A recent report just dropped some huge numbers about online videos. They’re saying that by 2027, a crazy 4.2 billion people worldwide will use these services. That’s more than half of the whole planet! And get this: in the last five years, the popularity of these videos has shot up by 45%. From 2.4 billion users in 2018, it’s already hit 3.5 billion by 2023. That’s a massive leap for the Global OTT Video Market!
Users Storm at Global OTT Market
The global OTT Video Market has made a real impact. Back in 2018, around 2.4 billion folks were into it. Skip ahead two years, and that number blew past 3 billion. Then, in 2021, it added another 300 million users. Sure, 2022 had a small dip of 82 million users, a rare blip, but things got back on track in 2023.
So, in these five years, more than a billion people joined the online video bandwagon, pushing it from 33.2% to a whopping 45.6% of the world. That’s a lot more people tuning in to watch stuff online!
Big companies like Netflix, Amazon Prime Video, Hulu, and Disney+ have seen a massive surge in subscribers. They’ve been throwing tons of cash at new content to get more people hooked. And guess what? All this competition has made these online videos rake in more money than ever.
What lies in the future?
They’re saying that in 2024 the Global OTT Video Market services will make around $295 billion! That’s three times more than what they made in 2018. And who’s contributing the most to this big pile of cash? The US, China, and the UK are expected to be responsible for about 70%.
The big money-spinner for these online videos is ads. This year alone, ads brought in a crazy $176.6 billion, almost 60% of all the money these videos made. That’s a lot of ads funding our binge-watching sessions!
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