The global revenues from streaming video services will reach $159 billion in 2024 – more than double the figure of $68 billion in 2018, data from Digital TV Research has revealed.
In 2019, the global revenue total is projected to reach about $85 billion.
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.
Streaming video on demand (SVOD) revenues will climb by $51 billion between 2018 and 2024 to take its total to $87 billion.
“China and the US together accounted for 63 per cent of the global total in 2018. China overtook the US in 2018 to become the gross SVOD subscription leader,” said Simon Murray, Principal Analyst at Digital TV Research.
China added nearly 60 million subscriptions in 2018 alone, with the US up by 27 million.
“India nearly doubled its subscription base,” Murray added.
Digital TV Research looked at 138 countries for the report.
The US will still be the top territory in the global OTT marketplace. The report predicted that revenues in the US 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 $27 billion. The US and China will control 56 per cent of the global total by 2024, according to the study.
According to Counterpoint Research, Hotstar leads the Indian OTT video content market, followed by Amazon’s Prime Video, SonyLIV, Netflix, Voot, Zee5, ALTBalaji, and ErosNow in terms of the percentage of respondents subscribed to each platform.