According to Research Dive’s most recent research report, the “Global Over-The-Top (OTT) Market,” the global OTT market accounted for USD 110.1 billion in 2018 and its number of subscriptions for entertainment platforms is expected to rise amid stay-at-home orders. The market is predicted to gather USD 438.5 billion by growing at a healthy growth rate of 19.1% by 2026. The market has earned USD 155.6 Billion amid the Covid-19 outbreak, as there is an increase in the number in the viewer's percentage in the entertainment sector by a solid 30%. "The COVID-19 crisis has affected the global market for OTT in a positive way,” Research Dive said.
The spike in demand for live streaming channels and the ongoing creation of cloud-based OTT services would drive market growth. However, lack of data network facilities for OTT services in the following years may impede the market growth.
According to the report, the global OTT market is projected to undergo continuous growth post-coronavirus pandemic. Many digital media and broadcast providers have stepped up their efforts to build new channels for consumers to access different types of content, such as music, videos, and other content because of a lot of online viewers and hence a rising number of OTT services. These factors can drive business growth.
The increase has resulted from the increasing demand for OTT and gaming on behalf of several regions.The media development agency and company of infocomm in Singapore recently announced digital support to SMEs, which allows remote work approaches to restore the production activities of small and medium-sized enterprises. Some of the platforms that have received boosts in viewership and subscriptions include Hotstar, Amazon Prime Video, and Netflix.
The COVID-19 crisis has affected the global market for OTT in a positive way.” Research Dive
