The OTT landscape is consistently evolving, with new platforms emerging and established players adapting to the changes in consumer preferences.
Some major factors supporting the growth of OTT platforms are rising internet penetration, on-demand viewing, and high-quality exclusive content.
Hence, due to these drivers, the OTT market is predicted to cross 3.9 billion viewers by 2024, and the revenue is estimated to reach $316 billion.
Let’s take a detailed look at the OTT viewers, Revenue, market growth, usage, user behavior, and more.
Top OTT Statistics For 2024
- The number of OTT users is expected to reach 3.92 billion in 2024.
- The market value of the OTT industry is over $316.40 billion.
- Users spend 17 hours streaming online video content weekly on OTT platforms.
- Americans spend an average of 3 hours and 9 minutes daily (or 21 hours a week) on OTT platforms.
- Over 70% of OTT users binge-watch content.
- The OTT Video Advertising market segment is expected to have a volume of $176.60 billion by the beginning of 2024.
How Many People Use OTT?
The number of people using OTT has increased rapidly in the past years. The Covid-19 pandemic played a significant role in increasing this popularity.
During the lockdowns, the number of OTT users grew by approximately 800 million.
1) The Number Of OTT Users Will Reach 3.92 Billion By 2024
The number of OTT users was 3.74 billion in 2023. This was a growth of almost 200 million compared to the previous year.
Further, OTT users are expected to reach 4.91 billion by 2029. That is a growth rate of 25.46% between the forecasted period of 2024 to 2029.
Here are further details about the number of OTT users recorded over the years:
| Year | Number of OTT Users |
|---|---|
| 2029* | 4.91 billion |
| 2028* | 4.72 billion |
| 2027* | 4.52 billion |
| 2026* | 4.33 billion |
| 2025* | 4.12 billion |
| 2024* | 3.92 billion |
| 2023 | 3.74 billion |
| 2022 | 3.53 billion |
| 2021 | 3.67 billion |
| 2020 | 3.46 billion |
Source: Statista.
2) Ad-Supported Videos On Demand (AVOD) Users Will Decrease To 8.9 Million In 2024
The number of AVOD users will decrease in 2024.
Meanwhile, in 2023, AVOD users grew by 1.4 million compared to the past year.
The following table displays the number of Ad-supported videos on demand (AVOD) users recorded over the years:
| Year | AVOD Users Recorded Over The Years |
|---|---|
| 2024 | 11.9 million |
| 2023 | 13.3 million |
| 2022 | 8.9 million |
Source: Insider Intelligence.
OTT Revenue
The OTT revenue witnessed a major jump between 2018 and 2021. Factors like COVID-19, affordable OTT services, and more drove this growth.
With increased usage of devices like smart TVs, Tablets, smartphones, and others, the OTT market revenue is anticipated to increase further in the upcoming years.
3) The OTT Market Revenue Worldwide Reached $295.40 Billion In 2023
This was an increase in revenue by 13.3% compared to the previous year. In 2022, the OTT platforms generated a revenue of $272.7 billion.
The OTT revenue jumped from $131 billion in 2019 to $180 billion in 2020, displaying an increase of almost 50 billion in just a year.
The following table indicates the revenue generated by the OTT platforms worldwide over the years:
| Year | Revenue Generated By The OTT Platforms Over The Years |
|---|---|
| 2023 | $295.40 billion |
| 2022 | $272.70 billion |
| 2021 | $236.80 billion |
| 2020 | $180.00 billion |
| 2019 | $131.10 billion |
| 2018 | $98.67 billion |
| 2017 | $72.52 billion |
Source: Statista.
4) The Average Revenue Per User Is Expected To Be $82.7 By The Beginning Of 2025
Comparatively, the average revenue per user generated by OTT videos in the year 2023 was reported to be $77, and currently, it is $80.7 in 2024. Hence, the average revenue per user grew by $3.7 between 2023 and 2024.
Apart from that, the average revenue per user of the OTT platforms increased by $30 between 2019 and 2022.
The following table displays the ARPU generated by the OTT over the past years.
| Year | ARPU Of OTT |
|---|---|
| 2019 | $42.46 |
| 2020 | $52.12 |
| 2021 | $64.53 |
| 2022 | $72.37 |
| 2023 | $77 |
| 2024 | $80.7 |
Source: Statista.
OTT Market Growth Stats
Consumers increasingly demand access to on-demand content they can watch whenever and wherever they want. This has led to an explosive increase in the OTT market in recent years.
Here, we have provided detailed insights on the projected growth of the OTT market worldwide.
5) The OTT Market Is Expected To Reach $0.45 Trillion By 2024
Further, the market is expected to grow at a CAGR of 28.19% between the forecast period of 2023 to 2028.
Hence, by the end of 2028, the OTT market will be valued at 1.55 trillion.
Some top players affecting the OTT market are Netflix, Amazon Prime, Hulu, and Roku.
Source: Mordor Intelligence.
Time Spent on OTT Platforms
The time users spend on OTT platforms peaked in 2022, with users spending 19 hours per week streaming service. The users’ hours dedicated to the OTT jumped by almost 4 hours in 2019.
However, in 2023, the number of hours spent streaming on OTT services declined by 2.
6) OTT Users Spend 17 Hours Streaming Online Video Content Weekly
This was a decrease of 2 hours compared to that recorded a couple of years back. OTT users then spent 19 hours watching the content on the video streaming platforms.
The average weekly hours spent on video streaming services increased from 10.5 to 16 from 2018 to 2020.
The following table displays the average time spent on the OTT platforms weekly:
| Year | Numbers of Average Time Spent On OTT Platforms |
|---|---|
| 2023 | 17 hours |
| 2022 | 19 hours |
| 2021 | 18 hours |
| 2020 | 16 hours |
| 2019 | 14 hours |
| 2018 | 10.5 hours |
Source: Statista.
7) Americans Spend An Average Of 70 Minutes Daily On OTT Platforms
According to insider intelligence, the average time spent on OTT subscriptions in the United States was recorded to be 1 hour and 10 minutes.
This was an increase of 3 hours compared to 2021.
The following table displays the number of hours Americans spend daily on the OTT platforms:
| Year | Hours Spent By Americans Daily on The OTT Platforms |
|---|---|
| 2022 | 70 minutes |
| 2021 | 67 minutes |
| 2020 | 62 minutes |
| 2019 | 51 minutes |
| 2018 | 44 minutes |
Source: Statista.
OTT Penetration Rate
The OTT penetration rates display the adoption rate of OTT platforms among global users. Hence, according to the latest OTT statistics, almost half of the population that has access to the internet has adopted the usage of OTT.
Let’s take a closer look at the penetration rates of OTT recorded over the years.
8) The Global Penetration Rate Of The OTT Market Is Projected To Be 47.83% In 2024
The global penetration rate of OTT will increase from 45.72% in 2023 to 47.83% in 2024.
Further, the penetration rates are forecasted to reach 54.7% by 2028. This displays a huge increase in just four years.
This increase in the penetration rates is due to the global adoption of smart devices and easier access to high-speed internet.
The following table displays the penetration rates of the OTT recorded worldwide.
| Year | Penetration Rate Recorded Worldwide |
|---|---|
| 2028* | 54.7% |
| 2027* | 53.12% |
| 2026* | 51.54% |
| 2025* | 49.77% |
| 2024* | 47.83% |
| 2023 | 45.72% |
| 2022 | 42.91% |
| 2021 | 44.41% |
| 2020 | 41.33% |
Source: Statista.
9) The OTT Penetration Rate Recorded In Canada Is 89.12%
Canada has the highest OTT penetration rate worldwide, followed by New Zealand.
In contrast, Belgium ranks 5th with a penetration rate of 78.6%, showing a difference of 10.52 percentage points to Canada.
Here are further details about the countries with the highest penetration rates.
| Country | OTT Penetration Rates |
|---|---|
| Canada | 89.12% |
| New Zealand | 85.27% |
| United Kingdom | 85.13% |
| Norway | 79.46% |
| Belgium | 78.6% |
Source: Statista.
OTT Market Share
Netflix pioneered the OTT market, and the app still dominates. Almost 1 in 5 OTT viewers worldwide use Netflix daily to stream videos.
Disney Plus and Amazon Prime have also managed to gain popularity among OTT users.
10) Netflix Owns 44.21% Of The OTT Market Share In The United States
Netflix owns the highest share of the OTT video market in the United States.
It is a pure content-driven model and includes the latest web series, films, and other kinds of content.
Netflix is followed by Hulu, which has a market share of 21.18% in the country.
Other top competitors of Netflix in the United States are HBO Max, PeacockTV, Disney+, YouTube TV, etc.
The following table displays the market share owned by different OTT providers in the United States.
| OTT Providers | Market Share Owned By OTT Providers |
|---|---|
| Netflix | 44.21% |
| Hulu | 21.18% |
| HBO Max | 10.61% |
| PeacockTV | 8.08% |
| Disney+ | 6.40% |
| YouTube TV | 5.18% |
| Paramount+ | 4.34% |
Source: Similar Web.
Global OTT Content Market
The OTT content market has revolutionized the digital entertainment sector, offering diverse and on-demand content.
The rising adoption of smart TVs and connected devices is propelling the OTT content market size.
11) The Global OTT Content Market Will Reach $1.94 Trillion By 2032
The content market was valued at $204 billion in 2022.
Further, the market is expected to grow at a CAGR of 22.8% between 2023 and 2032.
Besides, North America led the OTT content market with over 39% share in 2022.
Source: Yahoo Finance.
Advertising on OTT Platforms
The OTT Video Advertising market segment is expected to have a market volume of $189.60 billion by the end of 2024.
These high numbers result from most brands preferring to advertise on OTT platforms. Most of the advertisements on these platforms are unskippable and play a major role in attracting the audience’s attention.
12) OTT Ads Typically Have 90% Or More Completion Rates
OTT ads typically have higher completion rates because most devices and platforms feature non-skippable ads that are always in view.
This has raised the OTT ad completion rates to more than 90%.
Source: Tinuiti.
13) 72% Of The People Watching OTT Remember A Specific Ad They Saw
Due to the increasing impact of advertisements on OTT viewers, 42% of marketing professionals and agencies are working on increasing their expenditure on OTT ads.
Source: OpenX
14) 66% Of People Who Watch OTT Video Content Discovered A New Product Or Service
Besides, 65% of OTT viewers look up product information on a second screen while watching their video content.
Further, 40% of the OTT viewers reported that they paused the OTT video content to research or purchase the product they saw in the ad while watching the content.
15) 57% Of U.S. Adults Prefer Low-Cost Or Free OTT Streaming Platforms With Ads
25% of OTT viewers said that they were happy to watch a 10-minute advertisement in exchange for the free video content.
Additionally, 40% of the total advertising video impressions are found while the users stream video on the OTT platforms.
OTT User Behavior
The OTT users portray different behaviors in different parts of the world. However, some basic habits, like the number of episodes streamed at a stretch, binge-watching, etc, remain the same worldwide.
Hence, this section will provide an overview of OTT usage worldwide.
16) Over 70% Of OTT Users Binge-Watch Content
OTT users watch an average of 5 episodes at a stretch.
This means that people watch their favorite series continuously without any breaks.
Besides, 88% of Netflix users binge-watch content, and 70% of the Hulu Plus users do so.
Source: Delloite, Nielsen.
17) 34.97% Of OTT Users Watch OTT Content Several Times A Day
This shows that many people occasionally access OTT services in their daily lives.
Besides, 74.89% of people access OTT at least three times a week, indicating that OTT deeply penetrates their lives.
Additionally, most people spend 20 to 60 min once connected to the OTT platform.
Source: MDPI
18) Subscribers Who Plan On Maintaining Or Adding To Their Subscriptions Were Recorded To Be 86% Of The Total OTT Users
61% of the OTT users said they plan to have the same subscriptions for the upcoming years. Meanwhile, 25% of the OTT users look forward to adding a new subscription.
On the other hand, 14% of the OTT users are looking forward to reducing their number of subscriptions.
Source: Unscreen.
Platform-Specific OTT Stats
As seen before, some of the top OTT platforms worldwide are Netflix, Amazon Prime, Hulu, Disney Plus, and others.
In this section, we will take a detailed look at the latest figures related to them.
Netflix
19) There are more than 277 million Netflix subscribers worldwide.
Netflix subscribers increased by almost 17 million in Q2 2024. In the last quarter, too, Netflix is expected to grow positively.
This rise in the subscriber count shot Netflix’s stock up by 13.8% in October 2023.
| Year | Number of Netflix Subscribers |
|---|---|
| 2024 (Q2) | 277.65 million |
| 2023 | 260.28 million |
| 2022 | 230.7 million |
| 2021 | 219.7 million |
| 2020 | 192.9 million |
| 2019 | 151.5 million |
| 2018 | 124.3 million |
| 2017 | 99 million |
| 2016 | 79.9 million |
| 2015 | 62.7 million |
| 2014 | 47.9 million |
20) Netflix’s Ad-Supported Plan Has 15 Million Subscribers as of 2023
Netflix’s ad-supported plan was launched on November 1st, 2022, for Canada and Mexico.
Later, on 3rd November, the plan went live for the United States, United Kingdoms, Australia, France, Brazil, Germany, Italy, Korea, and Japan.
Currently, in just one year, Netflix’s ad-supported plan has gained more than 15 million subscribers.
Source: CNBC.
21) Europe, the Middle East, and Africa gather around 83.76 million Netflix customers.
They are the world’s largest Netflix markets. Plus, with 77.32 million members, the U.S.A. and Canada are second.
With 43.65 million members, Latin America ranks third.
In the Asia Pacific area, the streaming behemoth boasts 42.43 million subscribers.
22) Netflix generated $33.72 billion in 2023.
As of Q2 2024, Netflix generated over $18.93 billion in revenue.
Netflix registered revenue of $8,542 billion in Q3 2023. Additionally, it registered a revenue of $8,162 million in Q1 and $8,187 in Q2 2023.
Netflix’s overall income in 2022 was around $31.61 billion. This is up from 1.67 billion dollars a decade earlier. The company’s net income in 2022 was $4.49 billion, with a total workforce of 11,300 people globally.
Netflix’s annual income has risen steadily in recent years. Here are further details about its revenue recorded in the previous years.
| Year | Revenue |
|---|---|
| 2024 (Q1+Q2) | $18.93 billion |
| 2023 | $33.72 billion |
| 2022 | $31.61 billion |
| 2021 | $29.698 billion |
| 2020 | $24.99 billion |
| 2019 | $20.15 billion |
| 2018 | $15.79 billion |
| 2017 | $11.69 billion |
| 2016 | $8.83 billion |
| 2015 | $6.78 billion |
| 2014 | $5.5 billion |
Source: Netflix Investor Relation Letter
Amazon Prime
23) Amazon Prime has approximately 200 million members worldwide.
However, Amazon has not disclosed the figures after 2020. Hence, the number of Amazon Prime members must have crossed the number of 2100 million worldwide.
The number of Amazon users jumped by 100 million users in just 3 years between 2018 and 2020.
Besides, a vast majority of Amazon Prime members access the US marketplace.
Here is a table showing the number of Amazon Prime members recorded over the years.
| Year | Amazon Prime Members |
|---|---|
| 2020 | 200 million |
| 2019 | 150 million |
| 2018 | 125 million |
| 2017 | 100 million |
| 2016 | 65 million |
| 2015 | 46 million |
| 2014 | 31 million |
Source: MarketPulse.
24) Amazon Prime subscription services generated $35.22 billion in revenue as of 2022.
Amazon generated a total revenue of 514 billion in 2022. This means that Amazon Prime’s total share of revenue was 6.85% in that year.
Besides, Amazon Prime’s revenue jumped from $19.21 billion in 2019 to $25.21 billion in 2020. This was an increase of $6 billion in just a year.
Here are further details about the Amazon Prime revenue recorded over the years.
| Year | Annual Net Sales Of Subscription Services |
|---|---|
| 2022 | $35.22 billion |
| 2021 | $31.77 billion |
| 2020 | $25.21 billion |
| 2019 | $19.21 billion |
| 2018 | $14.17 billion |
| 2017 | $9.72 billion |
| 2016 | $6.39 billion |
| 2015 | $4.47 billion |
| 2014 | $2.76 billion |
Source: Search Logistics.
Hulu
25) The number of Hulu users reached 48.2 million in 2023.
This shows an increase of 3.2 million Hulu subscribers in 2023. In 2022, the number of Hulu users was 45 million.
The highest increase in the Hulu users was recorded between 2020 and 2021. The number of users grew by 9 million during this time.
The following table will provide you with further details on the number of Hulu users recorded over the years.
| Year | The Number Of Hulu Subscribers Recorded Over The Years |
|---|---|
| 2023 | 48.2 million |
| 2022 | 45 million |
| 2021 | 41 million |
| 2020 | 32 million |
| 2019 | 25 million |
| 2018 | 22 million |
| 2017 | 17 million |
| 2016 | 12 million |
| 2015 | 10 million |
Source: CNBC, The Verge, Business of Apps.
26) Hulu generated a revenue of $11.2 billion in 2023.
This is a 4.6% increase compared to the previous year. In 2022, Hulu generated a revenue of 10.7 $billion.
Hulu’s revenue skyrocketed in 2020. The platform generated a revenue of Nearly $3 billion in just a year.
The following table provides further insights into the revenue generated by Hulu over the past years:
| Year | Revenue Generated By Hulu |
|---|---|
| 2023 | $11.2 billion |
| 2022 | $10.7 billion |
| 2021 | $9.6 billion |
| 2020 | $7.2 billion |
| 2019 | $4.5 billion |
| 2018 | $3.5 billion |
| 2017 | $3.1 billion |
| 2016 | $2.4 billion |
| 2015 | $2 billion |
Source: Disney, CNBC, GeekWire.
Disney Plus
27) Disney Plus has 150.2 million subscribers as of the beginning of 2024.
The number of Disney Plus subscribers decreased by 14 million in 2023. In 2022, the platform had 164.32 million subscribers.
However, in 2022, the number of Disney Plus subscribers increased by 66 million.
Here are further details about the Disney Plus subscribers recorded over the past years.
| Year | Number of Disney Plus Subscribers |
|---|---|
| 2023 | 150.2 million |
| 2022 | 164.2 million |
| 2021 | 118.1 million |
| 2020 | 73.7 million |
Source: Statista.
28) Disney Plus’s annual revenue crossed $8.4 billion in 2023.
This is an increase of 13% in revenue compared to the previous year. In 2022, Disney Plus generated $7.4 billion in revenue.
The platform’s revenue jumped by $5 billion between 2020 and 2022.
The following table displays further information about Disney Plus revenue recorded over the past years.
| Year | Revenue ($bn) |
|---|---|
| 2020 | 2.8 |
| 2021 | 5.2 |
| 2022 | 7.4 |
| 2023 | 8.4 |
Source: Disney Reports, Forbes.
Conclusion: There Are More Than 3.92 Billion OTT Users Worldwide
The OTT market continues to grow rapidly, with global users expected to reach 3.92 billion in 2024 and revenue projected to hit $316.40 billion. Netflix remains the dominant player with 277 million subscribers and $33.72 billion in 2023 revenue.
American users spend an average of 3 hours daily on OTT platforms, with over 70% binge-watching content. Despite some fluctuations, major services like Amazon Prime, Hulu, and Disney+ are seeing steady growth in subscribers and revenue, indicating a strong future for the OTT industry.
