OTT platforms are likely to become the game-changing player in the advertising industry. With the ability to target specific audiences (based on demographics), the OTT cloud video industry is an ideal medium for advertisers to reach their potential viewers. This will open up new revenue streams for the content creators and companies that provide these services.
Since there was a huge gap for customization in digital entertainment, it was necessary to launch a versatile and convenient medium that not only should be cost-effective but also accessible for most of the common devices available these days. No doubt, OTT platforms are meeting these challenges quite effectively.
Hence, one of the most fundamental questions is to seek potential growth of the OTT market in upcoming years. We shall try to answer the following questions in this article:
1. OTT Market Analysis
2. OTT Market Size by Country
3. Global OTT Platforms
4. What is the future of over-the-top services?
Due to the flexibility of time and personalization of content, OTT cloud video platforms are the upcoming video streaming giants. Not only do they provide a wide range of video content options but also can be watched on any smart device. Simultaneously, audiences can consume content from multiple global broadcasters
Before delving into the cloud video or OTT market, it is quite important to understand the factors that have led to the unprecedented rise of OTT apps globally.
The Monopoly of Major TV & Video Entertainment Industries
Leading TV channels and media production houses are a great source of entertainment and information. But, in the long run, they have created a hard-to-break nexus that, ultimately, restricts novelty, creativity, and distribution. It not only prevents talent from getting a break in this burgeoning industry but also limits the options available to the end consumers.
Freedom of Content Generation
With access to popular OTT service providers like Teyuto (which also has a free tier), anyone can launch their platform and distribute original content without any hassles. In other words, OTT has removed the barriers to entry for promising players.
Post Covid Impacts
Since the dawn of the century, the OTT industry has been growing at a steady pace with increasing internet penetration. The global market was worth $4.47 billion in 2010 and is pegged to reach $64.78 billion in 2021. But that was before COVID-19. As people around the globe were restricted to their homes, they turned to their screens for the daily dose of entertainment. And, OTT videos didn’t disappoint anyone!
People could watch what they wanted to watch at a time and device of their choosing. By 2021, the global OTT market size was a whopping $150.51 billion, or nearly 2.5 times the previous estimate.
According to the PWC Global Media Outlook report for 2022-2026, OTT app subscription revenue may exceed $200 billion in 2024. What’s also interesting is that 46% of current subscribers have access to two or more over-the-top services as of now.
The report also says that OTT platforms may bring in $3 trillion worldwide by 2026, which is good news for the growth of the global market. In addition, it will play a decisive role in bringing more customers into the video streaming funnel.
This overwhelming shift in audience choice is sending several messages to content producers. For instance, now people are more interested in choosing customized and refined content. Subsequently, they are bypassing the cable cord system, which limits their choice too.
The new era is all about cloud video platforms which are already in tight competition to provide a reliable cloud video tv medium for quality content.
No doubt, OTT services for different use cases are going to become the next cloud video streaming giant in a couple of years. So, in this section, we shall overview the major countries where OTT platforms are expanding rapidly.
OTT Cloud Video US
1. In 2023, OTT subscriptions in the US will reach $137 billion and it will increase by 10% every year thereafter.
2. Subsequently, OTT Video Advertising volume may reach up to $80 billion in 2023.
3. The time consumption for OTT video of the global user has been recorded to be 6 hours weekly. The same figure in the United States averages at more than 8 hours.
4. By 2020 more than 65% of broadband users in the US had access to at least one online streaming app which shows the exceptional growth of OTT consumers in two years.
5. Surprisingly, more than 90% of SVOD subscriptions come from North American Region. Moreover, this number can surge to 50% in the upcoming five years.
OTT Cloud Video India
· OTT subscription in India will cross $3 billion by 2023, which will continue its growth at a rate of 7% annually.
· Subsequently, the SVOD model’s revenue will jump to $1.23 billion by 2023.
· Furthermore, the annual user growth may cross 30% which will lead to more revenue generation
OTT Cloud Video Australia
1. OTT Video Streaming may reach up to $ 4.7 billion in 2023
2. OTT video advertising will remain at $ 3.39 in 2023
3. OTT annual growth will be by 8% (2023-2027)
OTT Cloud Video Canada
1. OTT revenue in Canada may reach up to $6 billion in 2023
2. The annual growth of OTT subscribers will remain at 10%
3. The average revenue for OTT cloud video streaming per user will stick to $188 in 2023.
Since major OTT platforms like Amazon, Netflix, Apple TV+, and many others have entered the digital content creation market, audiences are rapidly shifting to this format from traditional cable networks. Not only these OTT cloud video platforms have changed user behavior toward watching content but also overcome several restrictions.
People around the globe prefer OTT cloud video applications for a variety of reasons, including
Moreover, some OTT platforms offer exclusive content that can’t be found anywhere else, which is another major advantage. OTT services also tend to be more cost-effective than cable and satellite TV, making them an attractive option for consumers looking to save money.
There are various popular OTT video platforms with tons of content that offer budget-friendly subscriptions. In this section, we shall mention some of the most in-demand OTT platforms in the world in 2023.
1. Netflix OTT Global
Netflix is a leading OTT video streaming application that has a large catalog of movies for a global audience. Furthermore, users can easily access trending web series and TV shows. The cost of Netflix varies according to country, but generally, it costs as little as $6 with ads. In addition, the subscriber can enjoy video streaming on any smart device.
2. Amazon Prime OTT Global
Amazon Prime comes with a plethora of benefits and a huge collection of top movies. With Prime membership, users can get access to some great perks like exclusive free games, amazing deals on thousands of items, and hundreds of free books to read online.
Amazon Prime provides four packages, which include Prime Student, Prime Annual, Prime Monthly, and Qualified Government Assistance which vary in terms of price and benefits.
3. Disney+ OTT Streaming service
Disney+ is an online cloud video streaming app that is owned by Novi Digital Entertainment. It provides movies in more than nine global languages. Its excellent bandwidth delivers a seamless video playback experience to users.
4. HBO Max OTT Streaming Service
HBO Max is a famous OTT video streaming service that provides access to most fresh video content being played in theaters without paying the extra cost. It comes with two packages as subscribers can watch their favorite movies by paying as low as $10 per month.
5. Hulu OTT Services
Hulu is a US-based OTT cloud video streaming app that is a little different from Netflix because it uploads episodes after a few days of airing. This medium streams more than 60 popular channels, hit movies, series, and children's content. A user can buy a subscription for $8 per month.
It won’t be wrong if we say 2019 and 2020 were the years of the OTT streaming war. We can say that the power of OTT platforms redefined the approach of several video production companies that started producing video content in bulk to attract a global audience.
In this section, we shall look into the future prospects of global OTT platforms to forecast video and also analyze customer behavior toward cloud video streaming mediums.
According to Avia, 65% of video consumers in Asia prefer OTT video content published on popular social media channels. This is an eye-opening fact that is forecasting the future behavior of OTT consumers who prefer over-the-top content.
Similarly, this pool will expand further because we have already discussed in the above section that the consumer market is increasing by 8–10% annually in top OTT countries especially US and Asia.
1. 52% of OTT users are eager for more customized content
2. 40% of OTT consumers want conglomeration with other OTT cloud video apps to access global content at less price
3. 44% recommend family and friends to subscribe to multiple OTT apps
Former IMDb is a free OTT platform that offers free of cost video cloud streaming. There is no need for any subscription but you may stream some commercial ads during video streaming.
Free OTT video is the best option for those who want to avoid the hassle of monthly streaming bills. Furthermore, Amazon is planning to make 70% of this platform's content free by launching some new movies too.
Roku is another free ott platform that gives access to massive video content free of cost. Since it doesn’t have its own content library, it fetches movies and other popular programs from reliable sources.
Vudu is another free OTT platform to stream cloud videos without monthly subscriptions. Once the customer signs up, he can access numerous free hit movies, series, and shows.
If your answer is yes, then you can host and monetize your videos on the most demanding video platforms with Teyuto. Since there is no hassle of managing technicalities which are quite costly, it allows you to create a VOD (video on demand) business model where you can publish your content globally.
Developing an OTT cloud video platform can provide a wide range of services to users. This can include streaming video and audio, providing online gaming, and other services. If you are able to build a successful platform, you can have a lucrative business.
· Customer can easily earn money by using its video monetization feature
· Greater customization and branding
· Responsive Layouts and Templates
· Better Tracking of User Behavior
With the robust growth of OTT platforms globally, the upcoming era is all about cloud video streaming. With better control and consumer freedom, any individual can set up his/her own VOD platform to make an excellent start in the OTT industry.
OTT broadcasting is shifting the paradigm because it is not limited to a particular device or place but rather allows consumers to access global content at their choice of time and cost. On the other hand, we have also observed a greater change in advertising concepts because streaming live events give accurate analytics to marketing companies.