Written by: Rakesh Ranjan
According to this year’s video forecast reports, Asia Pacific OTT market is about to witness an increase of $5 billion revenue in 2019, contributing to a total of $48 billion by 2024. Earlier, the OTT industry in Asia Pacific region recorded an overall revenue of $21 billion in 2018.
Among all the 22 countries in the Asia Pacific region, China, and Japan are supposed to account for 71% of the total revenue by 2024, with China alone to command at least 57% share.
AVoD will be the main source of OTT revenue with 52% contribution, while SVoD will occupy 39% of the OTT revenues by 2024. Mainly, the AVoD revenues will exceed the market share in China, Japan, and India.
“We forecast 407 million SVOD subscriptions [an SVOD subscriber can have more than one subscription] by 2024, up from 221 million in 2018. China will have 289 million SVOD subs in 2024. India and Japan will supply a further 31 million each”, said Simon Murray, Principal Analyst at Digital TV Research.