OTT Streaming Global Market Report 2024

The ott streaming market size has grown rapidly in recent years. It will grow from $171.99 billion in 2023 to $198.07 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historical period can be attributed to the increase in internet penetration and connectivity, a shift in consumer viewing habits, the creation of original content, the proliferation of mobile devices, and subscription and cost models.

The ott streaming market size is expected to see rapid growth in the next few years. It will grow to $349.83 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to the global expansion of OTT services, integration with smart devices, the emergence of hybrid content models, live and event streaming, and partnerships and content agreements. Major trends in the forecast period include hybrid models and bundling services, the integration of AI and personalization, sports and esports streaming, offline viewing options, and ad-supported streaming options.

With the continuous shift in consumer social behavior, transitioning from traditional subscriptions to on-demand video and music streaming services, the OTT streaming market is projected to experience rapid growth in the forecast period. Every year, more segments of the population are opting for video streaming services over conventional television, drawn by benefits such as on-demand content and easy accessibility. For instance, in 2023, data from Demand Sage, a US-based software company, indicated that Netflix had 238.39 million global subscribers as of Q2 2023, reflecting a 5.9 million increase from the previous quarter. Consequently, the expanding customer base is expected to drive the growth of the OTT streaming market during the forecast period.

The increasing availability of high-speed internet is anticipated to be a key driver for the OTT streaming market. High-speed internet, which surpasses traditional dial-up connections, can be delivered through various technologies such as cable, DSL, fiber optic, and satellite. The deployment of 5G networks and other high-speed internet technologies is facilitating seamless streaming of OTT content in high quality, attracting new subscribers and retaining existing ones. For example, as of December 2022, Eurostat, the Luxembourg-based office of the European Union, reported that 93% of EU households have internet access. Therefore, the growing availability of high-speed internet is poised to propel the growth of the OTT streaming market during the forecast period.

The menace of piracy and illegal streaming poses a significant impediment to the growth of the OTT streaming market. Streaming live TV channels constitutes a substantial portion of OTT players' traffic, and they face challenges in monitoring and combating piracy, especially with the proliferation of broadband. In 2022, digital video piracy was estimated to cost the US economy between $29.2 billion and $71 billion annually. Despite the use of Digital Rights Management (DRM) to secure content and prevent piracy, determined attackers often find ways to circumvent these measures. While DRM is a popular choice for secure content delivery, it may not always be sufficient. Consequently, the threat from piracy and illegal streaming is expected to constrain the growth of the OTT streaming market.

A prominent trend in the OTT streaming market is the adoption of 4K televisions for streaming. With a resolution of 3,840x2,160 pixels, 4K, also known as Ultra-High Definition (UHD), offers the highest level of video quality for film, television, and sports viewing. Nowadays, most of the latest TVs are 4K compliant, and while they can be expensive, decent 4K TVs can be found for under $1,000 or even under $500. Major streaming services such as Netflix, Disney+, and Amazon Prime Video have incorporated premium 4K and 4K content into their offerings. FuboTV, in a noteworthy move, launched its first live-TV coverage in 4K with HDR, initially featuring World Cup matches and later expanding to include some NCAA football matches.

Leading companies in the OTT streaming market are focusing on innovative technologies such as spatial audio to drive revenues. Spatial audio, a technology that creates a surround sound effect using headphones or earbuds, gives listeners the illusion that sound is coming from all around them, even though it originates from just two speakers. For instance, in February 2023, Netflix, a US-based OTT streaming company, introduced spatial audio across its top 700 titles, enhancing the immersive surround sound experience through stereo speakers or headphones on various devices, including TVs, computers, tablets, and smartphones, without the need for specialized audio equipment, thereby elevating the customer experience.

In November 2021, Fubo TV, a US-based television streaming company, acquired Molotov for an undisclosed amount, aiming to expand its footprint in the European market. Molotov is a French television streaming company.

Major companies operating in the ott streaming market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Google LLC, Microsoft Corporation, AT&T Inc., Meta Platforms Inc., The Walt Disney Company, Tencent Holdings Limited, Discovery Inc., Netflix Inc., Paramount Global, Disney DTC LLC, Sling TV LLC, ESPN Inc., Rakuten Inc., Telstra Corporation Limited, WarnerMedia LLC, Hulu LLC, Kakao Corporation, Lions Gate Entertainment Corp., Roku Inc., AMC Networks Inc., LINE Corporation, Peacock TV LLC, fuboTV Inc., ViacomCBS Pvt. Ltd., IndieFlix Group Inc., Philo Inc., Vudu Inc., BBC Studios and ITV PLC, CuriosityStream Inc., DC Comics Inc., Crunchyroll LLC, Funimation Global Group LLC, Kanopy Inc., MUBI Inc., Turner Classic Movies Inc., Tubi Inc., Comcast Corporation, Zee Entertainment Enterprises Limited. Asia-Pacific was the largest region in the OTT market in 2023. Middle East is expected to be the fastest-growing region in the global OTT streaming market share during the forecast period. The regions covered in the ott streaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary devices used for OTT streaming include smartphones, smart TVs, laptops, desktops, and tablets, gaming consoles, set-top boxes, and others. Smartphones refer to handheld electronic devices that provide connectivity to a cellular network. Revenue sources in OTT streaming encompass AVOD, SVOD, TVOD, and others, catering to diverse user types such as commercial and personal. This technology is utilized across various sectors, including e-commerce, media and entertainment, education and training, IT and telecom, health and fitness, and others.

The OTT streaming market research report is one of a series of new reports that provides OTT streaming market statistics, including OTT streaming industry global market size, regional shares, competitors with a OTT streaming market share, detailed OTT streaming market segments, market trends and opportunities, and any further data you may need to thrive in the OTT streaming industry. This OTT streaming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the ott streaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The OTT streaming market includes revenues earned by entities by providing content/video streaming services through the internet. It includes the streaming services of T movies, sitcoms, dramas, reality shows, talk shows, game shows, news programs, children’s programs, art, sports programs, documentaries, animated cartoons, and instructional videos. Examples of well-known OTT players include Apple TV, iTunes, Netflix, Roku, Hulu, and Amazon among others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.