Another agency thinks that Streaming is the future of TV. Early adopters thought so years ago, but year in and year out the TV industry has been adjusting not just to the demands of consumers but more importantly reeling in more advertising revenue. The biggest gains in streaming have been attributed to the long lockdown the world experienced in 2020.
A report from Mordor Intelligence projected that the Over the Top (OTT) Market is expected to reach USD 223.07 Billion by 2026, registering a CAGR of 13.87 through 2026. It said: “The onset of the COVID-19 pandemic positively impacted the OTT landscape, with audiences consuming more content at home via OTT devices. This is likely to accelerate the growth of this format. The OTT opportunity is further deep when looking at the region’s mobile-first economy, combined with the rising OTT subscription rate. An increasing number of consumers have a digital TV in their pocket, which presents an exciting opportunity for media buyers looking to take advantage of changing consumer trends.” Active Mining Companies in the markets today include Helbiz Inc. (NASDAQ: HLBZ), Roku, Inc. (NASDAQ: ROKU), fuboTV Inc. (NYSE: FUBO), Netflix, Inc. (NASDAQ: NFLX), Curiosity (NASDAQ: CURI).
Mordor Intelligence added: “Further, players offering OTT platforms services are no longer interested in being viewed as platforms just for accessing movies and TV shows but are also investing in the production and licensing of their content. Such a scenario has resulted in direct competition with traditional TV and among the OTT industry. The competition is further heightened with the deployment of advanced technologies within the platforms. The onset of the COVID-19 pandemic positively impacted the OTT landscape, with audiences consuming more content at home via OTT devices… While the growth was evident due to the lockdowns and consumers forced to stay at home, the data highlights huge gains from the OTT platforms… With a high adoption rate, users broadcast entertaining videos, sports, music, local or international news to a large group of other users. This wide range of applicabilities is accelerating its adopted growth.”