The global over-the-top video distribution market grew its revenue by 33% last year, reaching $68 billion, according to figures released by Digital TV Research.
Global OTT revenue was more than double the $30 billion generated in 2016.
OTT revenue reached $26.8 million in the U.S. last year, vs. $20.3 billion in 2017 and $15.6 billion in 2016.
For its part, Netflix generated $16 billion in worldwide revenue in 2018.
Notably, Digital TV Research found that after peaking at $205 billion in 2016, the pay TV sector’s revenue is set to crater to $75.7 billion by 2024.
“The U.S. added $6.5 billion in revenues in 2018, with China up by $3.6 billion. Therefore, the U.S. and China were together responsible for more than half the world’s additional revenues in 2018,” said Simon Murray, principal analyst at Digital TV Research, in a statement.