Video On Demand Market to Surpass USD 276.70 Billion by 2030 Owing to Proliferation of High-Speed Internet and Rise in Mobile Device Penetration | Research by SNS Insider
According to SNS Insider’s research, the video on demand market’s growth is a multifaceted phenomenon driven by technological advancements, changing consumer behaviors, and strategic business innovations.
Pune, Jan. 15, 2024 (GLOBE NEWSWIRE) — The Video On Demand Market, as per the SNS Insider report, was valued at USD 74.62 billion in 2022 and is projected to attain USD 276.70 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period from 2023 to 2030.
Video on Demand (VoD) is a revolutionary technology that allows users to access and watch video content at their convenience. Unlike traditional television broadcasting, where viewers are bound by schedules, VoD enables individuals to choose and watch their preferred content whenever and wherever they want. This on-demand accessibility has transformed the way people consume video entertainment, offering a vast library of movies, TV shows, documentaries, and other visual content. With the rise of high-speed internet and advanced streaming platforms, Video on Demand has become a dominant force in the entertainment industry.
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The Video on Demand market is experiencing robust growth, fueled by several key drivers. Firstly, the Subscription-based Segment has emerged as a powerhouse, attracting a large user base willing to pay for premium content. Subscription models offer exclusive access to a diverse range of content, creating a reliable revenue stream for service providers. Additionally, the Media Segment, which includes advertising-supported models, has gained traction as advertisers recognize the potential of reaching a highly engaged audience. These two segments, subscription-based and media, are poised to dominate the market, driving its continued expansion. Leading VOD platforms are aggressively pursuing global expansion strategies. By entering new markets and catering to diverse cultural preferences, these platforms tap into previously untapped audiences. Strategic partnerships and collaborations with local content producers further contribute to the global footprint of VOD services.
Major Players Listed in this Report are:
- Google LLC
- Hulu LLC
- AT&T Inc.
- Netflix Inc.
- Apple Inc.
- Comcast Corporation
- Facebook Inc.
- Telefonaktiebolaget LM Ericsson
- Verizon Communications Inc. & Other Players
Video on Demand Market Report Scope:
|Market Size in 2022
|US$ 74.62 Billion
|Market Size by 2030
|US$ 276.70 Billion
|CAGR of 17.8% From 2023 to 2030
|North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Market Dynamics Analysis
The dynamics of the video on demand market are undergoing a profound transformation, shaped by a confluence of drivers, restraints, challenges, and threats. On the driver’s side, the ever-expanding digital infrastructure and the ubiquity of high-speed internet have fueled the proliferation of VOD services. Consumers increasingly demand on-the-go access to a vast array of content, driving the growth of streaming platforms. Additionally, the surge in original content production by streaming giants and the allure of exclusive titles have significantly contributed to the upswing in VOD consumption. However, this upward trajectory is not without its restraints. One significant challenge is the saturation of the market, with a plethora of streaming services vying for consumer attention. This saturation can lead to subscription fatigue, as users may find it overwhelming to manage multiple subscriptions.
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Video On Demand Market Segmentation:
- Cable TV
- Direct to Home Services (DTH)
- Over-the-Top Services
By Monetization Models
By Industry Verticals
- Media, Entertainment & Gaming
- Travel & Hospitality
Key Regional Developments
The Video on Demand market exhibits diverse dynamics across regions. In developed markets, such as North America and Europe, high internet penetration and technological infrastructure drive substantial growth. Meanwhile, in emerging markets, like Asia-Pacific and Latin America, the increasing adoption of smartphones and improving internet accessibility contribute to the market’s expansion. Regulatory landscapes, cultural preferences, and economic factors also play crucial roles in shaping regional dynamics, emphasizing the importance of a nuanced approach for market participants.
Impact of Recession on Video On Demand Market Growth
The Video on Demand market has proven resilient even in the face of economic downturns. During recessions, consumer priorities may shift, and discretionary spending on entertainment could be affected. However, VoD services, particularly subscription-based models, have the advantage of offering cost-effective and diverse content options compared to traditional cable or satellite services. As consumers seek more value for their entertainment expenditures, Video on Demand platforms may witness increased adoption during economic challenges. The ability to cater to changing consumer preferences and economic conditions positions the VoD market as a flexible and adaptive industry in the face of recessionary pressures.
Key Takeaway from Video on Demand Market Study
- The Subscription-based segment has emerged as a powerhouse within the market, fueled by evolving consumer preferences and the convenience it offers. The rise of subscription-based streaming services has transformed the way audiences consume content, with platforms like Netflix, Hulu, and Disney+ leading the charge.
- The Media segment of the video on demand market is witnessing robust growth driven by the increasing demand for exclusive and original content. Content creators, including traditional media houses and digital-first studios, are investing heavily in producing high-quality, original programming to capture audiences’ attention.
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- BookMyShow, India’s leading online ticketing platform, has recently expanded its portfolio with the launch of a transactional video-on-demand platform called ‘BookMyShow Stream.’ This development marks a significant shift for the company, extending its reach beyond event ticketing to cater to the growing demand for digital content consumption.
- Amazon India has introduced a game-changing feature within its shopping app—a free video streaming service. This strategic integration of shopping and entertainment aims to enhance the overall user experience by providing seamless access to a diverse range of content.
Table of Contents – Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Video On Demand Market Segmentation, By Component
9. Video On Demand Market Segmentation, By Monetization Models
10. Video On Demand Market Segmentation, By Industry Verticals
11. Regional Analysis
12. Company profile
13. Competitive Landscape
14. USE Cases and Best Practices
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