Dublin, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The "United States OTT Media Services Market, By Revenue Model (SVOD, AVOD), By Device Type ((Mobile Devices & Computers, Smart TVs & Set-Top Box, Gaming Consoles & Fire Tv Devices)), By Region, Competition Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
United States OTT Media Services Market is projected to grow at impressive rate during the forecast period on account of increasing internet connectivity
The OTT industry in the United States is witnessing increased demand owing to the availability of smart devices such as smart televisions and smartphones. There are more than 294.15 million smartphones, and more than 90% of the country's households own a television. Among them, 50% of the population have a smart tv, significantly influencing the demand for OTT media services in the country.
The growing popularity of multiple advantages of OTT media services can be attributed to factors such as it frees residents from cable subscriptions, geographical restrictions, and broadcast schedules. Thus, the limited genre options, package flexibility, increased gadget availability, internet usage, and cheaper costs have contributed to increasing popularity.
Due to the COVID-19 epidemic, temporary closures of entertainment venues like theatres, box offices, and cinemas have increased demand for over-the-top services in the United States.
Availability of Streaming Services on Various Devices Fuels the Market Growth
OTT media services became more widely available as technology advanced, and they are now available on smartphones and smart televisions.
Furthermore, the availability of streaming platforms on gaming consoles and the advent of firetv sticks launched by several companies such as Amazon.com, Inc which has more than 50 million monthly active users globally who stream OTT platforms with the help of firetv sticks as per the data provided by Business Standard, by which OTT services can be streamed at ease on a non-smart television are fueling the growth of the OTT media services industry.
Additionally, Alphabet Inc. launched the Chromecast device, which provides several features such as dedicated remote control, and algorithm-generated recommendations that improve the user experience.
Increasing Availability of Various Subscription Packages to Fuel the Market Growth
OTT media services are witnessing an increasing surge in the country owing to the availability of various subscription packages. Some companies are providing AVOD and SVOD combined models, which help them to attract new subscribers.
Additionally, some OTT media service platforms favour the AVOD model for customers who would rather view advertising than pay for an OTT media service platform subscription.
Numerous Cybercrimes are Hampering the Market Growth
In addition, certain OTT Platforms, including HBO, Netflix, and others, put consumers at risk because they could cause them to lose private information while subscribing.
Additionally, cybercrime can occur on websites that request users' sensitive information, such as their bank account information. Even if many trustworthy platforms strive to improve security, many still need to tweak it. Therefore, this renders expansion in the country.
Rising Market Competition from New Market Entrants Hinderances the Market Growth
Due to new service providers delivering content at lower pricing than established providers, the OTT media services sector is experiencing significant competition. Additionally, several businesses are implementing AVOD income models to attract potential subscribers and fiercely compete with well-known brands.
Availability of Streaming Services on Various Devices
Increasing Availability of Various Subscription Packages
Increasing Internet Penetration
Piracy of Videos
Market Trends & Developments
5G is Changing the OTT Media Services Market
Innovative Monetization Models
Content Personalization Through Different Algorithms
Company Profiles: Detailed analysis of the major companies present in United States OTT Media Services Market.
The Walt Disney Company
HBO MAX (AT&T INC.)
United States OTT Media Services Market, By Revenue Model:
United States OTT Media Services Market, By Device Type:
Mobile Devices & Computers
Smart TVs & Set-Top Box
Gaming Consoles & Fire Tv Devices
United States OTT Media Services Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/vbwe00-states-ott?w=12
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