Around 12 months prior to now, COVID-19 had started sinking its teeth, resulting in many countries going into lockdowns to curb the virus spread. Several industries took a hit in the months that followed as business operations were cut down, yet OTT (over the top) streaming services came out on top. This was driven mainly by the surge in online streaming, as people spent more time at home and turned to video consumption for entertainment. Nielsen reported a 60% increase in global video consumption in 2020.
Competition for viewership intensified, with Disney Plus, HBO Max, and Peacock making their foray into an already packed streaming market. With the surge in activity, we witnessed a rapid acceleration of predominated trends and the introduction of new opportunities for revenue generation. The North American OTT market is set to double its revenue to US$94 billion by 2026, according to Digital TV Research.
Here is a round-up of developments in the OTT industry and trends to watch for this year and beyond.