OTT revenues to hit $160bn by 2024

Revenues from OTT services offering TV shows and movies will double to nearly US$160bn within five years, according to new research.

Revenues from online TV episode and movie OTT services will reach $159bn in 2024, up from US$68bn recorded in 2018, according to Digital TV Research.

The Global OTT TV and Video Forecasts report also predicts that about US$17bn will be added in 2019 alone, with SVoD revenues set to climb by US$51bn between 2018 and 2024 to US$87bn.

AVoD revenues, meanwhile, will increase by US$34bn over the same period to take the total to US$56bn, said report author Simon Murray, principal analyst at Digital TV Research.

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While SVoD has been dominant over the past five years, ad-supported viewing is also growing, with companies such as WarnerMedia preparing AVoD streamers. Earlier this year, Viacom acquired  advertising-supported service Pluto TV for US$340m.

The US is set to represent around 40% of the total global market, with forecasts suggesting that revenues will more than double between 2018 and 2024 from nearly US$34bn to US$61bn.

China will add US$15bn over the same period to reach US$27bn, with the two countries set to hold around 56% of the global total by 2024.

However, international growth outside of these two powerhouses is also growing, the research suggests, with OTT revenues set to exceed US$1bn in 18 countries by 2024, up from 10 countries in 2018.

In the 138 countries covered by the report, the top five will command 68% of global revenues by 2024, down from 71% in 2018.