OTT is no longer an experiment or an internet geek’s fancy. Today, television is increasingly delivered over the internet and new media companies are joining the race towards market dominance. Netflix has been around for so long you might think its market position is unflinching. But it’s still not too late for new players to try to establish their market presence.
The revenue generated by over-the-top (OTT) media is expected to reach 158.84 billion dollars by 2024. This is more than twice the 67.8 billion generated in 2018. In general, OTT has grown massively over the eight years, with revenues growing exponentially from 6.1 billion U.S. dollars in 2010 to over ten times that amount in 2018. Today, the OTT industry is booming as the technology has become a dominant channel for video consumption alongside PayTV and traditional broadcast services. With a 28% Year-on-Year growth in total time spent streaming on OTT, the media revenue is expected to reach 158.84 billion dollars by 2024, more than double the 67.8 bn generated in 2018 (source: Statista). It is expected there will be a dozen OTT platforms with more than 5 million paying subscribers by the year 2025.
With the outbreak of various COVID-19 blocking policies around the world, OTT has become one of the few remaining but much needed sources of entertainment these days. This explains its explosive growth in recent years – the effect is likely to be compounded by cable-cutting trends and a gradual shift to online-only media consumption. For advertisers, OTT services will soon be the only way to reach some television audiences that are not using regular television, cable, or IPTV. Since OTT is still a relatively new phenomenon, it still offers great opportunities for media companies, content providers, and advertisers.
Many companies are entering the OTT space, opening up new possibilities for their consumers and advertisers. If you are considering launching an OTT platform, send us a message: we at Interactvty are always ready to help.
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