Westford, USA, June 07, 2022 (GLOBE NEWSWIRE) -- OTT is short for "over-the-top" and refers to the delivery of film and television content via the internet, without the need for a traditional cable or satellite subscription. OTT services like Netflix, Hulu, and Amazon Prime Video are becoming increasingly popular, as they offer a more convenient and affordable way to watch TV and movies. In addition, OTT platforms offer a greater variety of content than traditional cable or satellite providers. As a result, more and more people are cutting the traditional cables and DTH and switching to OTT and giving impetus to global OTT market.
The primary reason for this shift is that OTT offers a much more flexible and affordable way to watch TV. With a traditional pay-TV service, consumers are typically locked into a long-term contract with high monthly fees. In contrast, OTT services are much more affordable and typically allow the users to cancel at any time. In addition to this, the users do not have to watch unwanted ads while enjoying their favorite show. This further encourage consumer to switch to OTT.
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Strong Internet Penetration, High Spending on Entertainment and More Focus on Convenience Make North America the Leading OTT Market
North America has become the leading consumer of OTT apps for many reasons. The first reason is that there is a high demand for streaming content in the region. This is due to the fact that many people in the US and Canada have high-speed internet connections. This allows people to stream video content without any buffering or interruptions. The second reason is that there are many OTT app providers in the region. This gives consumers a lot of choice when it comes to selecting an app. The third reason is that North American consumers are willing to pay for premium content on OTT platforms such as Netflix and Hulu. This means that OTT app providers can generate a lot of revenue from the region.
Apart from this, North America OTT market is driven by a high level of awareness of OTT apps across the US and Canada. This is due to the fact that many technology companies are based in North America, so people are exposed to these products and services from a young age. The growth is further supported by strong penetration of smartphones with high-speed wireless connectivity.
In the US alone, YouTube, Netflix, Amazon Prime, and Disney+ are holding prominent position with strong subscriber base of 230.6 million, 177.7 million,152.6 million, 125.8 million, and 109.8 million, respectively.
Netflix is Dominating the Entertainment Sector in the Global OTT Market
Netflix is dominating the OTT market because it offers a great selection of movies and TV shows. It also has a very user-friendly interface that makes it easy to find what users are looking for. One of the most important factors responsible for its dominance is that the platform offers a variety of content that appeals to a wide range of people. It has something for everyone, whether the user is interested in watching old movies, TV shows, or new releases. In addition, Netflix offers a variety of plans that allow the viewers to watch its content on multiple devices.
In order to stand out in the highly competitive OTT market, Netflix pay a considerable attention to being innovating and improving their service. They're constantly adding new features and making sure that their service is top-notch. All these factors make Netflix attract more consumers to its platform and engage them in lucrative content for longer period.
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Competitive Landscape: Strong Content Library, Reasonable Pricing, and User-Friendly Interface Intensifies OTT Market Competition
In recent years, the OTT market has become highly competitive. This is due to the fact that the barriers to entry are low and there are now many companies offering OTT services. The competition has led to lower prices and better-quality services. It has also resulted in new features being added to OTT services. They also need to keep up with the latest trends and technologies. The most important factor in this market is content. Players need to have compelling content in order to attract and retain customers. They also need to have a good distribution platform so that their content can be easily accessed by users.
In order to sustain the highly competitive OTT market, OTT providers are entering into partnership and joint venture. For instance, Disney+ has partnered with Indian OTT platform Hotstar and has become successful in attracting large number of consumers with promising content and lucrative pricing.
OTT Market Dynamics
Drivers
- Improving Internet Infrastructure
- Growing Penetration of Smartphones and Smart TVs
- Rising focus on flexibility to watch any show at any time, which is not the case in traditional cable and DTH services
- Increasing adoption of digital payment services to drive the OTT market
Restrain
- Difficult to find good quality content
- Low entry barriers are enabling easy entry into OTT market
- OTT platforms are slow respond to customer complaints
- OTT services can be expensive if users want to subscribe to multiple platforms
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