Throughout the years, OTT content has developed exponentially and has now reached a point where it is revolutionizing the way we listen to and watch media content. As 2016 came to a close, researchers concluded that we should expect the OTT market to grow 14.4% from now until 2023.
Steady Growth of The OTT Market
With cable companies constantly fluctuating their subscription rates in an economy that demands cheaper services, it’s no wonder researchers have seen an influx of customers cutting the cord and turning to OTT services as a reliable and affordable means of streaming TV media.
In 2015, the OTT market was valued at $28.75 billion by the end of 2023 and is expected to increase by 14.4% (Source). Now that it has evolved into multiple media platforms, OTT content is in high demand. In order to sustain this growth and keep up with competitors, many OTT providers have to expand their platforms that their content can be streamed from. For example, many services allow you to stream from your smartphone, laptop, and tablet. Now, these services are even expanding to gaming consoles and smart TVs.
Researchers have also noted that a slowdown in the growth can occur through certain areas of competition. HD content is a prime example of this. Many forms of OTT content is available in HD through a variety of service providers. Of course, each OTT provider charges a different fee for this upgrade and many don’t offer this option at all.
Another area of competition is the countries these OTT providers are allowed to offer their services to. Since OTT has gone global, many national governments are requiring OTT providers to obtain licenses that will allow them to offer their streaming services in other countries. Many researchers believe that this can slow down the OTT market growth as the years progress.
OTT Services Are In High Demand
With this trend being in high demand, there may be a few obstacles OTT providers will face. Right now, many providers are focusing on ways that will successfully deliver HD content to the screens of their customers.