OTT Revenue Growing By $17B This Year, Reaching $159B By 2024
The global over-the-top (OTT) market is booming, reports new data from Digital TV Research. After examining revenue numbers for 138 countries, the researcher projects OTT will more than double from $68 billion in 2018 to $159 billion in 2024. The area will grow by $17 billion in 2019.
Subscription services are the biggest piece of the pie, and have been since 2014. Between 2018 and 2024 SVOD revenues will climb by $51 billion, reaching a total of $87 billion.
SVOD overtook AVOD as the revenue leader in 2014, but don't count AVOD out yet.
“Despite losing market share to SVOD, there is still plenty of AVOD growth left," says Simon Murray, principal analyst at Digital TV Research. "AVOD revenues will increase by $34 billion between 2018 and 2024 to take its total to $56 billion. Several high profile AVOD-funded platforms are due to start operations soon.”
The U.S. is the OTT revenue leader, claiming almost 40% of total revenues. That won't change anytime soon, as the U.S. total will rise by $34 billion to reach $61 billion in 2024. China is seeing strong growth, as well, and will rise by $15 billion to hit $27 billion in 2024. The two counties alone account for 56% of all OTT revenues.
This data comes from Global OTT TV and Video Forecasts, available for purchase.
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