The Covid-19 pandemic has accelerated the adoption of OTT content consumption across the world. Due to the lockdown, people are now watching more TV and OTT content for entertainment than ever before. Surprisingly, nearly 14.7 million new homes in the US watched OTT content in a month between January 2020 and June 2021.
The latest report by Comscore’s 2021 State of OTT reveals some interesting data-driven facts to understand the OTT content consumption in the US, growth of OTT services, content and devices in terms of viewerships, etc.
Adoption of OTT In US: What’s Driving?
- Approximately 82.4 million households in the US streamed an average of 100 hours of OTT content in June 2021.
- Since January 2020, the number of OTT households and total hours spent watching OTT, both have increased by more than 20%.
- The average number of days per month that each US household streams content from each OTT service was 17.9.
- The total monthly OTT viewing hours have also increased 21%, from 6.8 million hours in January 2020 to 8.3 billion hours in June 2021.
- Netflix, YouTube, Amazon Video, Hulu, Disney+ are top five OTT services in terms of viewership growth between January 2020 and June 2021.
- Netflix accounted for 26% of the total monthly OTT viewing hours in June 2021, followed by YouTube (21%), Amazon Video (9%), Hulu (13%), and Disney+ (4%).
- An average of four US households watched OTT content in the month of January 2019. Interestingly, the average OTT household increased to 4.4 in January 2020 and 4.9 in June 2021.
- As the demand for OTT content has grown in the last 2-3 years, OTT providers have been experimenting with the advertising and non-advertising supported revenue models. Surprisingly, the growth in reach of ad-supported OTT services outperformed that of non-ad-supported services. This is merely a signal to OTT providers to run advertisements on their platforms.
- The number of US household streaming ad supported services increased over 34%, from 53,628,000 in January 2020 to 72,094,000 in June 2021. On the other hand, the number of US household streaming non-ad supported services increased over 24%, from 59,590,000 in January 2020 to 73,714,000 in June 2021.
- It is important to note that the adoption of OTT content has also increased the demand for smart TVs in the US. Interestingly, the number of US households streaming OTT content on their smart TVs has risen dramatically, from 29,663 in January 2019 to 40,078 in January 2020 and 47,280 June 2021.
- Smart TVs are the fastest growing OTT streaming segment, followed by streaming box/stick and all other OTT devices.
- The video streaming minutes on desktop and mobile showed growth in early 2020, but has since stabilized.
Food for Thought
All global OTT players are leaving no stone unturned to increase their subscriber base. Netflix continues to offer some interesting features as well as cheaper mobile subscription plans for their 209 million global paid streaming subscribers. On the other hand, Amazon recently acquired MGM to rival the other bigwigs in the OTT space. It would be interesting to see who gains the most market share among these top 5 global OTT providers, as well as what additional features and content they will add to their platform in order to attract more eyeballs.
Stay tuned for more updates.