTT) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Over The Top (OTT) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key factors driving the Over the Top (OTT) Market are a) Increased internet penetration b) Proliferation of smart devices c) Rising demand for content on-demand

Major challenges faced by the OTT Industry are a) Data privacy concerns b) Intense competition c) Need for continuous technological enhancements

OTT Industry Report

The global Over The Top (OTT) market is witnessing substantial growth, fueled by the rising adoption of smart devices and the widespread availability of high-speed internet that enhances streaming capabilities. This growth is reflected in the shift from traditional broadcasting to on-demand, personalized media services, particularly in North America, which boasts a significant OTT market share due to its advanced technological infrastructure. Key trends in the OTT industry analysis include the diversification of subscription models and strategic partnerships that expand content libraries and technological capabilities. Despite challenges like content piracy and the high costs of content creation, the industry sees opportunities in leveraging AI and VR to improve user experiences. The OTT market is segmented by service type, platform type, and region, fostering a competitive landscape that drives innovation and strategic initiatives to increase market share. For a detailed overview, including statistics on the OTT market size and insights into future trends, download a free PDF sample of this industry analysis from Mordor Intelligence™.

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OTT Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)