We have come a long way since those days when we used to count only on the channels of television for recreation. And, these TV channels, with their grammar, somehow managed to create a protocol within the family.
For one could watch a movie or a serial only at its appointed time, and that too in the one TV set which the entire members of the house owned. So, this made keeping track of one’s favorite episode or a show on the first of never.
Whereas now, with the advent of OTT channels, we are luxuriating in the power of both stock and flow. It is these OTT channels with their stock of programming options, that has made a library of content available at its viewer’s disposal.
Thus, any of us could laudingly opt for any show or serial to watch from the plethora at our convenience. For the most part, OTT platforms were the only ray of hope that global users clung on to navigate the pandemic and the WFH times easy as a pie.
The fact that we all somehow tried to pocket time to watch something out of our OTT series wishlist in between the WFH sessions can’t be denied. This new normal has even made many users, as well as entrepreneurs mull over the fact that what makes OTT so interesting?
It may be regarded as the cloudburst of interest in something new. Yet, this growth of the OTT space and the growing demands in the market is exactly the epitome of big data that promises big benefits to us all in the future. If in doubt, then take a look at what the statistics report states.
Glimpse of Global OTT Services Market Report (2021 – 2026)
- The global market for OTT Devices and Services was estimated at US$77.1 Billion in the year 2020(despite the Covid-19 crisis) and has been envisaged to reach a revised size of US$217.5 Billion by 2026 with the CAGR growth at the rate of 18.3% over the analysis period.
- A Video that belongs to one of the segments analyzed in the report, is expected to grow at an 18.7% CAGR and reach US$133.7 Billion on or before the analysis period.
- The U.S. OTT Devices and Services market is estimated to grow more than US$31.1 Billion by the year 2025. Asides from this, the U.S currently holds a 33.4% share in the global market.
- The report also states that China being the world’s second-largest economy, is presumed to reach the calculated market size of US$27.9 Billion in the year 2026 along with a CAGR of 22.2%.
- There are other noteworthy geographic markets apart from China, out of which Japan and Canada are estimated to grow at 15.8% and 16.5% respectively.
- And, within Europe, Germany is believed to grow with 16.5% CAGR while other European markets are forecasted to reach US$33 Billion by 2027.
This is just a part of the distinguished data out of the complete statistics report. And, indisputably the credit for what led to this headlong growth should be split between two important factors.
Prominent Factors of the OTT Market’s growth
Supremacy Of The Smart-phones and the Media and Entertainment Industry:
The Over-The-Top market share experienced drastic growth even in the pandemic period when our lives weren’t in proper shape. OTT market share continues to dominate and is also foreseen to remain dormant in the forecast period (i.e. from 2021 to 2026).
The reason the OTT market share saw a hike was due to the increase in the adoption of smartphones to stream over-the-top services. And, along with this, there comes the influence of the media and entertainment industry.
The reason the OTT market share is still dominated is because of the demand and growth of the potential market for larger screen smartphones. And, finally, the OTT market share is expected to witness a high growth rate in the upcoming years as the advent of affordable Android-based smartphones will increase.
Furthermore, the media and entertainment industry shares equal attributes every time there is an increase in the OTT market share in the future. So, having gone through the brief evolution of the OTT platform it’s high time entrepreneurs should see if they could pull a few wires to get into this online entertainment industry.
An Opportunity for Entrepreneurs
On reaching the end of this detailed blog, either as a reader or an entrepreneur, you must have understood the big picture and what to do next. Any entrepreneur with a thirst to earn one’s stripes in the online entertainment business industry must make the utmost use of this forecast period. Without a doubt, get such a big thing done on a shoestring using a customizable and readily-built clone script.
The ready-to-use Netflix clone is authentic and can be customized as per your online entertainment business requirements. Therefore, to get an eminent app clone, touch base with a reputed web and mobile app development company. With this, you can achieve getting an eminent app clone diligently engineered to outwit your competitors