United States OTT Media Services Markets, 2022-2028 – Increasing Availability of Various Subscription Packages to Fuel Market Growth – ResearchAndMarkets.com

Dublin–(Business Wire)– “United States OTT Media Services Market, by Revenue Model (SVOD, AVOD), by Device Type (Mobile Devices & Computers, Smart TVs & Set-top Box, Gaming Consoles & Fire TV Devices), by Region, Competitive Forecast and Opportunities, 2028” added the report ResearchAndMarkets.com’s submission

The United States OTT media services market is expected to grow at an impressive rate during the forecast period owing to increasing internet connectivity.

The OTT industry in the United States is witnessing increased demand due to the availability of smart devices such as smart televisions and smartphones. There are more than 294.15 million smartphones and more than 90% of households in the country own a television. Among them, 50% of the population owns a smart TV, which significantly impacts the demand for OTT media services in the country.

The growing popularity of OTT media services can be attributed to the multiple benefits of liberating residents from cable subscriptions, geographic restrictions and broadcast schedules. Hence, limited style options, package convenience, increased gadget availability, internet usage and low costs have contributed to the rise in popularity.

Due to the COVID-19 pandemic, the temporary closure of entertainment venues such as theaters, box offices, and cinemas has increased the demand for over-the-top services in the United States.

Availability of streaming services on various devices will fuel the market growth

OTT media services have become more widely available as technology has advanced and they are now available on smartphones and smart televisions.

Furthermore, the availability of streaming platforms on gaming consoles and the advent of firetv sticks launched by several companies such as Amazon.com, Inc, has more than 50 million monthly active users worldwide who stream OTT platforms with the help of firetv sticks. Data provided by Business Standard, through which OTT services can be easily streamed on non-smart televisions, is fueling the growth of the OTT media services industry.

Additionally, Alphabet Inc. Chromecast has launched a device that offers a number of features such as a dedicated remote control and algorithm-generated recommendations that improve the user experience.

Increasing availability of various subscription packages to fuel market growth

OTT media services are on the rise in the country due to the availability of various subscription packages. Some companies offer combined models of AVOD and SVOD, which help attract new subscribers.

In addition, some OTT media service platforms favor the AVOD model for customers who view advertisements instead of paying for an OTT media service platform subscription.

Several cyber crimes are hindering the growth of the market

In addition, certain OTT platforms, including HBO, Netflix and others, put users at risk because they may lose private information when subscribing.

In addition, cyber crimes can occur on websites that request users’ sensitive information, such as their bank account information. Although most trusted platforms are trying to improve security, many still need to tweak it. Hence, it provides expansion in the country.

Increasing market competition from new market entrants hinders market growth

The OTT media services sector is facing significant competition as new service providers deliver content at lower cost than established providers. Additionally, many businesses are implementing AVOD revenue models to attract potential subscribers and compete fiercely with well-known brands.

Market Dynamics

Drivers

  • Availability of streaming services on different devices

  • Increasing availability of various subscription packages

  • Increasing Internet penetration

Challenges

  • Many cyber crimes

  • Piracy of videos

Market Trends & Developments

  • 5G is changing the OTT media services market

  • Innovative Monetization Models

  • Content personalization through different algorithms

  • User friendly interface

Competitive landscape

Company Profiles: Detailed analysis of major companies present in the United States OTT Media Services market.

  • Netflix, Inc.

  • Amazon.com, Inc

  • Alphabet Inc.

  • The Walt Disney Company

  • Hulu, LLC

  • Apple, Inc.

  • HBO MAX (AT&T INC.)

  • Viacom Inc.

  • XUMO, LLC

  • Sling TV

Report Scope:

United States OTT Media Services Market, by Revenue Model:

United States OTT Media Services Market, by Device Type:

  • Mobile Devices & Computers

  • Smart TVs & Set-top Box

  • Gaming Consoles & Fire TV Devices

United States OTT Media Services Market, by Region:

  • South

  • West

  • Mid West

  • Northeast

For more information about this report visit https://www.researchandmarkets.com/r/b6lsny-states-ott?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

Source

Also Read :  Program Manager, Translational Biosciences and Entrepreneurship

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button