Home > Content > Oz Streaming Video Set To Surge

Oz Streaming Video Set To Surge

Subscriptions to video streaming services are expected to surge by 170% in the next five years, with almost 7 million subscribers in Australia by 2022 according to analyst firm Ovum.

Research from Ovum also forecasts that the Over-the-Top (OTT) video market overall will generate $1 billion in revenue by 2022, more than double the $460 million revenue from 2016. Subscription services will make up the bulk of revenue, with companies like Netflix and Stan accounting for 70%.

“The global launch of Netflix has changed the way we buy and watch entertainment forever,” said Ovum TV Practice Leader Ed Barton.

“There is now a host of contenders on the market eager to share in a growing market opportunity as Australian audiences increasingly demand choice, ease of use and extremely good value for money in what is a very competitive market.

The popularity of subscription services in Australia in the future will also be reflected globally, with over 800 million subscribers expected by 2022 generating $78 billion in yearly revenue.

Commenting on Ovum’s forecast, NBN said it had seen a significant increase in data usage since video streaming services launched in Australia. Average monthly usage for NBN end users is currently at 148GB per month, a 32% increase from last year and significantly higher than the 70GB monthly usage from two years ago.

“If we are going to move from a broadcast TV market to a broadband TV market then it is crucial that all Australians have access to good quality broadband at affordable prices and the nbn™ delivers that,” said NBN’s executive general manager, product and pricing, Sarah Palmer.

You may also like
Streaming Giants Could Be Forced To Spend Big On Aussie Content Under New Law
BritBox New UK Video Service Rolls Out Today
Telcos Slam Telstra’s NBN Ambitions, Optus Leading Charge
Netflix Gives Aussie Film Industry A $21mil. Push
Binge Now On Samsung TV’s