Worldwide online video viewers are expected to reach 1.3 billion by 2016, growing from a current 2010 base of approximately 780 million, according to a new report by ABI Research.
The research highlighted that as more consumers look to their broadband connections for content, the Over the Top (OTT) video industry will grow with companies such as Netflix, Hulu and Apple’s iTunes division aiming to capitalise on this market trend.
The research firm said that consumers are increasingly engaging with a variety of Internet video services, which depends on cooperation between chipset manufacturers, consumer electronics and set-top box providers, content producers, and service providers worldwide.
ABI Research practice director Jason Blackwell said content discovery is just one example of the rapidly changing environment, with traditional program guides being supplemented by search and recommendations.
The report revealed that Netflix is at the top in OTT revenues, as it has led consumers to embrace long form broadband video on their TVs with support in nearly every Smart TV platform while iTunes and Hulu each represent about 15% of the current Over the Top market.
