Pune, May 14, 2020 (GLOBE NEWSWIRE) -- The global video on demand market size is projected to reach USD 87.1 billion by 2025, exhibiting a CAGR of 9% during the forecast period. Changing consumer preferences with regard to visual content is chiefly driving the trends in this market, observes Fortune Business Insights™ in its report, titled “Video On Demand Market Size, Share and Industry Analysis by Technology (SVOD, TVOD, AVOD), Content Type (Sports, Music, TV Entertainment, Kids, Movies), and Regional Forecast 2018-2025”. As populations around the world have gotten younger over the past few decades, the demand for better quality shows and movies has risen commensurately. Much of today’s youth is disinterested in conventional visual content on televisions and increasingly preferring content available on mobile streaming platforms such as Netflix and YouTube, which provide video on demand (VoD) services. This trend is especially prominent in a country like India, where cable TV was monopolized by the central government for almost 30 years. Accentuating this trend today is the rigid censorship protocols followed by regulators regarding events portrayed in movies and daily soaps. Streaming services lie outside the jurisdiction of these bodies and hence can provide more open and relatable content to young viewers, which benefits the growth of this market.
According to the report, the market value was at USD 43.9 billion in 2017. The other highlights of the report include:
- Valuable insights into the evolving industry trends and outlook;
- Microscopic study of the various factors driving and restraining the market;
- Focused examination of all the market segments; and
- Exhaustive research into the regional dynamics and competitive environment of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Opportunity
Lockdowns to Skyrocket Uptake of Subscription-based VoD Services
The havoc wreaked by the COVID-19 outbreak has forced governments around the world to impose strict lockdowns. As a result, people have been confined to their homes, deprived of regular sources of entertainment such as movie theaters and restaurants. To satisfy their entertainment needs, most people are resorting to online streaming platforms and their subscriber numbers are experiencing a meteoric rise. For example, Netflix reported in April that 16 million new accounts were created on its platform since January 2020, causing the company’s share price to increase by 30%. Moreover, the company expects to add 7.5 million new subscribers by end of June. Furthermore, these services are personalizing content according to regional needs. For instance, Amazon Prime Video expanded its library of old and popular Hindi films earlier this year. Thus, the pandemic has created lucrative opportunities for players in this market, which is fueling the video on demand market growth.
Regional Dynamics
Proliferation of Smartphones and Tabs to Augment the Market in Asia-Pacific
Asia-Pacific holds promising prospects for this market owing to its rising young population and growing urban areas, especially in India and China. These two trends have spiked the demand for pay-per-view movies and shows and are boosting the adoption of home entertainment platforms.
However, North America is slated to dominate the video on demand market share during the forecast period owing to the presence of industry giants such as Amazon, Netflix, and Apple. Coupled with this are strong links between these streaming service providers and film and television industry in the region, which is leading to the creation of diverse content for viewers.
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Competitive Landscape
Promoting Creativity to be the Broad Goal for Market Players
High demand for personalized and quality content has encouraged companies to collaborate with different writers and producers to create shows and movies that cater to the evolving consumption patterns among viewers. Moreover, the vast scope of this market is attracting new players, especially from countries such as India, where the entertainment industry has a massive fan-following.
Industry Developments:
- November 2019: Hulu partnered with The Jed Foundation and Film2Future to provide a platform to storywriters in Los Angeles to create ads for Hulu. The company challenged students from Film2Future, an organization dedicated to empowering underserved youth of Los Angeles, to film and edit an ad for Hulu for World Mental Health Day.
- March 2019: Apple launched its original video subscription service, Apple TV+, which will feature highly original shows and programs by bringing together some of the most creative artists and storytellers from Hollywood. The idea is to facilitate access to subscribers to high-quality and relatable content created by some of the biggest names in the entertainment industry.
List of Companies Covered in the Video On Demand Market Report:
- Apple Inc.
- Hulu LLC
- YouTube LLC
- Amazon Prime Video
- Netflix Inc.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- GlobalMarket Overview
- Macroand Micro Economic Indicators
- Emerging Market Trends
- Industry SWOT Analysis
- Global Video On Demand Market Analysis, Insights and Forecast, 2014-2025
- Definitions
- KeyFindings / Summary
- Market Analysis, Insights and Forecast – By Technology
- SVOD
- TVOD
- AVOD
- Market Analysis, Insights and Forecast – By Content Type
- Sports
- Music
- TV Entertainment
- Kids
- Movies
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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