310 Million Households Worldwide will have More than One OTT Service by 2024
2018 ended with approximately 200 million households having at least one OTT service, according to Parks Associates “OTT Video Services: Disruptive Globalization” report. By 2024, Parks anticipates that more than 310 million households will have at least one OTT service.
The US currently leads in subscription OTT service adoption. Global markets will likely experience rapid growth due to content producers and OTT service providers targeting audiences and revenue worldwide.
Challenges that providers will need to adapt to include: device preferences, regulations, business models, viewing habits and service mix. Providers will also need to focus on factors beyond providing a quality content library. Price and user experience are global adoption drivers.
Additional findings include:
- Device preferences vary globally. The US tends to prefer smart TVs and streaming media devices. Canadians use gaming consoles. In Asia, people tend to use smartphones and mobile-only devices.
- Roku supports 66% of all OTT services available in the US.
- 70% of US broadband households have at least one OTT service, followed by 64% in Canada and 52% in the UK.
For more information from Parks Associates, click here.