technology
MENA OTT Market Surpasses $1 Billion in 2023: Shahid and StarzPlay Lead Innovation
MENA OTT Market Surpasses $1 Billion in 2023: Shahid and StarzPlay Lead Innovation
PR Newswire
Published on : May 30, 2024
The Over-The-Top (OTT) video streaming market in the Middle East and North Africa (MENA) region experienced significant growth in 2023, with key players like Shahid and StarzPlay leading the way with innovative strategies and content offerings.
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Market Growth: Omdia reports a 13% increase in the MENA OTT market, surpassing $1 billion in revenues in 2023. Strategic partnerships and bundle offerings have played a crucial role in enhancing accessibility and content diversity.
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Leading Players: Shahid, part of MBC, leads the market with a 22% share and 3.6 million subscribers, leveraging extensive local Arabic content. StarzPlay follows closely with an 18% share and innovative offerings like AVOD, exclusive content, and sports rights.
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Innovative Strategies: StarzPlay's launch of AVOD, exclusive content premieres, and sports rights acquisitions have strengthened its competitive edge, driving subscriber growth and engagement.
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Future Outlook: Omdia forecasts continued growth, with revenues expected to reach $1.2 billion in 2024. The market presents significant opportunities in online video advertising and Pay TV expansion, with FAST channels poised for rapid growth.
Pointers:
- Shahid and StarzPlay's innovative strategies and localized content resonate deeply with MENA audiences, contributing to the market's robust growth.
- Exclusive content, sports rights acquisitions, and AVOD offerings are key drivers of subscriber engagement and retention in the MENA OTT market.
- Omdia's outlook highlights the promising future of streaming video services in the region, with continued growth and expansion in content offerings.
The MENA OTT market's surpassing of $1 billion in revenues in 2023 reflects the region's growing appetite for digital entertainment. Shahid, StarzPlay, and other players are leading the way with innovative strategies and localized content, driving subscriber growth and engagement. The future outlook remains exceptionally promising, with continued expansion and opportunities for content diversification to meet evolving audience preferences.
