The latest report by IMARC Group, titled “Latin America OTT Platform Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the Latin America OTT platform market is anticipated to exhibit a CAGR of 12.29% during 2022-2027. Over-the-top (OTT) platforms refer to media services that allow users to stream audio, video, and digital media content directly over the internet. They enable viewers to access the content on various electronic devices, such as smartphones, tablets, laptops, and smart TVs, eliminating the need for cable or satellite television subscriptions. They offer unlimited data streaming and provide enhanced flexibility to stream movies, TV series, music, podcasts, and documentaries. They are widely used for entertainment, health and fitness, and education purposes. As a result, OTT platforms are gaining immense popularity in Latin America for streaming music, live broadcasting, watching educational channels, advertising, and communication.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Latin America OTT Platform Market Trends:
In Latin America, the rapid expansion in the media and entertainment industry has led to increased production of high-quality media content. This, in confluence with the easy availability of high-speed internet and elevating sales of smart devices, represents the primary factor driving the market growth. Additionally, there has been a substantial shift from the traditionally used cables and satellite TV sets toward OTT platforms due to their enhanced convenience, connectivity, accessibility, and portability. In line with this, the increasing viewership of high-quality streaming content, especially amid the sudden coronavirus disease (COVID-19) outbreak and the consequent implementation of lockdowns, has accelerated the adoption of OTT platforms across the region. Besides this, the rising popularity of freemium viewing models and Subscription-Video-on-Demand (SVoD) platforms has propelled the market growth. Furthermore, various OTT service providers are adopting innovative technologies, such as artificial intelligence (AI), for analyzing user preferences and offering customized content recommendations. Along with this, the emergence of new OTT platforms with a list of subscription-based narrowed genre series, films, podcasts, videos, music, and TV programs has catalyzed the market growth. Moreover, the ongoing collaborations between telecom operators and OTT service providers to offer subscriptions at comparatively lower prices are positively influencing market growth. Other factors, including surging product adoption for advertising purposes, rising consumer expenditure on entertainment and related services, improving communication infrastructure, and technological advancements, are also creating a favorable market outlook.
- Based on the revenue model, the market has been segmented into subscription-based, advertising-based, transaction-based, and others.
- On the basis of the content type, the market has been classified into video (entertainment and infotainment, food, travel and fashion, and sports content), audio/VoIP, online gaming, music streaming, communication, and others.
- The market has been divided based on the streaming device into smartphones and tablets, desktops and laptops, smart TVs and set-top box, gaming console, and others.
- Based on the user type, the market has been bifurcated into personal and commercial.
- On the basis of the service vertical, the market has been categorized into media and entertainment, education and learning, gaming, health and fitness, IT and telecom, e-commerce, and others.
- Country-wise, the market has been segregated into Argentina, Brazil, Mexico, Uruguay, Colombia, Chile, Peru, and others.
- The competitive landscape of the market has also been analyzed, with some of the key players being Amazon Prime Video (Amazon.com, Inc.), Blim (Televisa S.A. de C.V), Cabletica (Liberty Latin America Ltd.), Claro Video (Claro), Fox (Fox Networks Group), Globo Play (Grupo Globo), Home Box Office Inc. (AT&T Inc.), Movistar Play (Telefónica S.A.), Netflix Inc., and Millicom International Cellular SA.
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