Increasing numbers of OTT platforms and the usage of OTT platform are expected to drive the growth of the Spain OTT media services market.
According to TechSci Research report, Spain OTT Media Services MarketBy Region, Competition Forecast Opportunities, 2018-2028F, The Spain OTT Media Services Market is expected to grow during the forecast period owing to several factors such as by shifting consumer towards streaming services from paid TV and increasing varieties of content with new information.
OTT (over-the-top) is a method of providing television and film content over the internet at the consumer's request and to meet their specific needs. The term "over-the-top" refers to a content provider that goes above and beyond existing internet services.
Over-the-top (OTT) service growth is primarily being fueled by rising broadband penetration, smart device use, and ease of use to provide a flawless consumer experience. High speed broadband internet access contributed to an increase in internet users and their usage of over-the-top content like video, music streaming, and VoIP (Voice over Internet Protocol). However, the growth of the industry is being accelerated by the popularity of smart devices like TV sticks and smart TVs.
The way that consumers watch videos and consumer television material has transformed as a result of changes in viewership patterns. The shift from traditional TV viewing to online consumption is a key factor in the expansion of over-the-top (OTT) companies. As SVOD (Subscription video-on-demand) gives users an access to a huge library of shows for a set of monthly charge that are not included in pay-tv packages. SVOD streaming services such as Netflix, Amazon Prime Video, Hulu, HBO, and Disney+ have grown in popularity as users have unlimited access to original, high-quality content while on the go.
The introduction of video-on-demand (VoD) services has been mainly attributed for the enormous popularity of OTT in Spain. In order to deliver content directly to viewers, OTT platforms ignore traditional distribution channels and media networks. As a result, the market has grown. Other factors include increasing OTT platform demand, rapid adoption, and popularity. In addition to mobile media streaming, OTT networks offer additional services. The ability to use low-cost ad-free streaming services and download videos in a variety of languages for offline viewing on one's devices is expected to boost market growth.
The growing popularity of OTT can be attributed to the limited genre options, flexibility, increased device availability, internet penetration, and overall lower costs. Furthermore, rising demand for customized content resulted in significant OTT device adoption rates leads to market growth. This give users the freedom to view a variety of content. Additionally, the availability of affordable rate and high-speed internet in emerging economies has resulted in a massive increase in the adoption of subscription services based on user convenience.
Similarly, when looking at the population that travels for vacation, it is worth noting that Netflix customers (35%), Movistar+ (20%), and Prime Videos (19%) are the ones who watch this type of content the most while abroad. When it comes to people who vacation in Spain, Netflix has 42%, followed by Disney+ (35%), and Movistar+ (32%).
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The Spain OTT Media Services Market is segmented based on type, video quality, number of screens, region, and company.
Based on type, the market is further segmented into SVOD, AVOD, and TVOD. Amongst the segments, SVOD (Subscription Video on Demand) is fastest growing due to the rising number of subscription services and the availability of regional content, these factors increase the market growth.
Based on video quality, the Spain OTT Media Services Market is segmented into HD, Full HD, and Ultra HD. Based on number of screens, the market is further segmented into 1, 2-3, and more than 3.Based on the region, the market is further segmented intoNorth Spain; Madrid, Extremadura Castilla; Aragon Catalonia; Andalusia, Murcia Valencia; Portugal.
Key market players in the Spain OTT media services market include:
- Netflix Inc.
- Amazon.com, Inc.
- Apple, Inc.
- Alphabet Inc.
- The Walt Disney Company Limited
- Rakuten TV Europe, S.L.U
- Setplex LLC
- Atresmedia Group
- Viacom International Media Networks Espaa, S.L.U.,
- MEDIASET ESPAA GROUP
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The development of new OTT platform and rapid advancements in OTT technology are two key trends that are expected to have a positive impact on market growth in the coming years. Market demand is expected to be influenced by factors such as rising regional content and increasing internet infrastructure. Furthermore, increasing number of OTT service provider are launching new content on their platform which is driving market demand.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Spain OTT Media Services Market, By Type (SVOD, AVOD, and TVOD), By Video Quality (HD, Full HD, and Ultra HD), By Number of Screens (1, 2-3, more than 3), By Region,CompetitionForecast and Opportunities,2018-2028F,has evaluated the future growth potential of Spain OTT media services market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Spain OTT media services market.
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