Mexico has the largest market for over-the-top (OTT) video services in Latin America, according to 2016 estimates. But Brazil is set to outpace it in the next few years.

According to MTM London, OTT video service revenues are growing in the double-digits in several major Latin American markets.

Argentina, where growth is fastest, also has the smallest market at this point. MTM London estimated OTT video revenues at $45 million in 2015, and projected compound annual growth of 36% through 2018, when revenues would reach $113 million.

Brazil’s OTT video market is expected to grow nearly as fast over the same period, but from a much larger base. By 2018, Brazil will surpass Mexico in OTT video revenues, with nearly half a billion dollars.

According to Strategy Analytics, Brazil and Mexico are already among the biggest markets for Netflix in particular. In Q3 2015, Brazil was home to 2.9 million Netflix subscribers, putting it in fourth place worldwide after the US, UK and Canada. Mexico was in fifth, with 1.7 million subscribers.

The market for OTT video-on-demand (VOD) is expected to explode in Latin America in the next several years—and the region already supported nearly 90 such platforms as of October 2015.