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TRENDING
June 4, 2024
Streaming Revenues to Surpass 1.2bn in MENA - Omdia
Total streaming revenues in the MENA region exceeded $1bn in 2023 and are predicted to rise by a further 13% to more than $1.2 billion by the end of this year, according to new research from media analysts Omdia. Leading this market are Shahid and StarzPlay, which dominate with significant market shares and innovative strategies. By: K Dass.
MENA - According to Omdia, the Over-The-Top (OTT) video
streaming market in the Middle East and North Africa (MENA) region experienced
robust growth in 2023. Omdia data reported a 13% increase across the region,
with revenues exceeding 1 billion. Leading in this dynamic market are Shahid
and StarzPlay, which dominate with significant market shares and innovative
strategies.
The 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.
Part of MBC, Shahid
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.
Following closely
with an 18% market share and 3 million subscribers, StarzPlay identifies and
fills content gaps in the region. Their competitive edge comes from AVOD launch.
A soft launch in November 2023 followed by a full launch in February 2024.
Highly anticipated
series like The Walking Dead: Dead City premiered in March 2024. Exclusive
rights to major sporting events such as the Cricket Asia Cup, Cricket World
Cup, IPL, Rugby World Cup, Six Nations, and UFC.
Maria Rua Aguete,
Senior Research Director at Omdia, highlighted that MENA is a growth area with
huge potential. The top three players—Shahid, StarzPlay, and Netflix—each have
unique strategies and complementary offerings. Additionally, the future of streaming
video services in the MENA region appears exceptionally promising, with Shahid
and StarzPlay at the forefront of innovation and growth.
