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According to Chrome DM, the growing OTT services Market in Asia owes its success largely to the rebounding economy coupled with an ever-growing population base. The same report presents the market share for Asia OTT services valued at 9.5 Billion USD, and is further estimated to have a projected consumer annual growth rate of ~17% by 2026.
In addition to being a massive economy thanks to the key dominant players like Japan, South Korea and Israel; Asia also houses the fast growing economies of India, China and Vietnam where the native inhabitants amount to more than 58% of the global population. This is a potential market brimming on the surface, where the media and telecom industries are out to sniff their own profit margins in this ever-growing consumer base.
The severe impact of COVID-19 has ensured multiple economic shutdowns since March, 2020 where the countries such as Korea and Japan have opted for a complete lockdown to curb the raging pandemic. This phenomenon alone led to a sizable growth in OTT consumption where the total aggregate of minutes spent on weekly basis saw a substantial jump of 60%. Furthermore with theatres bulldozed into oblivion, the rising vacuum in the entertainment demand saw a potential alternative in OTT market.
According to the report, the major players dominating the Asia OTT services market are China, Japan, India, Korea and Indonesia. China accounts for the largest market share with a fast-growing middle class base. OTT will likely dominate the market in coming years where the smartphones remain the preferred mode for online consumption.
The report offers key insights into the current market scenario which comprises of market size, growth rate along with market drivers such as challenges, current trends, and opportunity areas. It also includes detailed information around the market segmentation and key competitors present in those segments.
Key market players, which are covered in the report include:
• Amazon Prime
• Netflix
• Disney
• Spotify
• Tencent Video
• iQiyi
• Youku
• Hotstar
• Setplex
• WarnerMedia
• Hulu
• Sony Pictures India
• Voot
• Jio
• Fim+
The report bifurcates OTT Services market in two ways:
• By Type, in which the report segments the market into Communication services, Media services and Application services
• By Platform, in which the reports cover share by Smartphones, Smart TVs, laptops, gaming consoles and others.
The report has been developed by gathering information based upon primary as well as secondary sources. Primary research conducted during the process includes interviews with OTT product & solution providers along with various industry experts. Secondary research includes an exhaustive search of relevant publications such as company annual reports, financial reports, news articles and other proprietary databases.
About Chrome Data Analytics & Media
Chrome DM is a technology-driven market research firm with a Pan-India on-ground presence. As of September 2017, the organization has a team of 650+ field staff, 150+ managerial staff and 450 tele-callers speaking over 22 languages to gather data from 5817 towns. With a presence in over 5,99,623 villages, Chrome DM also has an unprecedented reach into Rural India. Since its inception, Chrome DM has worked with some of the biggest brands across industry verticals, including Dabur, Gionee, Lava, Sony, Samsung, Government of Rajasthan, BJP, Employee Provident Fund Organization, Star India, Bureau of Energy Efficiency, Times Group, Future Group, Mercedes, Cafe Coffee Day, Zee, Soulflower & Mahindra amongst other reputed organizations, by providing them research & advisory.