According to Digital TV Research, revenues will double the US$68 billion (€61 billion) recorded in 2018.
Breaking this down by type, SVOD is currently the largest OTT revenue source. SVOD revenues will climb by US$51 billion (€46 billion) between 2018 and 2024 to take its total to $87 billion (€78 billion). SVOD overtook AVOD as the primary OTT revenue source in 2014.
Simon Murray, principal analyst at Digital TV Research, said: “Despite losing market share to SVOD, there is still plenty of AVOD growth left. AVOD revenues will increase by US$34 billion (€30 billion) between 2018 and 2024 to take its total to $56 billion (€50 billion). Several high profile AVOD-funded platforms are due to start operations soon.”
The report looked at 138 countries, with the top five expected to command 68% of the global revenues by 2024. This proportion is down from 71% in 2018, suggesting that the rest of the world will grow at a faster rate.
Eighteen countries will see OTT revenues exceed US$1 billion (€890 million) by 2024, up from 10 countries in 2018.
Unsurprisingly, the US will continue its dominance at the top of the pile with its share of global revenues staying at a little under 40%. It is expected that revenues in the US will more than double, reaching US$61 billion (€54 billion) by 2024.
China will add US$15 billion (€13 billion) over the same period to reach US$27 billion (€24 billion).
The US and China will control 56% of the global total by 2024.