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Recent research proves that the over-the-top content market in Latin America isn't going away any time soon. According to a study conducted by The Diffusion Group, the market will be worth $8 billion in 10 years.

According to Rapid TV News, the report said the increased availability of broadband is one of the main factors driving the growth for the OTT industry in Latin America. The region also has millennials to thank for the expansion.

"The OTT market in Latin America will be worth $8 billion by 2025."

"Much is said about the rise of U.S. millennials and the impact they will have on video viewing," TDG senior analyst and report author Joel Espelien said in the report. "But few understand that these same demographic trends are creating tremendous opportunities for OTT vendors in international markets, Latin American in particular."

Netflix is one streaming company that recognized the opportunity in Latin America and expanded its business to the region in 2011. The organization even put money into Spanish content to attract more viewers in the area.

"The fact that Netflix is expanding its efforts in the region should send a strong message to others that the potential of OTT in Latin America is real and the time for entry is now," the report stated.

In the last quarter of 2014, Netflix had a total of 5 million Latin American customers, according to Digital TV Europe. During the Q4 earnings call, Chief Financial Officer David Wells said the company has experienced stable growth in the region, but there have been some challenges.

Wells explained that the company had payment problems and e-commerce trust issues in the beginning, but has made improvements since then. He added that Netflix its happy with the success it has had in the region.