Top 10 OTT Trends in the USA
The OTT market world over is witnessing great growth, with its market size projected to reach US$ 1039 billion by 2027.
And the USA is no exception. The country has a high penetration of smart TVs, smartphones, data, and a presence of many major OTT providers, and is expected to end the year with as many as 193.2 million users according to Statista.
A study from Limelight Networks conducted in 2019, stated that the country’s OTT consumption per week stands at 8.55 hours per week, more than the global average of 6.8 hours. With the growth the medium is seeing in the last couple of years, this number has only risen.
In this article, we’ll discuss ten trends that we are witnessing in the USA within this extremely lucrative OTT space.
Below are the 10 OTT Trends in the USA:
- Cable and satellite TV viewing are dipping in the country, which is leading to more online video consumption. Cable TV is also more expensive in the USA compared to OTT subscriptions.
- The USA is the home market for OTT vendors like Amazon and Netflix. With them being present in the country, emphasis could be given to content for the country.
- With people restricted to their homes during the Covid-19 pandemic, viewers numbers and streaming hours increased further.
- The emergence of 4K streaming has also contributed to the growth of OTT content on smart TVs.
- The likes of Disney+, Netflix, NFL creating OTT TV apps to bring their videos directly to consumers as 40% of homes in the USA are already using a smart device to stream content
- In 2020, around 70% of US homes with broadband connections owned at least one streaming product, with 50% of them owning a Smart TV.
- SVOD (Subscription Video on Demand) holds a significant market share within the space. By 2025, it’s expected to have more than 5 million paid subscribers.
- It’s highly competitive with more companies entering the market. TV broadcasters are also entering the space by way of their own app or partnering with an existing app to publish their content.
- It’s not only new apps but also consolidation being seen in the space. Very recently Amazon acquired MGM’s library for a staggering US$ 8.45 billion, allowing them access to the latter’s content. This deal is big and shall only contribute to the growing OTT numbers.
- The emergence of 5G. This has been discussed at width, but the speeds and opportunities 5G brings are immense. This will bring great, new opportunities for players in the OTT space.
With it being established that OTT is growing the world over, and more so in the USA, if you’re not on the OTT bus, you’re missing out.
There’s still a lot of opportunity in the OTT space, especially for those looking at content for niches.
The team at Enveu is here to help you start earning the dollars you’ve missed out on so far.