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1、Digital Video/OTT UpdateTHE STREAMING WARS CONTINUEJUNE 2023Executive SummaryThe shift from pay TV to digital video and over-the-top(OTT)services continues unabated,but the battle for OTT dominance has grown more challenging and complicated.While initially waged by media and tech giants vying for su

2、bscription video-on-demand(SVOD)leadership,the streaming wars are now being waged on multiple fronts,including premium SVOD,ad-supported video-on-demand(AVOD),and free ad-supported streaming television(FAST)offerings.Initial euphoria over SVOD fueled the proliferation of new streaming services,and g

3、rowing competition for SVOD dominance has driven massive content spend as the leading platforms competed to add and retain subscribers.The SVOD wars have also been a catalyst for strategic M&A/industry consolidation that has both reshaped the media landscape and disrupted the pay TV industry.But,fol

4、lowing years of extraordinary growth and spending,and adulation from Wall Street,leading streaming platforms have come under pressure.SVOD now faces historic levels of churn due to growing consumer fatigue and belt tightening.After years of emphasizing subscriber growth“at all costs,”profitability h

5、as now come into focus,causing streamers to re-evaluate content strategies and business models.Whats next?Growth in AVOD/FAST and Hybrid models will surpass SVOD over the near term as leading OTT platforms move to attract and retain users with free and lower-priced services.A great“rebundling”of str

6、eaming services is inevitable and has already started in order to address consumer frustration and subscription fatigue.Live sports will emerge as an important new battleground among major streamers.As growth in the U.S.markets start to mature,big platforms will increasingly look abroad for growth.F