Key regions: United Kingdom, Germany, Asia, South Korea, Japan
The OTT Video market in North America is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in North America are increasingly opting for OTT video services due to their convenience, flexibility, and wide range of content options. With the rise of smartphones and high-speed internet connectivity, consumers are seeking on-demand access to their favorite movies, TV shows, and original content. The ability to stream content anytime, anywhere, and on multiple devices has become a key driver for the adoption of OTT video services in the region. Additionally, the availability of personalized recommendations and user-friendly interfaces has enhanced the overall customer experience, further fueling the demand for OTT video.
Trends in the market: One of the prominent trends in the North American OTT video market is the growing popularity of subscription-based services. Streaming platforms such as Netflix, Hulu, and Amazon Prime Video have gained a strong foothold in the region, attracting a large number of subscribers with their extensive libraries of movies and TV shows. The increasing competition among these platforms has led to a surge in the production of original content, as well as partnerships with renowned production studios. This has not only diversified the content offerings but has also created a competitive landscape, driving innovation and quality improvements in the market. Another emerging trend in the market is the proliferation of live streaming services. With the advent of social media platforms and the popularity of live events, consumers are seeking real-time access to sports, concerts, and other live content. OTT video providers are capitalizing on this trend by offering live streaming options, enabling viewers to watch their favorite events without the need for traditional cable or satellite TV subscriptions. This trend has not only attracted a new segment of customers but has also opened up opportunities for advertisers to reach a highly engaged audience.
Local special circumstances: The North American OTT video market is characterized by a highly competitive landscape, with both domestic and international players vying for market share. The region is home to several major OTT video providers, each offering unique content and pricing strategies to attract and retain customers. This intense competition has led to continuous innovation and investment in technology, resulting in improved streaming quality, enhanced user interfaces, and advanced features such as offline viewing and multi-device compatibility. Furthermore, the North American market is witnessing a shift in consumer behavior, with a growing number of viewers opting for cord-cutting. This trend refers to the cancellation of traditional pay-TV subscriptions in favor of OTT video services. Factors such as rising cable costs, the availability of high-quality streaming options, and the increasing prevalence of smart TVs and streaming devices have contributed to the decline in traditional TV viewership. As a result, OTT video providers are capitalizing on this trend by offering competitive pricing, flexible subscription plans, and a diverse range of content options.
Underlying macroeconomic factors: The growth of the OTT video market in North America can be attributed to several underlying macroeconomic factors. The region has a high level of internet penetration, with a large percentage of the population having access to high-speed broadband connections. This widespread connectivity has facilitated the adoption of OTT video services, enabling consumers to stream content seamlessly. Additionally, the North American market benefits from a strong consumer purchasing power, with a significant portion of the population willing to pay for premium OTT video services. The region's robust digital infrastructure and high disposable incomes have created a favorable environment for OTT video providers to thrive. In conclusion, the OTT Video market in North America is experiencing rapid growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. The convenience, flexibility, and wide range of content options offered by OTT video services have resonated with consumers, leading to increased adoption. The market is characterized by intense competition, with both domestic and international players vying for market share. The proliferation of subscription-based services and live streaming options are key trends shaping the market. Furthermore, the region's strong digital infrastructure, high internet penetration, and consumer purchasing power have contributed to the growth of the OTT video market in North America.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Traditional TV & Home Video and OTT (over-the-top) Services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective segment. This spending factors in discounts, margins, and taxes.Modeling approach / Segment size:
The segment size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant segment. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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