Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "United States Ott Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The United States Over-The-Top (OTT) market is exhibiting a significant upswing, as detailed in comprehensive new research now available for consideration. The market, currently valued at USD 50.29 billion in 2023, is projected to burgeon to USD 90.87 billion by 2028, charting a Compound Annual Growth Rate (CAGR) of 12.56% during the forecast period.
Key dynamics facilitating this expansion include the widespread adoption of smart devices such as smartphones and smart TVs, coupled with an escalating appetite for Video on Demand (VOD) content, and a solid per-user payment culture. Home to leading OTT behemoths such as Netflix and Amazon, the United States market enjoys a privileged position on the global stage, further accelerating region-specific growth.
Significant Findings and Market Drivers
- The OTT content wave is liberating consumers from the constraints of traditional cable subscriptions, offering freedom from geographic limitations and fixed broadcast timings. This shift is graced by narrow genre focuses, flexible viewing packages, broad device support, deeper internet penetration, and cost advantages. Netflix and Amazon Prime Video continue to dominate the country's subscription landscape.
- The surge in OTT viewership during the COVID-19 era underscored the importance of streaming services, with increased consumption reported in the wake of limited theatrical releases. Furthermore, the adoption of immersive technologies like VR and AR in gaming on smart devices is seen as a catalyst for post-pandemic demand.
- Innovations such as 5G promise to further invigorate the OTT sector. 2022 data from OpenSignal highlighted that users with 5G devices enjoyed 5G connectivity 25.2% of the time, suggesting a substantial prospect for enhanced streaming experiences.
- However, OTT providers are also facing elevated costs due to the rise in consumption. Avariability in delivery costs remains subject to the chosen content delivery network (CDN) models.
- In response, market leaders are introducing more affordable subscription plans. A prominent example includes Netflix's collaborative move with Microsoft to launch a lower-cost ad-supported service.
OTT Market Trends in Focus
- Smart TV Usage Peaks: The steady rise in smart device and smart TV usage is paving the way for OTT expansion. The offerings of high-definition smart TVs at lower prices by companies such as Samsung indicate a fertile environment for content consumption growth.
- SVOD Continues to Dominate: Subscription Video on Demand represents a revolutionary model in media consumption, with US consumers' spending crossing USD 7 billion in one quarter alone. This sector is on a trajectory for diversification and augmentation, with numerous platforms possibly reaching over five million subscribers by 2025.
US OTT Market Outlook
The competitive landscape in the United States OTT realm is intensifying, with market players adopting various strategies such as mergers, acquisitions, and strategic partnerships – for instance, Disney+ launching an ad-supported service, and Netflix ramping up its game development efforts. Such movements hint at a market ripe for innovation and growth that continues to redefine entertainment consumption patterns across the country.
With this data-rich assessment, stakeholders in the digital content, entertainment, and technology spheres are provided with insightful analysis to navigate the rapidly evolving market landscape of over-the-top media services in the United States.
The report offers additional benefits including post-purchase analyst support, ensuring that robust, data-backed insights serve as a bedrock for strategic decision-making in the burgeoning US OTT sector.
A selection of companies mentioned in this report includes
- Netflix
- Disney+
- Amazon Prime Video
- Roku
- HBO Max (AT&T Inc.)
- CBS All Acess (Viacomcbs Inc.)
- Sling TV L.L.C.
- Apple Inc.
- YouTube (Google LLC)
For more information about this report visit https://www.researchandmarkets.com/r/y0lcz4
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Attachments
- United States Ott Market Forecasted 8 K Ultra H D T V Unit Shipments United States In Percentage 2019 2022
- United States Ott Market Number Of Netflix Paying Streaming Subscribers United States In Millions Q3 2021 Q3 2022
