Puerto Rico Over the Top (OTT) Market Expected to Reach US$ 716.9 Million by 2028

According to a recent market study published by Growth Market Reports, titled, “Puerto Rico Over the Top (OTT) Market by Type, by deployment, by device: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 169.7 Million in 2020 and is expected to grow at a moderate growth rate of 19.7% by the year 2028. Factors such as the rising use of smartphones, the rising number of paid streaming subscribers, the rise popularity of digital music streaming, the expanding music consumption, and the growing integration with social networking platforms are expected to drive the market.

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Over-the-top services refer to TV programs and movies that are delivered directly to digital users without satellite or cable TV subscriptions. OTT content is directly downloaded and viewed according to user needs. This type of content includes movies and TV services and is delivered directly via the Internet to connected devices such as tablets, PCs, smartphones, and game consoles. Currently, OTT services are at an early stage and are widely accepted as a trending technology. The OTT market is expected to register innovative and advanced transformations, which enable customers to access everything in one space.

OTT is subscription-based video-on-demand services that allow access to movie and television content (including existing series obtained from other producers and original content made specifically for the service).

As per Growth Market Reports industry analyst, Rajas Shirwalkar, “The spread of COVID-19 has had a positive impact on the Puerto Rico Over the Top (OTT) market players on many fronts and outside factors. There is temporary fluctuation in consumer demand and potential effects on the market from an uncertain economic perspective. The pandemic restricts the movement of people and makes social life difficult.

The strict blockade promotes media consumption. Over the top (OTT) platform has seen a huge boom and has become the main source of entertainment for the audience. OTT platforms have sprung up like mushrooms after a rain, and have attracted the attention of many families. OTT disrupted the entertainment industry. It makes watching movies convenient and convenient. Anyone with a mobile phone and internet connection can watch movies anywhere in the world. However, not all families have PCs and laptops for every member. OTT providers focus on building content libraries in local languages. This helps them attract audiences from Puerto Rico. It is easy to understand this from the number of local language movies released through these platforms during the COVID-19 lockdown.

The primary as well as secondary research methodology is used for keen observation and study about the Over the Top (OTT) market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments.

Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves Exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data referred to obtain and validate the market estimations, budget, expenditure and other statistical insights.

Key Takeaways from the Study

• The players including Akamai Technologies, Netflix, Disney, Hulu, LLC, Amazon.com, Inc., Home Box Office, Inc., Google, Apple Inc., PANTAYA, LLC, Facebook, Roku, Inc. hold a major market share of Puerto Rico Over the Top (OTT) Market in year 2020.
• In terms of device, the smart segment accounted for substantial share of the market in 2020 and is expected to expand at a substantial CAGR during the forecast period.
• In terms of deployment, the cloud segment held significant share of the market in 2020 owing to is user-friendly, and data management is easy for cloud-based solutions/services.

Report Scope

Target Audience

• Supply-side: Manufacturers, raw material providers, suppliers and distributors
• Demand Side: entertainment industry, Gaming industry, Government
• Regulatory Side: Concerned government authorities, and other regulatory bodies.
• Associations and Industry Bodies: U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), The Public Broadcasting Corporation for Puerto Rico, Federal Communications Commission (FCC).