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Video consumption swelled in 2020. That’s a fact. Netflix alone added over 37 million new paid subscribers last year, while other OTT video streaming services and live broadcasters are getting a sizable new chunk of audiences, too.
The landscape of video streaming and OTT platforms has witnessed a massive transformation in recent years. The adoption of streaming services has further escalated due to the COVID-19 pandemic. In fact, the global OTT market will be worth $194.2 billion by 2025, growing at a CAGR of nearly 14%.
OTT viewing is becoming the default behavior in the U.S., replacing the traditional methods of consuming content via pay-TV. Around 51 million households are now streaming their OTT content on their television sets, either on the web or through different apps. Tim Cook had declared in 2015, "the future of TV is apps," and viewers are proving him right.
Video technology has evolved over the years, and people are increasingly consuming more and more video content. Cisco went so far as to predict that by 2021, videos would constitute about 80% of the entire internet traffic.
The pandemic caused mass disruption worldwide. With sporting events, theaters, and other public venues shut down, people were forced to stay indoors and consume entertainment and different media types through over-the-top (OTT) services. Not surprisingly, these providers saw significant growth during the lockdown. Despite the slow return to normal, this growth will continue for years to come.
2021 is definitely a “video” year. Online video platform usage is up in nearly every corner of the world. And the demand for online content is not abating any time soon. The OTT market alone is projected to top $1,039 billion by 2027.
SVOD or Subscription Video on Demand is one of the three popular revenue generation models for OTT platforms. In this form of video monetization, you typically charge a fixed fee monthly or yearly to give customers access to your video content.
In 2019, the size of the global over-the-top market was valued at $56 billion. From 2020 through 2027, growth in that market is expected to hit 18.6%. This means OTT streaming services revenue will have more than tripled in 10 years (since 2017). This is not to mention other applications of OTT, like voice over IP or internet text communication.
Did you know that nearly 60% of Netflix users globally choose to regularly watch kids and family content every month? It’s one of the reasons why this popular OTT platform started investing heavily in creating original feature films and series, especially for kids. These include numerous animated titles, as well.
What do you look forward to the most at the end of a hectic workday? Chances are, you can’t wait to sit on your couch with a refreshing beverage and watch your favorite web show. Whether you’re consuming content on the TV or your phone, you’re likely using a subscription-based OTT (over-the-top) service.