Analyst Reports News

OTT video service subscriptions to exceed 400m by 2022

It is estimated that more than 265m households worldwide will have more than 400m OTT video service subscriptions by 2022.

A new industry report from international research firm Parks Associates shows that the popularity of over-the-top (OTT) video services, such as Netflix, Amazon, and Hulu, has driven a steady increase in adoption of smart TVs and streaming media players since 2010.

Commenting on the findings of the study titled – Global Connected Living Outlook: Expanding IoT Momentum, Kristen Hanich, Research Analyst at Parks Associates said: “53% of U.S. broadband households own a smart TV, and both smart TVs and streaming media players are continually improving the user experience to accommodate the shifting habits of consumers, including integration with voice-based digital assistant ecosystems. The rise of these digital assistants is another key trend over the last few years, with Apple Siri, Amazon Alexa, Google Assistant, Microsoft Cortana, and Samsung Bixby, among others, now on the market. Both smart home and connected entertainment developers are working to integrate this functionality into their products.”

The study also reveals that consumers now own an average of 8.6 connected CE products in their home, an 87% growth in the average volume of devices since 2010.

“With IoT expansion comes added expectations of interoperability,” said Jennifer Kent, Director, Research Quality & Product Development, Parks Associates. “Consumers prioritise general device interoperability over staying within a specific brand ecosystem when considering a purchase; three-fourths of consumers find it important to consider any smart home product brand that will work with other products in their home and 49% find this very important.”