The video on demand market size is projected to reach USD 159.62 billion by the end of 2027. The increasing smartphone penetration across the world will create several opportunities for market growth. The availability of low cost cloud platforms will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Video On Demand Market Size, Share & COVID-19 Impact Analysis, by Revenue Model (Subscription Video On Demand (SVoD), Transactional Video On Demand (TVoD), Advertisement Based Video On Demand (AVOD)), Content Type (Sports, Music, TV Entertainment, Kids, Movies, and Others), and Regional Forecast, 2020-2027” the market was worth USD 53.96 billion and will exhibit a CAGR of 14.8% during the forecast period, 2020-2027.
A List of Renowned Video on Demand Providers Operating in the Market:
- Alphabet, Inc. (California, United States)
- Amazon Web Services, Inc. (Washington, United States)
- Apple, Inc. (California, United States)
- Catchplay (Asiaplay Taiwan Digital Entertainment Ltd.) (Taipei, Taiwan)
- CinemaNow (California, United States)
- Comcast Corporation (Pennsylvania, United States)
- Eros International plc (Mumbai, India)
- Fandango Media, LLC (Vudu) (California, United States)
- Filmdoo (London, the U.K.)
- Gulf DTH FZ LLC (Dubai, United Arab Emirates)
- Home Box Office, Inc. (New York, United States)
- HOOQ (Singapore)
- Icflix (Dubai, United Arab Emirates)
- Iflix (Kuala Lumpur, Malaysia)
- IndieFlix Group, Inc. (Seattle, United States)
- Joyn GmbH (Munich, Germany)
- KWIKmotion (California, United States)
- LeEco (LeTV) (Beijing, China)
- Muvi LLC (New York, United States)
- Netflix, Inc. (California, United States)
- Rakuten, Inc. (Tokyo, Japan)
- Roku, Inc. (California, United States)
- Tencent Video (Shenzhen, China)
- Tving (CJ ENM Co., Ltd.) (Seoul, South Korea)
- Vivendi (Canal+) (Paris, France)
- VUDU, Inc. (California, United States)
- Walt Disney Company (Hulu LLC, Disney+) (California, United States)
- Watcha Play (Seoul, South Korea)
- Youku Tudou, Inc. (Beijing, China)
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DRIVERS & RESTRAINTS-
Increasing Number of Company Collaborations
will Emerge in Favor of Market Growth
The report
encompasses several factors that have contributed to the growth of the overall
market in recent years. Due to the
increasing popularity of video on demand services across the world, there are
several entry-level as well as established players based in several countries.
It is observed that online video service providers are collaborating with cloud
vendors for longer duration. In September 2020, Amazon Music announced that it
has partnered with Twitch. The latter is a live video streaming service that
normally deals with gaming and live broadcasts. Through this collaboration,
Amazon will look to incorporate Twitch’s live streaming platform into Amazon
Music. Increasing number of such product
innovations will have a huge impact on the growth of the overall market in the
forthcoming years.
Read a Detailed Summary of This Report:
COVID-19 IMPACT-
Rising Demand amid COVID-19 Pandemic is a
Result of Measures Taken to Limit Spread of the Disease
The recent coronavirus
outbreak has had a negative impact on the growth of several business sectors
across the world. With the rapid spread of the disease, governments across
several countries are looking to implement strict measures with the hope of
minimizing the impact of the virus. As a result, people are becoming more
hesitant to go outdoors and companies are implementing work from home policies
for their employees. The aforementioned factors have led to a surge in the
adoption of video on demand services across the world. The factors that have
contributed to the growth of the market include increasing smartphone
penetration, availability of seamless internet connections, and the ease of
availability of cloud platforms.
REGIONAL INSIGHTS-
North America to Emerge Dominant; Increasing
Applications in Automotive Industry will Aid Growth
The report
analyzes the ongoing market trends across North America, Asia Pacific, Europe,
the Middle East & Africa, and Latin America. Among all regions, the market
in North America is projected to emerge dominant in the coming years. The
presence of several large scale companies in this region, including Netflix and
Amazon Prime will emerge in favor of market growth. The rising smartphone
penetration and the ease of availability of seamless network connectivity
across this region will contribute to the growth of the market in the coming
years. As of 2019, the market in North
America was worth USD 19.70 billion
and this value is projected to rise at considerable pace in the coming years.
The market in Asia Pacific is projected to rise at the highest CAGR during the
forecast period owing to the massive population in countries such as India and
China.
INDUSTRY DEVELOPMENT:
- March 2018
– Netflix Inc. announced that it has partnered with Sky TV to integrate Netflix
service into the Sky TV subscription pack. Through this partnership Sky
customer will get access to Netflix content through the Sky Q platform.
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