United States OTT Media Services Market to Grow During the Forecast Period
Flexible subscription plans, high
internet penetration, and a variety of content for consumers are expected to
drive the growth of the United States OTT Media Services Market.
According to
TechSci Research report, “United States OTT Media Services
Market –By Region, Competition Forecast and Opportunities, 2018-2028F” United States OTT media services market is projected to
grow at brisk rate due to the availability of flexible subscription plans for
different consumers in the United States. Some of the brands offer subscription
plans based on the video quality that the consumers will stream. The lower the
quality of the video, the lesser will be the price of the subscription. Thus,
giving options to the consumers, as the one who prefers to watch OTT content on
smart television will likely to buy high-priced subscription plans which offer
higher quality such as 4K, 8K due to the bigger screen size of the television,
and some of the consumers prefer lower video quality as they will stream OTT
content on their smartphones which doesn't require that that much
video quality in comparison to television.
The high
penetration of internet connectivity and smart devices such as smartphones and
smart televisions on which OTT platforms can be accessed easily are driving the
market growth. Many consumers prefer watching OTT content on smartphones as it
provides privacy to the user and is more prevalent among the younger
generation. The use of television for streaming OTT platforms is more among
family and friends as they prefer to watch OTT content together.
By providing
interactive material at a low price and allowing new OTT service providers to
enter the market, COVID-19 encouraged existing OTT service providers to lower
their costs, which eventually benefited consumers. As they held the highest
market share in the OTT media service industry, numerous local businesses also
entered the business of OTT media services. They attracted a sizable number of
subscribers by offering material that catered to cultural beliefs and younger
generation content.
Due to the
numerous advantages offered by the firms, such as higher-quality video and the
ability to access online material after subscribing on various devices,
including smartphones, smart televisions, laptops, personal
computers, etc., SVOD has dominated the industry in terms of type. They
facilitate the consumer's access to the variety of content available on the
given platform.
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The United States
OTT Media Services Market is segmented based on type, video quality, number of
screens, region, and company. Based on type model, the market is further
segmented into SVOD, AVOD, TVOD. Based on video quality the market is divided
into HD, Full HD, Ultra HD. Further, on the basis of number of screens the
market is fragmented into 1, 2-3 and more than 3.
In the video
quality segment, many company are offering all the options for streaming such
as HD, full HD and ultra HD. With this the companies not only attract large
consumer base but also differentiate themselves from others. The ultra HD is
forecasted to grow with the highest growth rate owing to the penetration of
smart TVs, streaming devices such as TV sticks which provides high video
quality will further drive the market of United States OTT media services
market.
Key market
players in the United States OTT Media Services Market include:
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc. (YouTube)
- The Walt Disney Company
- Lions Gate Entertainment Inc., LLC
- Apple, Inc.
- WarnerMedia Direct, LLC. (HBO Max)
- Viacom Inc.
- XUMO, LLC
- Sling TV
The major
companies are spreading their operations to other nations to maintain and
increase revenue. The major challenge OTT media services companies face is that
they cannot retain their subscribers. Thus, to improve and tackle this problem,
various platforms give personalized recommendations to users based on their
likes and dislikes through multiple algorithms that keep the user intact and
help retain the subscribers. Such as, Netflix, Inc. uses different algorithms
to keep the subscribers hooked up with the content and attract more and more users
through word-of-mouth promotion by consumers. Thus, this trend has been quite
prevalent and used by multiple international OTT platforms in the country.
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“The United
States OTT Media Services Market is expected to expand at a healthy rate during
the projected period. Factors such as increasing internet penetration,
availability of a variety of content, availability of different payment
methods, and type of subscription options based on consumers' choices drive the
demand for the market.," said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“United States OTT Media
Services Market By Type (SVOD, AVOD, TVOD), By Video Quality (HD, Full HD,
Ultra HD), By Number of Screens (1, 2-3, More Than 3) By Region, Competition
Forecast and Opportunities, 2028F”, has evaluated the
future growth potential of United States OTT Media Services Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the United States OTT Media Services Market.
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