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      Home News Analyst Reports

      MENA streaming revenues set to reach $1.2bn in 2024: Omdia

      Staff Reporter by Staff Reporter
      June 2, 2024
      in Analyst Reports, News
      MENA streaming revenues set to reach $1.2bn in 2024: Omdia
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      Shahid leads the MENA streaming video market with 22% of the market share, amounting to 3.6m subscribers by the end of 2023.

      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.

      The OTT market’s growth in 2023 underscores the region’s increasing demand for digital entertainment. 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 $1.2bn 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 3.6m 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 3m subscribers. The report noted that StarzPlay has “successfully identified and filled content gaps in the region, bolstering its competitive edge.”

      Driving growth for StarzPlay is the streaming of exclusive content, with standouts including AMC acquisition The Walking Dead: Dead City and sports coverage, with StarzPlay having secured exclusive rights to events such as the Cricket Asia Cup in September 2023 and the Six Nations in March 2024. StarzPlay has also found success with the launch of its AVOD & FAST service, Starz On, which had its soft debut in November 2023 before launching in full in March 2024.

      Speaking at CABSAT 2024, Dubai, Maria Rua Aguete, Senior Research Director at Omdia, said: “MENA is a growth area with huge potential. The top three players—Shahid, StarzPlay, and Netflix—each have unique strategies and complementary offerings. In the advertising space, FAST (Free Ad-Supported Streaming TV) is currently limited in this region, but we anticipate significant growth over the next four years, with global players like Samsung entering the market.”

      Online video advertising presents the most significant growth opportunity, while MENA’s pay-TV expansion demonstrates how bundling can combat piracy. FAST channel revenues in MENA hit $7.2m in 2023 and are poised for rapid growth. The future of streaming video services in the MENA region appears exceptionally promising, with Shahid and StarzPlay at the forefront of innovation and growth. The market is expected to continue its upward trend, offering a wider array of localised content to cater to the evolving preferences of Middle Eastern audiences.

      Tags: featuredpostMENA streaming revenueOmdiaOTT marketShahidStarz OStarzPlay

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