Asia OTT services Market
According to Chrome Analytics,high population base coupled with fast improving economic conditions are thekey reasons driving the Asia OTT services Market. According to a report “AsiaOTT Services Market Size & Forecast 2026”, the market size of Asia OTTservices was around USD9.5 billion and is expected to grow at a CAGR of around 17%till 2026.
Asia comprises of countries whichare rapidly growing and developing into one of the world’s major economies. It comprisesof few of the world’s most modern economies such as Japan, Israel, UAE andmultiple fast growing large economies such as China, India, Vietnam, etc. Interms of population base the region accounts for more than 58% of the globalpopulation. This results in high demand as well as high potential for OTTservices market in the region, consequently, companies across the media andtelecom world are investing in the region.
The severeimpact of COVID-19 in many Asian countries resulted in many of them opting ofmultiple lockdowns since the march 2020. This resulted in many east Asiancounties such as Korea, Japan fully embracing the OTT services as the lockdownsresulted in an increase of around 60% in weekly average minutes spent on OTTservices. Furthermore, shutting down of movie theatres, and entertainment zonesfurther added to the demand and resulted in many production companies shiftingtowards OTT platforms.
Interms of regions, Asia OTT Services Market has been segmented into countries.Major countries dominating the Asia OTT services market and have been includedin report are China, Japan, India, Korea, Indonesia etc. China accounts for thelargest market share due to its large population base along with rapidly risingmiddle-class income. Media services segment is likely to dominate the marketshare by type of OTT services whereas, in terms of platform usage, smartphoneis the most used platform for consumption of OTT services.
The report offers insights aroundthe current market scenario which comprises of market size, growth rate alongwith market drivers, challenges, current trends, and opportunity areas. Thereport also includes detailed information around market segmentation and keycompetitors present in those segments.
Key market players, which are coveredin the report include:
· Amazon Prime
· Tencent Video
· Sony Pictures India