The Russian legal video streaming market in 2020 went up by record-high 66% year on year to RUB28bn ($0.38mn), Vedomosti daily wrote on March 10 citing the data from TMT Consulting.
bne IntelliNews reported that Russian video streaming platforms are gaining speed and saw a jump in subscriptions and spending on paid content amid the coronavirus (COVID-19) lockdowns.
Video subscription services increased revenues by 87% to RUB19bn, while total revenues from subscription, buying and rental of online video content rose by 84% to RUB23bn.
The total number of paying video streaming services clients grew by 52% to 8.5mn, while the total audience of the services is estimated at 63mn, up by 17%. The share of paying clients increased from 10% in 2019 to 15% in 2020.
The top players in the video streaming market are ivi (32%), Okko (20%), Megogo (9%), Kinopoisk of Yandex internet major (8%), Amediateka (7%) and Tvzavr (3.3%). As followed by bne IntelliNews, Russia's largest bank Sberbank intends to invest heavily in Okko to make it the market leader by 2021.
Some minor services such as Start posted a 2.7-fold jump in revenues, while still having a relatively small market share. Russian mobile major MegaFon bought into Start in October 2020 and said it plans to invest RUB5bn ($63.3mn) in the service in the next three years.
TMT expects the market to increase by 42% in 2021 to RUB39bn, while the analysts surveyed by Vedomosti believe that the growth could amount to 50%-55%.
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