Approximately 1.6 billion people worldwide actively watch online video on a variety of connected devices, according to a new report conducted by Parks Associates and co-sponsored by Vindicia and Ooyala.
Meanwhile, an estimated 900 million access TV programming and movies online. That number will swell to over 1.3 billion video viewers by 2019, states the report.
The report also looks into what consumers want from an OTT service. The first priority is content. The report found that more than 70 percent of consumers subscribe to services like Netflix and Hulu Plus due to specific titles available through the service, and over one-third of consumers do so in order to access original content. The size of the video library and the amount of recent content are also important factors.
“OTT services face a race for content and a race to reach consumers on all of their connected devices,” comments Vindicia SVP Marketing Bryta Schulz. “However, with so many players entering the market, interesting content and widespread availability alone are not enough to guarantee survival. Players must be able to look beyond their own services and establish strategies to achieve success in the context of heightened competition.”