OTT Streaming Market: Competition Heats Up - ReAnIn Analysis
HYDERABAD, India, May 24, 2022 /PRNewswire/ --
According to a report published by ReAnIn, the global over the top (OTT) streaming market was valued at USD 120.6 billion in the year 2021 and is projected to reach USD 261.8 billion by the year 2028, registering a CAGR of 11.9% during the forecast period. Growing adoption of smartphones and greater access to the internet, higher spending capacity of middle-class people, and expansion of these streaming services in emerging economies are some of the leading drivers for the OTT streaming market. Moreover, COVID forced people to remain in their homes for a very long time, and hence, they started looking for an alternative to movie theatres. OTT streaming emerged as one of the primary alternatives for movie theatres and grew exponentially during the lockdown.
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Competition is expected to heat up in the coming years and hence, the leading player such as Netflix, Inc. may lose a significant market share
For the first time in a decade, Netflix, Inc. lost 200,000 subscribers in the first quarter of 2022 and expects to lose about 2 million subscribers in the second quarter. Inflation, the conflict between Russia and Ukraine, and fierce competition were a few reasons behind this loss, according to the company's statement. However, this might be a reflection of changing landscape in the OTT streaming industry. Netflix started as a disruptor in the entertainment industry but over the years has turned into just another content provider. This transformation may hurt the company in long run. On the other hand, new entrants such as Disney+ an HBO Max have diverse portfolios including consumer products, theatrical services, etc.
This changing landscape has forced the company to rethink its strategy and diversify its source of generating revenue. In fact, Reed Hastings, the co-chief executive of Netflix confirmed recently that they are thinking about advertising-supported content, which he had previously opposed.
Key Highlights of the Report:
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ReAnIn has segmented the global OTT streaming market by:
The OTT streaming market is fragmented as various local and international players are operating in the market. Key players operating in the global OTT streaming market are Amazon.com, Inc. (Prime Video), Netflix, Inc., Apple Inc., Google, LLC (YouTube), Facebook, Inc., Microsoft Corporation, Hulu, LLC, Rakuten, Tencent Holdings Ltd, DAZN Group Limited, NBC Universal, Disney+ Hotstar, and PCCW Media Group. Local players have dominated the market in the respective country. For instance, Disney+ Hotstar has a significantly higher market share in India compared to global players such as Netflix, Inc. and Amazon.com, Inc.
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Name: Deepak Kumar