The rapid advent of technology has brought the world to our very fingertips. And this is not just limited to 10-minute grocery deliveries or online shopping. The growth of technology in the media and entertainment sector has also been exponential to the point that it has become one of the most rapidly growing industries in the world.
As illustrated by a recently released report, the OTT sector market size, which is currently valued at a whopping USD 150.21 Billion is projected to grow upto USD 1193.8 Billion in the upcoming decade. This translates roughly to a compound annual growth rate (CAGR) of 25.9% throughout the course of 8 years from 2024 to 2032.
It is common sense that this massive growth is attributed not just to one, but multifaceted factors. Some of them being increased affordability, better internet penetration, rising compatibility with smart devices, the popularizing need for original content, and more.
Everything considered, the OTT market is a highly dynamic one. Subscription fatigue has yet again proved to be the largest roadblock for OTT providers as consumers struggle to juggle between the enormous slate of OTT platforms. As of August 2024, three-quarters of adult OTT subscribers have purchased at least one video streaming service, with 53% having subscribed to three or more. However, the number of users with four or more subscriptions is declining steadily.
Moreover, as subscription video on demand (SVOD) fees rise and consumers continue to depart, free streaming platforms have taken center stage. Additionally, the demand for original content has been on the rise with initiatives like Netflix Originals accounting for 55% of member viewing for the streamer from January–June 2023.
On top of this, the Asia-Pacific region alone is expected to see a 62% increase in the total OTT TV and movie revenue generated by 2027. Conclusively, nearly every facet of the OTT industry is on the verge of undergoing revolutionary changes in the upcoming years, considering the seemingly ever-rising demand,
This will undoubtedly be characterized by the expanding user-demand-oriented libraries of subscription-based OTT platforms.
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