The global over-the-top video distribution market grew its revenue by 33% last year, reaching $68 billion, according to figures released by Digital TV Research.
Global OTT revenue was more than double the $30 billion generated in 2016.
OTT revenue reached $26.8 million in the U.S. last year, vs. $20.3 billion in 2017 and $15.6 billion in 2016.
For its part, Netflix generated $16 billion in worldwide revenue in 2018.
Notably, Digital TV Research found that after peaking at $205 billion in 2016, the pay TV sector’s revenue is set to crater to $75.7 billion by 2024.
“The U.S. added $6.5 billion in revenues in 2018, with China up by $3.6 billion. Therefore, the U.S. and China were together responsible for more than half the world’s additional revenues in 2018,” said Simon Murray, principal analyst at Digital TV Research, in a statement.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!