If you still have doubts about whether OTT business can help boost revenues, this article is for you! According to research by Financial News Media, in 2020 the OTT-based segment had the largest market share in an expanding global video streaming market, and the OTT segment is forecasted to continue its strong growth for the next eight years.
Innovations to improve video quality, such as blockchain technology and artificial intelligence, are expected to drive growth in the global video streaming market for years to come. Video streaming solution providers are using AI video content quality. In addition, AI is playing an important role in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and upload.
In the recent years, the popularity of global video streaming platforms over broadcast media such as YouTube and Netflix has increased considerably. The growing use of social media and other digital mediums on cell phones for branding and marketing purposes is expected to fuel further growth in the global video streaming market.
Other factors with a positive impact on growth in the global video streaming market are:
- The growing adoption of cloud-based solutions to increase the reach of video content, particularly in Europe and North America.
- Ongoing advancements in technology, driven by consumer demand for better video quality, performance, and security.
- The greater use of digital media across various industry verticals has led to increased interest in a wider range of streaming solutions and services.
Companies active in the global video streaming market today include Grom Social Enterprises, Inc. (NASDAQ: GROM), Roblox (NYSE: RBLX), Netflix, Inc. (NASDAQ: NFLX), Hasbro, Inc (NASDAQ: HAS), ViacomCBS (NASDAQ: VIAC).
Supporting the above market information, a report by Grand View Research said that the global video streaming market size was valued at USD 50.11 billion in 2020, and is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028.
The report concluded: “The OTT-based segment accounted for the largest revenue share in 2020, with over 41% of the market share. It is owing to a feature that OTT based solutions deliver film and TV content through the internet without the need for users to subscribe to traditional cable or pay-TV services. Further, the segment is expected to witness a noticeable growth over the forecast period owing to the growing demand for improved automation of business processes and the full availability of broadband infrastructure. Emerging trends in OTT, such as hybrid monetization models, rising demand for digital original content, and content fragmentation due to intensive competition, are expected to contribute to the growth of OTT streaming solutions.”
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