OTT-Based Segment Accounted For Largest Revenue Share In Global Video Streaming Market

FinancialNewsMedia.com News Commentary

PALM BEACH,  Fla., June 30, 2021 /PRNewswire/ -- Innovations are expected to drive the market growth of the global video streaming market for several years to come. Innovations, such as blockchain technology and artificial intelligence, to improve video quality are expected to boost the market growth. AI is playing an essential role in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and upload. Various video streaming solution providers use AI to improve the content quality of videos. In the recent past, the popularity of such platforms over broadcast media such as YouTube and Netflix has increased considerably. Moreover, the rapid adoption of mobile phones owing to the growing popularity of social media platforms and other digital mediums for branding and marketing is anticipated to further fuel the growth.  The growing adoption of cloud-based solutions to increase the reach of video content is influencing the market growth positively. This trend is majorly observed in the countries of North America and Europe. Furthermore, ongoing innovations and technological advancements are expected to meet the growing users' expectations for exceptional video quality, performance, and security. Also, the high adoption of digital media across various industry verticals has led to the population's inclination towards different streaming solutions and services.  Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ: GROM), Roblox (NYSE: RBLX), Netflix, Inc. (NASDAQ: NFLX), Hasbro, Inc (NASDAQ: HAS), ViacomCBS (NASDAQ: VIAC).

A report from Grand View Research said that the global video streaming market size was valued at USD 50.11 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028.  The report concluded: "The OTT-based segment accounted for the largest revenue share in 2020, with over 41% of the market share. It is owing to a feature that OTT based solutions deliver film and TV content through the internet without the need for users to subscribe to traditional cable or pay-TV services. Further, the segment is expected to witness a noticeable growth over the forecast period owing to the growing demand for improved automation of business processes and the full availability of broadband infrastructure. Emerging trends in OTT, such as hybrid monetization models, rising demand for digital original content, and content fragmentation due to intensive competition, are expected to contribute to the growth of OTT streaming solutions."

Grom Social Enterprises, Inc. (NASDAQ: GROM) BREAKING NEWS:  Curiosity Ink Media to Premiere Graphic Novel Thunderous in Launch of New Original Intellectual Property Franchise - Story of an Indigenous Teen's Journey into Spirit World Brings Her Closer to Understanding and Appreciating Her Heritage  - Curiosity Ink Media, the original multiplatform entertainment company for kids and families – which recently entered into an agreement to be acquired by Grom Social Enterprises, Inc. today announced plans to kick-off an original intellectual property (IP) franchise, Thunderous, about a young Indigenous American's journey to appreciate her family's prized heritage. The franchise will first premiere as graphic novel for young readers and serve as a launch point for future publishing opportunities as well as potential brand extensions including consumer products, a recurring TV series and or feature film. The franchise was unveiled by Russell Hicks, Curiosity Ink Media's Chief Content Officer.

Thunderous centers on Kimimela, a Colorado teenager who fails to see a connection between her family's Indigenous culture and her life in the modern world, resulting in tension with her grandmother, a proud champion of the family's heritage. As the story progresses, Kimimela soon finds herself transported to a Spirit World before she begins to recognize how understanding her cultural teachings are the very tools she needs to survive and return home. The book version of Thunderous dovetails into Curiosity's recently announced publishing program to develop a slate of printed content rooted in Curiosity's original IP, as well as cultivating print titles on behalf of other entertainment brands.

"Indigenous culture organically lends itself to wonderful storytelling opportunities that can engage young readers and introduce them to a world that too often goes overlooked in entertainment," explains Hicks. "Forming an alliance with Indigenous culture contributors, our aim with Thunderous is to deliver even more storytelling content on this rich history and share its important traditions and beliefs to a broader audience. Through the eyes of our dynamic characters, readers will discover a world that is both relatable and transformative." 

Darren Marks, Chairman and Chief Executive Officer of Grom added, "We're excited by the potential contribution from projects like Thunderous, which our acquisition of Curiosity Ink Media brings firmly into the Grom family. Under the creative control of Russell Hicks, former Nickelodeon Animation President, monetizing the tremendous IP that we currently have is a centerpiece of our business strategy, and Thunderous is another big step in that direction."   For more information about Grom Social Enterprises please visit https://gromsocial.com/

Other recent developments in the markets include:

Roblox (NYSE: RBLX), a global platform bringing millions of people together through shared experiences, recently announced the launch of an exclusive Stranger Things experience on Roblox. The Netflix experience, launched on the Roblox platform, will serve as a persistent space to immerse fans year round in the famed mid-80s, neon-soaked Starcourt Mall–the location of the Season 3 finale of the hit Netflix series–reimagined in the Roblox Metaverse.

The Stranger Things experience, available today, lets anyone explore the Starcourt Mall and complete quests to earn Stranger Things-inspired gear to customize their avatar with, including Scoops Ahoy and Demogorgon costume bundles, as well as accessories like Dustin's Hat and Eleven's Headgear. Visitors can also explore four mini-games, compete in rotating leaderboard challenges, and purchase additional avatar items.

Wizards of the Coast, a division of Hasbro, Inc (NASDAQ: HAS), is proud to announce that DARK ALLIANCE, the explosive four-player, co-op action brawler is now available on Steam for PC, PlayStation®4, PlayStation®5, Windows 10 PC, Xbox One and Xbox Series X|S consoles and on Xbox Game Pass. Developed by Wizards of the Coast and Tuque Games, DARK ALLIANCE is the first Dungeons & Dragons video game published by Wizards of the Coast; a new CGI trailer was released to celebrate the launch: https://www.youtube.com

"Whenever I'm at the table playing Dungeons & Dragons with my friends, I always anxiously await that moment in a scenario when the Dungeon Master says, 'Roll for initiative'. That's when you know things are about to get intense and dangerous," said Jeff Hattem, Studio Head at Tuque Games and Creative Director for DARK ALLIANCE. "We designed DARK ALLIANCE from those moments in D&D campaigns; our game puts combat at the center of the experience and we can't wait for players to feel what it's like to battle a Frost Giant up close and personal."

Netflix, Inc. (NASDAQ: NFLX) recently announced it will post its second-quarter 2021 financial results and business outlook on its investor relations website on Tuesday, July 20, 2021, at approximately 1:00 p.m. Pacific Time.  At that time, the company will issue a brief advisory release via newswire containing a link to the second-quarter 2021 financial results and letter to shareholders on its website.

A video interview with Netflix co-CEO Reed Hastings, co-CEO & Chief Content Officer Ted Sarandos, Chief Financial Officer Spence Neumann, COO & Chief Product Officer Greg Peters and VP, IR & Corporate Development Spencer Wang will be available at 3:00 p.m. Pacific Time. The discussion will be moderated by Nidhi Gupta, Fidelity Management & Research Co., with questions submitted via email. Questions from investors should be submitted as well in advance as possible for inclusion.

ViacomCBS (NASDAQ: VIAC) recently announced an enhanced content leadership structure for its global streaming services. This newly aligned structure, which is effective immediately, will ensure that ViacomCBS is well positioned to continue producing compelling, diverse content at scale and deploy the right mix of content across its ecosystem of free and pay streaming platforms. As part of this, the new structure elevates each of ViacomCBS' global content leaders to oversee their respective genres within Paramount+, while appointing Tanya Giles as a centralized programming head to chart content strategy for Paramount+ and Pluto TV globally.

"The strong launch and early months of Paramount+ have demonstrated the power and potential of our platform, as well as audiences' appetite for a broad and diverse array of content, all in one place," said Bob Bakish, President and CEO, ViacomCBS. "The moves we are making today will accelerate that mission by putting ViacomCBS' most powerful assets – world-class content, iconic brands, global infrastructure and expertise, and the best talent in the business today – behind our platforms as we pursue the global opportunity in streaming. Together, our leaders will ensure that we're delivering to audiences the very best our streaming platforms have to offer, with must-watch content across every genre and market we operate in."

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