According to Home Video and OTT Video Forecast, Global Report, online video platform giants such as Netflix, Amazon Prime Video. Hulu, Hotstar, iflix etc. are driving the paid-for streaming market to 450 million by 2022. The number of homes paying for subscriptions to streaming video services has surpassed 250 million marks and by 2018 end, It is expected to reach nearly 300 million. The report also suggests that the U.S. has the highest penetration of streaming video services with 59% of households availing at least one service. Canada (51%), Norway (46%), Sweden (45%) stood second, third, and fourth respectively.
Michael Goodman, Director, TV and Media Strategies at Strategy Analytics, quoted, “Streaming video is rapidly becoming a normal part of people’s entertainment options. Usage is already at around half of households in the most mature markets and is likely to reach those levels in many other countries in the near future. Clearly, market leaders like Netflix will benefit from this trend, but there are also major opportunities for media companies which currently focus on more traditional pay-TV and content development business models.”