The first half of 2020 saw unprecedented streaming growth. Netflix nears 200 million subscribers, and Disney+ racks up 60 million in record time, there seems to be no end in sight for the streaming wars. As Americans continue to spend the majority of their days at home, more and more time is being spent behind screens.
We’ve put together a round up of major linear TV and OTT statistics to help you keep up with it all, starting with an overview of the industry.
The OTT industry is growing faster than most people expected. The switch from traditional TV to either an ad-supported or subscription-based streaming service is becoming more and more common, especially in the US. In April alone, there was a 198% increase in OTT traffic. It’s important to note that viewers use multiple devices to consume content. On average, OTT users access video content on three devices across three different OTT services. (OpenX), so both consumer and device level analytics are a must for leaders in the space.
There are over 300 OTT providers in the U.S. ( LemonLight)
As of June 2020, 69.8 million US homes use OTT services. (Comscore)
The top five OTT services by number of subscribers are ( Fox Business)
80% of US homes have at least one Internet-Connected TV device. (Leichtman Research)
68% (up from 47% in 2019) of US Wi-Fi households have an OTT device ( Marketing Charts)
42.2 million OTT households use streaming boxes/sticks, making it the most popular OTT device. (Marketing Charts)
On average, OTT users access video content on three devices across three different OTT services. (OpenX)
According to eMarketer, 55.1 million people will no longer watch traditional pay TV by 2022
Money is to be made and spent in OTT. While there is some apprehension around how many OTT services can realistically coexist, as we just covered, consumers are craving more content and are willing to pay for what they want. This demand is pushing OTT services to spend more, but with the potential to reap some major financial benefits.
Disney+ is the top spender in OTT content at $27.8 billion spent in 2019. (Variety)
Netflix is second in spending at $15 billion. (Variety)
Global OTT revenues are predicted to grow by $16 billion in 2020 (Media Post) with 40% of consumers willing to spend at least $20 a month on streaming services (Marketing Charts)
OTT ad spend will reach $5 billion in 2020 ( SpotX) and OTT ad revenue is expected to reach over $158 billion by 2024 (Forbes)
Original content is king in the world of OTT. This makes investing in a single, easy-to-use video platform for distributing and monetizing OTT content key. As content production continues to increase over the years, organization of content both on the users end and back-end system will be of the utmost importance.
Amazon Prime is number one in terms of library size with over 63,500 hours of content (Reviews.org). In comparison, Disney+ launched at the end of 2019 with less than 4,000 hours of content. (Screen Rant)
Out of the top 20 most streamed shows in 2019, only one was not on Netflix. ( Forbes)
So far in 2020, the Tiger King docu-series is the number one streamed show on Netflix. (Forbes) and The Mandalorian takes number one for Disney Plus (Business Insider)
In 2019, Netflix release 371 original shows and movies, which is a 54.6% from 2018. (Variety)
Quibi, one of the newest OTT players, is set to release 175 shows by the end of 2020 (Cn et).
It might not come as a surprise that the largest consumers of OTT services are Millennials and Generation Z, but adoption among other age groups continues to grow each year. In fact, 27 percent of consumers aged 45 and older stream an SVOD service daily. (Forbes)
And it definitely shouldn’t be surprising to see dropping viewing time of traditional TV, as satellite and TV companies lost 6 million customers in 2019, according to Variety.
An estimated 2 million Americans cut the cord in 2019 (Business Wire).
Average time spent watching OTT video content is set to reach 62 minutes a day this year, which is a 23% increase from 2019 (eMarketer).
Four-fifths of US Consumers have at least one streaming service. (Deloitte)
Consumers are most likely to select their streaming service based on its range of content and are most likely to cancel based on price point (Deloitte).
60% of viewers say that they spend more of their viewing time on an online source over a pay-TV service. (TV Technology)
Aside from Connected TV devices, mobile is leading in terms of video streaming minutes, but desktop saw higher growth year over year. (Comscore)
Let the Zype team guide you.