The size of the Latin American media streaming market is estimated to be worth USD 17.46 billion by 2029 from USD 11.34 billion in 2024, growing at a CAGR of 7.57% from 2024 to 2029.
OTT services are said to lead growth in Latin America. Many video producers and content owners are expanding into the region in search of a high-potential and growing market. Brazil and Mexico are number 4 and number 5 on the world list. Of this total, the top five countries (Argentina, Brazil, Colombia, Mexico and Puerto Rico) will represent 83% of the regional total.
The major drivers of the Latin American streaming media market are the hike in the adoption of video and audio streaming services across the area. The rising penetration of high-speed Internet and the popularity of online shows create promising opportunities for the media streaming market to expand during the forecast period, along with the untapped areas in Latin America and increased user awareness. The convenience of watching video content, the surge in mobile subscriptions and adoption of connected mobile devices, and the augmenting need for original content and live streaming are also driving the expansion of the LATAM video streaming market.
However, transmission interruptions, hacking, and reduced bandwidth are some of the major limitations to the Latin American media streaming market.
Impact of COVID-19 on the Latin American media streaming market:
The continued spread of the coronavirus has had a positive impact on the media streaming industry due to home containment measures. Providers have seen an increase in subscriber numbers and peak audiences in all regions due to increased demand for online streaming and changing consumers. For example, in the first quarter of 2020 which ended on March 31, Netflix added 15.8 million subscribers worldwide, a 22.5% year-on-year growth rate compared to the previous year. The COVID-19 outbreak is expected to have a positive impact on market growth as it has caused roadblocks in major cities around the world, prompting an increased need for entertainment. As a result, the audience for video streaming services has grown significantly around the world. Many of the major video streaming platforms like Netflix, Amazon Prime Video, YouTube, and Disney+, have seen significant growth in terms of users globally.
This research report on the Latin American media streaming market has been segmented and sub-segmented based on type of service, applications, end users, and regions.
Latin America Media Streaming Market – By Service Type:
Of these, the video streaming sub-segment is likely to record substantial growth due to the rising fame of on-demand entertainment services like movies, shows, videos and live games, on televisions and other portable device platforms.
Latin America Media Streaming Market – By Application:
Of these, the real-time entertainment segment dominated the market. However, other application segments such as online learning and web advertising are also emerging as potential revenue streams due to their growing popularity among educational institutions and businesses. With the reduction in costs and the addition of additional innovative features, e-learning software is going beyond universities to include general business education.
Latin America Media Streaming Market – By End-Users:
The adoption of video streaming services among home users is driven by the wide availability of high-speed Internet access and the growing popularity of online TV shows. Businesses and educational institutions are also witnessing rapid adoption of media streaming services during the forecast period.
Latin America Media Streaming Market – By Country:
After Asia and Western Europe, the geography that attracts much of the OTT traction is Latin America. Despite limited broadband penetration and high levels of piracy, Latin America has great potential to become an OTT-dominated region over the next 5 years, given changing consumer habits. Brazil, Mexico, Argentina, Colombia and Chile are the main LATAM countries that lead the growth of OTT in the region. Venezuela has been a very slow growth opportunity to take advantage of OTT adoption. According to an analysis by Citibanamex, a third (30%) of Mexican households are expected to pay for OTT services by 2025. According to a recent study, revenue from subscription VOD services in Venezuela was recorded at $0.02 million in 2011 (when Netflix was launched), which is expected to increase to $47.28 million in 202. Colombia, on the other hand, appears to be the fourth potential market for OTT video in Latin America, with 5.4% of the estimated 4.5 million OTT video-on-demand subscribers in Latin America. Around 88% of the Colombian population watches online videos regularly, but they rely on UGC sites like YouTube and Vimeo. OTT adoption in the country accounts for 26% of adoption, which is certainly expected to increase, given the increasing availability of infrastructure.
KEY MARKET PLAYERS:
Amazon Prime Video, Blim, Claro Video, Crackle, HBO, Movistar Play and Netflix are the leading players in the Latin American media streaming market.
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