Palm Beach, FL – May 27, 2021 – The term ‘over-the-top’ is used to describe internet-based services that allow users to stream media content over the internet without the need for cable or satellite subscriptions. In the US alone there were around 170 million OTT users in 2018, with many of the most popular services in the market being video-on-demand platforms like Netflix, Hulu, Amazon Prime, and Disney Plus. Netflix has more than 200 million paying subscribers globally making it the biggest OTT video provider in the world. According to Statista, US users will spend an estimated hour on average with these services per day in 2021, and as they begin to replace traditional media such as television, the platform has become beneficial for both consumers and advertisers. Not only are OTT users more receptive to advertisement than TV viewers, but the platforms themselves allow advertisers to better target their ads to specific demographics or types of consumers that are more likely to be interested in their products or services. Statista reported that the Over-the-top (OTT) media revenue is expected to reach over 167 billion U.S. dollars by 2025, more than double the 83.3 billion generated in 2019. The service has experienced massive growth over the eight years, with revenues growing exponentially from 6.1 billion U.S. dollars in 2010 to over ten times that amount in 2019. Active companies in the markets this week include Alphabet Inc. (NASDAQ: GOOG), Versus Systems Inc. (NASDAQ: VS), Facebook, Inc. (NASDAQ: FB), Twitter, Inc. (NYSE: TWTR), Tencent Holdings Limited (OTCPK: TCEHY).
However, a report from Digital TV Research in a Rapid TV News article said that number is too low! The report says: “In a clear indication that the massive surge in streaming is set to persist… Digital TV Research is predicting that global revenues from over-the-top (OTT) TV episodes and films will reach $210 billion in 2026, up from $106 billion on 2020. The report also added: “Looking at the platform’s where revenues will be generated, the Global OTT TV and Video Forecasts report observed that subscription video-on-demand (SVOD) revenues will climb by $59 billion between 2020 and 2026 to $126 billion. SVOD’s share of the total will dip slightly from 62% in 2020 to 60% in 2026. Advertising video-on-demand (AVOD) revenues will increase by $39 billion between 2020 and 2026 to $66 billion – 32% of total OTT revenues by 2026, up from 26% in 2020.”
Versus Systems Inc. (NASDAQ: VS) BREAKING NEWS: Jennifer Prince, Twitter’s Global VP and Head of Content Partnerships, to Join Versus Systems Board of Directors – Versus Systems adds media and entertainment industry executive, Jennifer Prince, to support the company’s expansion into TV, streaming, and live events – Versus Systems announced the appointment of Ms. Jennifer Prince to its Board of Directors. As the Global VP and Head of Content Partnerships for Twitter (NYSE: TWTR), Jennifer is responsible for Twitter’s global content arm working with the world’s most renowned and conversation-driving publishers and creators on their creative, distribution and monetization. She leads Twitter’s worldwide efforts engaging with media entities and individual creators across TV, film, music, sports, news, lifestyle, and gaming.
The addition of Prince to the Board of Directors comes as Versus is actively growing in the media and entertainment verticals since their IPO on the Nasdaq in January. Versus, who recently announced the acquisition of Xcite Interactive, will now be able to position its interactive rewards platform inside games, apps, streaming media, OTT and broadcast television. Jennifer Prince is well positioned to help shape the company’s growth in the media space.
Prior to joining Twitter in August 2013, Jennifer was Head of Industry for Film and Television at Google and YouTube. Earlier, Jennifer was SVP of Advertising at Demand Media where she launched their Ad Sales business and helped the company through its IPO.
“I couldn’t turn down an opportunity to advise an innovative and growing company in Versus, after learning how their prizing engine integrates into content, to surprise and delight consumers in content-first immersive experiences.” said Jennifer Prince. “The team is very impressive and I’m thrilled to join the Versus board to help drive impact and value with a team and technology that I believe in.”
“Jennifer Prince is incredible. Her background is unmatched and a perfect fit for Versus. Leading media and entertainment at Twitter, the work she did at YouTube, Google, and Demand Media – Jennifer is exactly what Versus needs as we grow our sales organization and expand our product offerings into interactive media to serve a wider range of content publishers across broadcast, sports, streaming, and live events. We are thrilled to have her join the team at Versus.” said Matthew Pierce, founder and CEO of Versus Systems. CONTINUED… Read this and more news for Versus Systems at: https://www.financialnewsmedia.com/news-vs/
In other recent developments and news from around the markets:
Alphabet Inc. (NASDAQ:GOOG) and The AES Corporation (AES) recently announced that it has signed an agreement to supply the electricity to power Google’s (NASDAQ: GOOGL) Virginia-based data centers with 24/7 carbon-free energy under a 10-year supply contract. With this first clean energy procurement deal in the world of its kind, AES will help ensure that the energy powering those data centers will be 90% carbon-free when measured on an hourly basis. AES will become the sole supplier of the data centers’ carbon-free energy needs on an annual basis, sourcing energy from a portfolio of wind, solar, hydro and battery storage resources to be developed or contracted by AES. The agreement will start supply later in 2021 and is an important step in meeting Google’s previously announced goal to run its business on 100% carbon-free energy on an hourly basis by 2030.
Facebook, Inc. (NASDAQ: FB) recently reported financial results for the quarter ended March 31, 2021. “We had a strong quarter as we helped people stay connected and businesses grow,” said Mark Zuckerberg, Facebook founder and CEO. “We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy.”
We are pleased with the strength of our advertising revenue growth in the first quarter of 2021, which was driven by a 30% year-over-year increase in the average price per ad and a 12% increase in the number of ads delivered. We expect that advertising revenue growth will continue to be primarily driven by price during the rest of 2021.
Twitter, Inc. (NYSE: TWTR) recently announced financial results for its first quarter 2021. “People turn to Twitter to see and talk about what’s happening, and we are helping them find their interests more quickly while making it easier to follow and participate in conversations,” said Jack Dorsey, Twitter’s CEO. “Average monetizable DAU (mDAU) reached 199 million, up 20% year over year and up 7 million sequentially, driven by ongoing product improvements and global conversation around current events.”
“Q1 was a solid start to 2021, with total revenue of $1.04 billion up 28% year-over-year, reflecting accelerating year-over-year growth in MAP revenue and brand advertising that improved throughout the quarter,” said Ned Segal, Twitter’s CFO. “Advertisers continue to benefit from updated ad formats, improved measurement, and new brand safety controls, contributing to 32% year-over-year growth in ad revenue in Q1.”
Tencent Holdings Limited (OTCPK: TCEHY), a leading provider of Internet value added services in China, recently announced the unaudited consolidated results for the first quarter (“1Q2021”) ended March 31, 2021. Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the first quarter, we delivered solid growth across our businesses while continuing to enhance our products and services. As we look into the future, we see expanding opportunities in the various verticals in which we operate, enabled by technology innovation and increasing acceptance of digital solutions among users and businesses. As a result, we are stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. In addition, as a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities to create significant social value through innovations. We believe that our recent strategic upgrade and establishment of a Sustainable Social Value Organisation will allow us to make an even more positive impact to the society, and usher in a new phase of development for Tencent.”
Revenues from VAS increased by 16% to RMB72.4 billion for the first quarter of 2021 on a year-on-year basis. Games revenues grew by 17% to RMB43.6 billion, primarily due to revenue growth from our mobile games worldwide, including Honour of Kings, PUBG Mobile, and Peacekeeper Elite, as well as recently launched titles such as Moonlight Blade Mobile. Total mobile games revenues (including mobile games revenues attributable to our social networks business) were RMB41.5 billion and PC client games revenues were RMB11.9 billion for the first quarter of 2021. Social networks revenues increased by 15% to RMB28.8 billion, due to moderate growth from digital content subscriptions, as well as from in-game virtual item sales.
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