With the rise of internet-enabled devices and the highest smartphone penetration in the world, video content delivered via the internet – known as Over-The-Top video (OTT) – has never been more sought after in Singapore.
Blackbox was tasked by the Media Development Authority of Singapore (MDA) in 2015 with establishing the impact of increased awareness and availability of OTT video on local viewers. The study’s findings help to paint a clearer picture of Singaporeans’ changing video usage, preferences and habits.
Our findings show that many viewers are turning their attention away from traditional TV, instead preferring online alternatives. Over half of the Singaporean population now watch OTT video, this figure increasing to nearly 90% in the millennial age bracket. Despite this migration, 77% stated that they would not be prepared to pay for future online content, with only 11% of the population doing so currently. These findings highlight both the challenges being faced by traditional media, as well as the need to reinvent online content delivery to ensure its monetisation.
Click here to view the statement from MDA and read their full report.