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LONDON , May 29, 2024 /PRNewswire/ -- The Over-The-Top (OTT) video streaming market in the Middle East and North Africa (MENA) region experienced robust growth in 2023, with Omdia data reporting a 13% increase across the region and revenues exceeding $1 billion . Leading in this dynamic market are Shahid and StarzPlay, which dominate with significant market shares and innovative strategies. The OTT market's impressive growth in 2023 underscores the region's increasing demand for digital entertainment, with revenues exceeding $1 billion .
Strategic partnerships and bundle offerings have been key to this success, enhancing accessibility and content diversity. Omdia forecasts continued positive results, with revenues expected to reach $1.2 billion in 2024.
Year-round content production has mitigated seasonal subscription fluctuations in the MENA region, leading to higher subscription rates and reduced churn after Ramadan. Despite this, Ramadan remains a peak period for drama, with platforms like ADTV and Watch IT gaining significant popularity to meet regional demand. Omdia's research shows that Shahid, part of MBC, leads the MENA streaming video market with a 22% market share, amounting to 3.
6 million subscribers by the end of 2023. Shahid's strength lies in its extensive local Arabic content, which resonates deeply with regional audiences, especially during Ramadan. StarzPlay follows closely with an 18% market share and 3 million subscribers.
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