The international market for OTT video services will continue expanding over the next five years, and more than double the revenue totals recorded in 2018.
According to new data from Digital TV Research, global revenues from streaming video services will reach $159 billion in 2024, or more than double the $68 billion recorded in 2018. In 2019, the global revenue total is projected to reach about $85 billion.
The firm projects that subscription streaming services, which overtook ad-supported services in 2014 to become the largest OTT revenue source, will continue to take more share of the market. SVOD revenues will climb by $51 billion between 2018 and 2024 to take its total to $87 billion.
“Despite losing market share to SVOD, there is still plenty of AVOD growth left. AVOD revenues will increase by $34 billion between 2018 and 2024 to reach $56 billion. Several high profile AVOD-funded platforms are due to start operations soon,” said Simon Murray, principal analyst at Digital TV Research, in a statement.
Digital TV Research looked at 138 countries for the report, and found that the top five will control 68% of the global revenues by 2024, down from 71% in 2018. The U.S. will still be the top territory in the global OTT marketplace with its share of global revenues staying just less than 40%. The firm predicts that revenues in the U.S. will more than double between 2018 and 2024 – adding nearly $34 billion to reach $61 billion.
China will add $15 billion over the same period to reach to $27 billion. The U.S. and China will control 56% of the global total by 2024, according to the study.