Flexible subscription plans, high internet penetration, and a variety of content for consumers are expected to drive the growth of the United States OTT Media Services Market.
According to TechSci Research report, “United States OTT Media Services Market –By Region, Competition Forecast and Opportunities, 2018-2028F” United States OTT media services market is projected to grow at brisk rate due to the availability of flexible subscription plans for different consumers in the United States. Some of the brands offer subscription plans based on the video quality that the consumers will stream. The lower the quality of the video, the lesser will be the price of the subscription. Thus, giving options to the consumers, as the one who prefers to watch OTT content on smart television will likely to buy high-priced subscription plans which offer higher quality such as 4K, 8K due to the bigger screen size of the television, and some of the consumers prefer lower video quality as they will stream OTT content on their smartphones which doesn't require that that much video quality in comparison to television.
The high penetration of internet connectivity and smart devices such as smartphones and smart televisions on which OTT platforms can be accessed easily are driving the market growth. Many consumers prefer watching OTT content on smartphones as it provides privacy to the user and is more prevalent among the younger generation. The use of television for streaming OTT platforms is more among family and friends as they prefer to watch OTT content together.
By providing interactive material at a low price and allowing new OTT service providers to enter the market, COVID-19 encouraged existing OTT service providers to lower their costs, which eventually benefited consumers. As they held the highest market share in the OTT media service industry, numerous local businesses also entered the business of OTT media services. They attracted a sizable number of subscribers by offering material that catered to cultural beliefs and younger generation content.
Due to the numerous advantages offered by the firms, such as higher-quality video and the ability to access online material after subscribing on various devices, including smartphones, smart televisions, laptops, personal computers, etc., SVOD has dominated the industry in terms of type. They facilitate the consumer's access to the variety of content available on the given platform.
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The United States OTT Media Services Market is segmented based on type, video quality, number of screens, region, and company. Based on type model, the market is further segmented into SVOD, AVOD, TVOD. Based on video quality the market is divided into HD, Full HD, Ultra HD. Further, on the basis of number of screens the market is fragmented into 1, 2-3 and more than 3.
In the video quality segment, many company are offering all the options for streaming such as HD, full HD and ultra HD. With this the companies not only attract large consumer base but also differentiate themselves from others. The ultra HD is forecasted to grow with the highest growth rate owing to the penetration of smart TVs, streaming devices such as TV sticks which provides high video quality will further drive the market of United States OTT media services market.
Key market players in the United States OTT Media Services Market include:
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc. (YouTube)
- The Walt Disney Company
- Lions Gate Entertainment Inc., LLC
- Apple, Inc.
- WarnerMedia Direct, LLC. (HBO Max)
- Viacom Inc.
- XUMO, LLC
- Sling TV
The major companies are spreading their operations to other nations to maintain and increase revenue. The major challenge OTT media services companies face is that they cannot retain their subscribers. Thus, to improve and tackle this problem, various platforms give personalized recommendations to users based on their likes and dislikes through multiple algorithms that keep the user intact and help retain the subscribers. Such as, Netflix, Inc. uses different algorithms to keep the subscribers hooked up with the content and attract more and more users through word-of-mouth promotion by consumers. Thus, this trend has been quite prevalent and used by multiple international OTT platforms in the country.
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“The United States OTT Media Services Market is expected to expand at a healthy rate during the projected period. Factors such as increasing internet penetration, availability of a variety of content, availability of different payment methods, and type of subscription options based on consumers' choices drive the demand for the market.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United States OTT Media Services Market By Type (SVOD, AVOD, TVOD), By Video Quality (HD, Full HD, Ultra HD), By Number of Screens (1, 2-3, More Than 3) By Region, Competition Forecast and Opportunities, 2028F”, has evaluated the future growth potential of United States OTT Media Services Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the United States OTT Media Services Market.
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