Parks Associates: Annual US Sports OTT Subscription Revenue Will Total Approximately $22.6 Billion in 2027, a 73% Increase Over Five Years
Role of sports in OTT video grows as more households embrace streaming services
DALLAS, Jan. 11, 2023 /PRNewswire/ -- According to Parks Associates' latest research, annual sports OTT subscription revenue in the United States was $13.1 billion in 2022 and will almost double to approximately $22.6 billion in 2027, a 73% increase over the next five years. The new industry report OTT & Sports: Services and Strategies for Growth examines key trends in sports content and provides an overview of the pay-TV sports media landscape, OTT sports services, direct-to-consumer trends, and the sports fan viewing experience.
The report notes traditional pay TV is losing its stronghold on sports media rights. Streaming providers, in search of original and exclusive content, are looking to live sports to attract and maintain their user bases. For example, Amazon now has the NFL's Thursday Night Football on Prime Video, and Apple recently announced a 10-year deal with Major League Soccer (MLS).
"Sport media rights holders want to get games in front of as many eyes as possible," said Jennifer Kent, VP, Research, Parks Associates. "The audience reach of online-only and streaming services is enormous. To compete with the digital titans, media conglomerates with conventional and online services are shifting finances and resources to launch, improve, and develop streaming services targeted at sports fan."
OTT & Sports: Services and Strategies for Growth follows the sports consumer's experience as it moves online and away from traditional pay TV, driving yet another sector of the pay-TV demographic to cut the cord. According to the research, there are more than 50 specific sports OTT services in the US, creating market fragmentation and competition to attract sports fans.
"There has always been intense competition for sports-related content, but the disaggregation of content delivery with the growth of streaming services is pouring fuel on the fire," Kent said.
The report includes a five-year forecast for OTT sports service subscriptions and revenue in the US. For more information on OTT & Sports: Services and Strategies for Growth, contact [email protected]. To schedule an interview with an analyst or to request specific data, please contact Rosey Ulpino at [email protected] or 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. http://www.parksassociates.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/parks-associates-annual-us-sports-ott-subscription-revenue-will-total-approximately-22-6-billion-in-2027--a-73-increase-over-five-years-301718650.html
SOURCE Parks Associates
ITEXPO, MSP Expo, The Blockchain Event, Future of Work Conference Sessions
Workplace of the Future â€“ Re-Imagining Workspaces and Office Design