Over the past ten years, the media and entertainment industry has undergone a significant upheaval, with OTT streaming rapidly displacing traditional broadcasting. There are countless reasons why the global OTT industry has emerged as one of the most lucrative sectors that small to big organizations are betting on, including a vast selection of content, multiple device and platform compatibility, smooth streaming, and increased internet consumption.
When it comes to revenue, potential for growth, new prospects, market size, and a host of other variables, the Europe OTT market is one of the fastest-growing regions in the world. In this blog, you can learn more about the forecast, growth factors, and other aspects of the Europe OTT industry.
The global OTT market is anticipated to reach US $1241.6 billion by 2030 and expand at a CAGR of 26.42% from 2022 to 2030. Europe continues to be a key region that considerably contributes to the growth of the global OTT market.
In 2024, the European OTT Video market is forecasted to soar to US $52.70 billion, reflecting an impressive annual growth rate of CAGR 5.59% during 2024 to 2028. This upward trajectory is set to propel the market volume to an estimated US $65.52 billion by 2028, underlining a robust and dynamic industry expansion.
Together with increased internet usage and smart device use, the Europe OTT market experienced stable expansion in key areas such as OTT video advertising, pay per view, SVOD, and others. OTT revenue in Western Europe is anticipated to increase from US $26 billion in 2021 to US $45 billion in 2027 while the leading countries like the United Kingdom, Germany, and France are subject to cater to Europe OTT market growth further in the coming years.
Let’s have a look at the key growth factors and projections of the Europe OTT market.
By 2023, over 90% of Europeans will use the internet, accounting for nearly 14% of internet usage worldwide while compared to 72% in 2011, the proportion of homes in Europe with internet connectivity has significantly increased to 92% in 2022.
More than 288 million people watched digital videos in Western Europe at least once per month in 2022, and by 2026, it’s anticipated the number would top 300 million.
Digital videos were viewed by 79.5% of internet users in 2022, exceeding the 77.3% global average and this figure is set to rise sharply through 2027 and beyond.
The key monetization models used in the European OTT market, along with their corresponding shares, revenue predictions, and other relevant information, are shown below.
With 40% of CTV users in the UK watching AVOD everyday, AVOD (Ad-Supported Video on Demand) revenue in Europe will reach US $6.75 billion in 2022. Throughout the anticipated period of 2022 to 2027, the revenue in the Europe AVOD segment is expected to double.
The growing live video consumption has made the live video streaming segment highly lucrative in Europe. The revenues generated in the live sports and music segments and their respective projections are as shown below –
Segment | Base Year (2022) Revenue | Projected Revenue in 2023 | Projected Revenue in 2024 |
Live Music Streaming | US $9.72 billion | US $12.43 billion | US $13.21 billion |
Live Sports | US $7.59 billion | US $8.05 billion | US $8.39 billion |
Europe is the second-largest contributor to the worldwide OTT market after North America, driven by expanding online video consumption, rising 5G service penetration, usage of smart devices, and shifting consumer viewing habits.
Leading OTT providers like Netflix, Hulu, and Amazon Prime, as well as recent market newcomers, are progressively ratcheting up the rivalry. The major countries of Europe, including the UK, Germany, France, Spain, and Italy, to name a few, will all contribute to the market’s exponential growth through 2026 and beyond.
To have an in-depth view of the Europe OTT market as well as the U.K, Germany, and France OTT market and projections, read our latest Europe OTT market report.
Written by: Ishita Banik
Ishita is a Content Writer with Muvi Marketing Team. Apart from business writing, she is also an acclaimed author of three best seller romantic thriller novels. In 2020, she got featured in The Hindustan Times, a leading news portal as an inspirational Indian author.
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