A report published by Research Dive, states that the global over the top market is expected to generate a revenue of whopping $438.5 Billion by 2026. Recent shift to OTT services is a key driver for this growth. Globally, viewers are now used to amazing new content that works seamlessly on different device formats.
Research Dive has reported that the growth is likely to be exponential at a CAGR of 19.1 %. We have similar growth in India too where newer OTT services are launched every month. Regional content is the key focus in India and for global markets.
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Lockdowns have played a key role in adoption of OTT technology. As people are stuck in one place, the hunger for newer and better content is on the rising. And everyone like to share their love for different shows and characters. Who doesn’t like Walter White and Frank Underwood. We all love to share our perspective about them on social media and thereby increasing the awareness and helping the organic discovery of content.
Emergence of 5G, will also play a key role in overall growth of OTT market. With more and more people shifting to bigger screens for OTT services, the requirement of higher network speeds is a key area of focus. Quality of video is a prime requirement for consumers. With more countries adopting 5G, a major increase in OTT is on the cards for global OTT players.