Global over-the-top TV revenues will grow at an average of 32% a year until 2016 to reach US$16.4 billion (11.3 billion), according to the latest forecasts from IMS Research.
According to the research group, subscriptions services, which accounted for about US$1.9 billion in revenues in 2010, will account for the bulk of service revenues in the OTT market over the next five years. However, pay-per-view revenues are expected to grow at a faster pace.
Anna Hunt, CE principal analyst at IMS Research, said, ÂNetflixÂs recently announced expansion into Spain and throughout Latin America illustrates the type of strategic initiatives we can expect from leading local OTT service providers as they aim to expand their serviceable market. New deals for Spanish and Portuguese language content create a potential for Netflix to expand its market reach to the vast population of the whole Latin American region, as well as millions of Spanish speakers living in the US.Â