If reports are to be believed, the value of European OTT market will double from $10B to $20B in the next 5 years. The numbers are an all-time high, with over 2,563 on-demand services having established in the entire European Union.
Trends in Western Europe
According to Rapid TV News, the Western Europe OTT market will generate a revenue of $23.02 billion by 2023. Subscription VOD was the region’s largest OTT revenue source amounting to 51% of total OTT revenues in 2017.
The UK, with a staggering 92% internet penetration, will be the biggest contributing market in Western European with a 35% share.
With an internet penetration of 79.3% and VOD penetration of 12.69%, it is clear that the Western European audience is welcoming of new means of Entertainment.
OTT adoption in Scandinavia, Netherlands, and the UK is quite high, and nearly 30.7% of the TV households will subscribe to an SVOD package by 2021.
Some of the other Western European countries showing great adoption for the recent video streaming boom are Germany, France, Ireland, Italy, Austria, Belgium, Denmark, Finland, Norway, Spain, and Switzerland. All these countries’ internet penetration is above 88%.
Somehow, OTT adoption has been much more muted in other countries such as France, Spain, and Portugal.
Trends in Eastern Europe
On the other hand, Eastern Europe OTT revenue will triple by 2023. What can be more exciting than this for the OTT players in the Eastern European market? Subscription video-on-demand will account for 64% of total OTT revenues.
In Eastern Europe, Russia is expected to become the SVOD leader followed by Poland. Russia is expected to account for 40% of the region’s revenues by 2023, with Poland generating a further 23%. Luckily, plenty of home-grown platforms in Russia helps them to stay on top.
Now TV, Amazon, Hayu, Maxdome, Watchever, Wuaki, Infinity, Viaplay. HBO Nordic and Netflix are some of the top OTT players in Europe.
Wrapping This Up…
The European market is approaching maturity in terms of OTT content viewership. Consumers are opening up to spending on subscription services which is a sure sign of increasing adoption and revenues.
Given the high internet penetration in most parts of Europe, opportunities abound for content owners & broadcaster to invest in OTT services while leveraging the stupendous infrastructure the region has.
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If you are a content creator, contact Ventuno at firstname.lastname@example.org to find out how you can launch your multi-platform video streaming service in 24 hours.