OTT Players Migrate from HD to SD to Reduce Bandwidth Consumption amidst COVID-19 Outbreak
The online streaming platform market has been benefitting even during the coronavirus (COVID-19) pandemic. Since most individuals worldwide are practicing social distancing and home isolation, tuning into OTT channels for entertainment has become increasingly commonplace amidst the coronavirus period. Companies in the online streaming platform market have experienced a sudden spike in the number of subscribers in the past couple of months, and the trend continues as several countries are following lockdown regulations.
As more number of people are watching content online, telecom companies in India are urging companies in the market for online streaming platforms to share the online streaming traffic load. Telecom companies have called on the OTT platform providers to migrate from HD (hi-definition) to SD (standard definition) streaming in order to minimize the ongoing heavy-bandwidth consumption.
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Hybrid Monetization Models Gain Popularity in Online Streaming Platform Market
Online content streaming providers are leaping onto new incremental opportunities associated with changing preferences of viewers. Hence, companies in the online streaming platform market are increasing their focus in hybrid monetization models, as subscribers are showing increased interest in the willingness to pay for premium content. For instance, companies in the market for online streaming platforms are taking cues from YouTube’s freemium model and is being put to use in other over-the-top (OTT) platforms. Such trends are bolstering the revenue of the online streaming platform market, which is estimated to reach a value of ~US$ 22 Bn by the end of 2030.
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As such, SVOD (Subscription-based video on demand) and AVOD (Advertisement-based video on demand) models are prominent in the market for online streaming platforms. Moreover, the TVOD (Transactional-based video on demand) model offers a more selective viewing experience by allowing viewers to download content by paying a single-time fee to binge-watch.
Winning Imperatives: Strategic Collaborations with MNOs and Personalized Offerings Boost Market Growth
OTT videos are being increasingly consumed by users in the same pattern of traditional TV viewers. Hence, analysts of Transparency Market Research (TMR) opine that the online streaming platform market is expected to expand at a striking CAGR of ~12% throughout the forecast period. As such, OTT video streaming providers are collaborating with mobile network operators (MNOs) to understand the complex behavioral and consumption patterns of online video content users.
Companies in the market for online streaming platforms are providing innovative product offerings to boost consumer engagement and expand their subscriber base. For instance, in July 2019, Netflix— a leading U.S. media-services provider and production company, announced to launch a mobile-only plan for Indian online video content users priced at under US$ 3 per month to increase their subscriber base in tier 2 and tier 3 cities of India. As such, companies in the online streaming platform market are tapping incremental opportunities in countries with a large smartphone user base like India.
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OTT Players Target Millennials and Generation Z to Increase their Subscriber Base
The unlimited access to original and high-quality content on-the-go is a key driver that is increasing the popularity of online streaming platforms. However, the online streaming platform market is becoming increasingly crowded with new entrants such as XUMO, STARZ, and Sling, among others, are giving a stiff competition to leading market players such as Netflix, Amazon Prime, and Disney+Hotstar. Hence, companies in the online streaming platform market are adopting innovative strategies to gain a competitive edge over other market players.
Companies in the market for online streaming platforms are capitalizing on the demand for digital originals. As such, the revenue of SVOD is projected for aggressive growth during the forecast period due to global audience demand for original content. OTT platform players are unlocking value-grab opportunities by identifying the needs of millennials and generation Z subscribers who prefer original and exclusive content. Moreover, word of mouth publicity, for instance, during the Game of Thrones show, is another strategy that OTT players are diving into to increase their subscriber base.
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Online Streaming Platform Market: Overview
- The global online streaming platform market is expected to register a CAGR of ~12% between 2020 and 2030
- The rising adoption of online streaming platforms to access real-time content is expected to boost the online streaming platform market in the near future
- The global online streaming platform market is expected to reach ~US$ 22 Bn by 2030 from ~US$ 7 Bn in 2020
- North America holds a major share of the online streaming platform market in terms of revenue and is anticipated to dominate the online streaming platform market during the forecast period, followed by Europe and Asia Pacific
- North America remains the leading region in the online streaming platform market, with revenues in 2020 estimated at ~US$ 2.5 Bn
- The online streaming platform market in Middle East & Africa and South America are also expected to show moderate growth during the forecast period
- Asia Pacific is projected to expand significantly in terms of share in the global online streaming platform market during the forecast period. This is due to the growth of the online streaming platform market across Asia Pacific, which is largely attributable to the increasing demand for subscription-based online and live video, which has propelled the demand for online streaming platforms in the APAC region.
Online Streaming Platform Market: Definition
- The online streaming platform market report provides analysis of the global online streaming platform market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year and 2020 – 2030 is the forecast period
- The study on the online streaming platform market would help clients to understand the adoption analysis of online streaming platform in different countries
- A streaming platform is an on demand online entertainment source for TV shows, movies, and other streaming media. Additionally, online streaming platforms are the video hosting solutions that enable users to upload or broadcast video content to their customers. An online streaming platform is also known as a live streaming platform.
- Online streaming platforms are a type of service in which the user can select and view live video content. The user can access a wide range of live digital content such as sports, concerts, events, and more. Online streaming platforms offer reliability, efficiency, and cost-effectiveness for media streaming on any screen across a vast range of industries and streaming types.
North America Online Streaming Platform Market: Snapshot
- North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in the North America region in the next few years. North America held a prominent share of the global online streaming platform market in 2019. For the same reason, North America is expected to witness highest opportunity addition in the online streaming platform market globally, with Europe and Asia Pacific being the next closest regions.
Key Growth Drivers of Online Streaming Platform Market
- Increase in availability & supply of real-time content
Media consumption is increasing due to increasing availability and supply of real-time content and a rise in the number of devices capable of supporting digital media. Therefore, popularity of digital media players such as Netflix, Hulu, Amazon Prime, Hotstar, Roku, and Boxee as the main entertainment hubs is increasing presently. Moreover, online streaming platforms are gradually gaining popularity, as people are preferring online streaming services rather than traditional TV, in order to receiver real-time content. Growing availability of real-time content is also estimated to boost user demand as well as developments in networks, which in turn is anticipated to propel the global online streaming platform market.
- Availability of multi-device compatibility solutions
Technological demands of delivering live content are quite high, which in turn is fueling the demand for multi-device compatibility solutions. Thus, vendors are focusing on offering multi-device compatibility solutions to provide better viewer experience to users, as online streaming has become an effective source of entertainment. Impact of this driver is high, as most vendors are presently launching multi-device compatibility solutions. A rise in user demand as well as increase in number of devices is anticipated to have a positive impact on this market, as it offers the freedom to viewers to access their favorite content on the device of their choice.
Key Challenge Faced by Online Streaming Platform Market Players
- Disparity in industry regulations is a major restraint for the online streaming platform market
Online Streaming Platform Market: Competition Landscape
- In 2019, Hotstar was acquired by The Walt Disney Company as part of its acquisition of their U.S. parent company, 21st Century Fox
- In May 2017, YouTube announced the re-branding of YouTube Red as YouTube Premium and launched a separate YouTube Music subscription for its users
Online Streaming Platform Market: Company Profile
- YouTube (Google)
Incorporated in 2005, YouTube, LLC. is a U.S. online video-sharing platform headquartered in San Bruno, California and operates as one of Google’s subsidiaries. YouTube offers a wide variety of user-generated and corporate media videos. In addition, the company provides subscription-based premium channels and film rentals through YouTube Music and YouTube Premium. It also offers video hosting services to its customers, so that customers can upload their exclusive content on YouTube.
- Amazon.com, Inc. (Amazon Prime)
Incorporated in 1984, Amazon.com, Inc. is an American multinational technology company based in Seattle, the U.S., with approximately 647,500 employees. The company offers various products and services all across world. Amazon.com, Inc. mainly focuses on e-Commerce, cloud computing, digital streaming, and artificial intelligence. The company distributes downloads and streaming of video, music, and audiobooks through its Prime Video, Amazon Music, and audible subsidiaries.
- Netflix, Inc.
Incorporated in 1992, Netflix, Inc. is the world’s leading Internet entertainment service provider with over 139 million paid memberships in over 190 countries. The company has three reportable segments: domestic streaming, international streaming, and domestic DVD. Netflix, Inc. offers its products and services all across the world except in mainland China (due to local restrictions), Syria, North Korea, and Crimea (due to the U.S. sanctions).
- Other major players operating in the global online streaming platform market and profiled in the report include
- Dacast
- Muvi LLC
- Dailymotion
- Ustream (IBM Cloud)
- Vimeo, LLC
- Disney+ Hotstar
- SpotX, Inc.
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