Audio video on demand market to record USD 165.39 mn growth
The global audio video on demand market is categorized as a part of the global interactive home entertainment market within the global media and entertainment market. The super parent global media and entertainment market covers companies offering products, services, and solutions in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, and interactive media and services. The global interactive home entertainment market covers companies engaged in producing interactive gaming products, including mobile gaming applications. It also includes educational software used primarily in the home. Technavio calculates the global media and entertainment market size based on combined revenue generated by companies engaged in the provision of media, entertainment, and interactive media and services. The parent market is driven by the increasing adoption of mobile gaming and the increasing adoption rate in developing markets.
Audio Video On Demand Market: Major Growth Drivers
The audio video on demand market growth is expected to be driven by the growth in mobile advertisement spending. Mobile advertising is currently one of the most popular methods of advertising and is mainly driven by the increased penetration of tablets, smartphones, increasing Internet penetration, and the development of various mobile apps. The global mobile app download market recorded 230 billion downloads in 2020. Service providers are developing mobile applications to provide easy access and usage to customers. The growing adoption of mobile devices and the subsequent increase in mobile application downloads have made most of the songs and albums available in-app for streaming and downloading. Furthermore, these apps also provide an easy payment option for the subscribers of premium services, which attracts more customers. Users are required to fill in their personal details, which helps vendors to retain a larger customer base through targeted advertising. Thus, the growth in mobile advertising spending is driving the growth of the global audio video on demand market.