The OTT and streaming industry is expanding exponentially every year. The world has witnessed many technologies that will enhance user experience and push the power button of video streaming to reach unexplored domains and provide entertainment and knowledge to even the remotest corner of the world. Here are a few important highlights and insights of OTT and streaming for the past year and show what the future holds in 2024.
The OTT industry as we all should know is not just restricted to entertainment. Its applications reach every industry that video has the power to influence. So starting with obviously entertainment, the OTT and streaming world has achieved remarkable feats in the fields of e-commerce, education, corporate knowledge transfer, live streaming, gaming, and more. Let’s start reading about them now.
Reliance Industries Limited and the Walt Disney Company will combine their Indian businesses for a joint venture where RIL will be investing US$ 1.3 billion for a 63% share in the venture. Expected to be one of the biggest collaborations ever, this collaboration will bring two streaming giants under one roof and is expected to boast a viewership of 750 million across India and more in abroad.
India is expected to be one of the biggest markets for OTT and streaming services business and last year’s insights by Internet In India Report 2023 suggest that 707 million Indian internet users are actively engaged in OTT video and audio streaming. Additionally, the smart devices categories have also grown by 58% from 2021 to 2023 with a significant 208 million internet users using internet-enabled devices to watch video content against 181 million that still use conventional TV watching.
According to SjyQuest’s research, the OTT market size is expected to reach USD 1241.6 Billion by 2023 at an expected CAGR of 26.42%. Good adoption of high-speed internet and personalized content viewing experience on numerous gadgets are the two important factors for this immense expected growth. According to the same report, SVOD is going to lead in monetization shares and North America is going to lead globally due to excessive market penetration.
Coherent Market Insights suggest that the global video streaming software market size which is valued at US$ 8.84 billion in 2022 is expected to grow at a CAGR of 19.30% between 2023 to 2030 and surpass US$36.9 billion by 2030. Again, strong mobile device penetration and internet availability combined with technological advancements and live streaming dominance are expected to play a key role in more and more businesses investing in video streaming software.
Research by Omdia reveals that 20% of monthly consumption is done by only five FAST channels and the top 20 control nearly half of the viewing experience. The report also suggests that there are newer growth opportunities in the FAST industry as over 1600 channels are now available in the US and with the use of the right broadcasting tools such as Muvi Playout, the dynamics can change significantly with the right technology adoption and good content.
Zumo and Comcast Advertising suggest that 84% of the ad buyers in the FASt ecosystem plan to increase their Ad spending in 2024 when compared to 2022. Talking about viewership, 94% of the viewership occurs on television screens and about 56% of viewers are of the opinion that FAST channels are at par with regular TV programming. The report also highlights the point that difficulty in tracking Ad performance and measuring ROI is still a challenge in the FAST industry.
Ormax OTT Audience Report 2023 reveals that the number of OTT users in India is expected to rise by up to 13.5% this year. Presently, according to the report India currently has 481 million OTT users which roughly translates to 34% Indian audience consuming OTT content. Also, according to the same report, nearly 100 million users out of 481 million are paid users with an average user paying for 2.8 OTT platforms.
During the second quarter of 2023, the Croatian Pay TV market amassed 31.3 million euros in revenue which is up by 4.84 percent year on year. IPTV services lead the market followed by cable TV, DTT, and lastly OTT. IPTV has acquired 52.3% of all pay tv subscribers.
A survey conducted by NielsenIQ and Amazon suggests that 78% audience prefers watching TV via streaming sticks, smart TVs, etc. The report also mentions that 66% of the respondents streamed over five hours over weekends and less than three hours on weekdays. Comedy comes out to be the most popular genre and lag-free streaming is the most sought-after feature for the Indian audience followed by a wide range of OTT applications.
Video Developer Report by Bitmovin projects healthy growth opportunities in 2024 for the streaming industry. The report identified advertising which is around 36 percent as the greatest opportunity for growth and AVoD being the top monetization model for 56% of the respondents. Talking specifically about advertising technologies, server-side ad integration is the most preferred form of advertising.
Park Associates researched 8000 US households and came to the conclusion that an average of 17 internet-connected devices are present in US households in Q3 of 2023. Also, for the first time smartphone ownership surpassed TV ownership with 90% having a smartphone compared to 88% using a TV. The report also mentions that 92% of US households have a fixed or wireless internet connection at home.
TikTok has surprisingly registered a 44.3 million Euros turnover in France in 2022 which is a 49.7 percent growth compared to last one year. According to various reports, TikTok just 3 years after its launch, is competing with established DTT media groups such as NRJ12.
Asia Pacific Video & Broadband Industry 2024 Report suggests that the video industry is experiencing a secular shift from TV to online. Improved internet connectivity, rising CTV penetration, and local creator growth are being viewed as the primary reasons for this growth. The top 8 companies still hold 65 percent of the market share but owing to the massive audience, the region has strong growth potential for new and emerging players.
In a survey conducted by DISQO, 30% of the respondents suggested that they will be canceling their subscription to cable TV from next year onwards. On the other hand, the report also mentions that 58% of the streaming subscribers are keen on keeping their current subscriptions and 21% are looking to increase their subscription count.
Media Radar’s data suggests that from January to October 2023, ad spending on the top 6 OTT platforms was US$ 1.07 billion which represents an 8% year-on-year increase. The top 5 leading advertising categories include restaurant, medical and pharma, finance, retail, and technology.
Allied Market Research in its new report expects the global FAST market to reach USD 28 billion by 2032 at a CAGR of 15.4% from 2023 to 2032. The growth according to the report is driven by consumer preferences, cost advantages, content variety, advertiser appeal, content, and improved technology and distribution. Roku, Pluto TV, Tubi TV, Xumo, etc are expected to be the leading players in the market.
As seen from the data above, the OTT industry is expected to rise significantly in the last 10 years. The acceptance of technology, its increased affordability, and the rising number of local players are the few reasons why this boom will have space for big as well as small players.
The most important aspect of any OTT service is the OTT platform or the streaming platform where the content is hosted and streamed. Muvi with its unique range of products ensures that you always have the best and the latest technology to utilise the power of video for your business. Our list of products includes,
Our state-of-the-art, no-code OTT platform builderis for those looking to start any Netflix-styled OTT platform with features such as multiple monetization, DRMs, 16+ ecosystem support, and more. Not just Netflix, Muvi One can also build interactive eLearning applications, corporate training platforms, and short video applications all from a single CMS.
If you are looking for a live streaming software that lets you broadcast your live streams at a commercial scale simultaneously on multiple platforms, you should definitely try Muvi Live. It is a PAYG-based service meaning you only pay for what you use and offers multiple additional features such as meetings for up to 600 people, webinar support, mobile streaming etc.
If video hosting is where you are stuck, Muvi Flex can solve all your hosting needs under one roof. From a dedicated CMS that creates multiple distributed playlists, social sharing features, and Player SDKs for multiple ecosystems, FLEX is a secure platform that hosts and streams the data to the platform of your choice.
To people targeting the conventional streaming market, Muvi’s cloud playout software can give you access to linear TV and FAST channel business. Schedule programs with EPG and deliver HLS feeds to stream video and audio over a wide range of devices, Muvi Playout can help you build amazing Cloud TV and radio experiences.
Looking for a branded online video player for your business?
Muvi Player SDKs integrate video into any app or website of your choice. It supports all leading TV and mobile platforms and at the same time offers features such as versatile playback formats, adaptive bitrate streaming, closed captioning, and much more.
Feel free to have a 14-day free trial of all of our offerings. Muvi with its extensive range of offerings caters to all types of businesses from entertainment, eLearning, live streaming, video storage and playback, and more. Feel free to contact us to discuss your vision and we will help you realize it with our software offerings.
Several latest technologies particularly the use of Generative AI and VR are the key trends that are going to play a pivotal role in determining the future of OTT and content creation.
Businesses can stay competitive by investing in the right software solution for their OTT business. From deploying TV apps to running global live streams, the selection of the right streaming software solution is of utmost importance.
Written by: Shivashish
Shivashish works as a content writer at Muvi. He has worked in domains like e-commerce, employee engagement, sports and entertainment. A poet by heart, Shivashish believes in creating quality content that is rich in information and easy to understand.
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