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OTT service is one of the solutions used for video on demand (VoD), where users can access entertainment videos through the internet. The OTT services can be used in mobile handset, tablet, IPTV and personal computer. These are the devices which can stream videos without the need broadcasting station.
The global market value of OTT services was around $ 31 billion in 2019. The market size is expected to increase substantially in 2020 due to COVID-19. The lockdowns around the world have boosted the revenue as people are confined in their homes.
The global size of OTT services is expected to reach over $ 50 billion in 2020. This huge uptick is linked to the increased use of the service during the pandemic. The top online entertainment platform Netflix has reported $ 20 billion revenue in just the first quarter of 2020.
Some of the players in OTT services include Netflix, Amazon, Apple, Hulu, Google, Vudu, and Roku.
The OTT services platforms are providing services for many years and got traction recently due to the cheap availability of advance mobile handsets and HD display. These platforms are subscription-based and provide access to unlimited videos for a fixed price. Mobile handsets account for the largest share among other devices.
The quality of the services provided by the platforms mainly depends on the internet speed. Therefore, OTT services can be benefited from the new generation of high-speed internet provided by internet service providers, through FTTH, and mobile service providers, through 4G and 5G, offers new opportunities and effective future for OTT services.