NEW YORK—The surging penetration of the internet and smart devices, increasing average internet speeds, and soaring use of video on demand (VOD) services pushed revenues for OTT services to $91.88 billion in 2020, with further growth on the way, P&S Intelligence is predicting.
Revenues are expected to “surge sharply” during between 2021 and 2030, according to a new report from P&S Intelligence.
The report covers the OTT services market for music streaming, online gaming, and VOD. Of those, P&S predicts that the gaming category is expected to dominate the market during the forecast period.
Over the last year, the pandemic fueled rapid growth in growth of the OTT services market, as lockdowns and stringent social distancing protocols has brought the cinema, theatre industry and live sports to a halt, the report noted.
The OTT platforms benefited from these measures, as they were able to show sporting events and movies under a pay-per-view model and the lockdowns gave people time to consume online content, boosting viewing.
Globally, North America held the largest share in the OTT services market in 2020, the report noted but during the forecast period, the Asia-Pacific (APAC) region is predicted to be the fastest-growing market for OTT services, thanks to a large population, growing smartphone user base, and surging internet penetration in the developing countries such as China and India.
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