Video-on-demand (VoD) services for enabling consumers to stream and download video contents are gaining popularity in sports, entertainment, education, and TV commerce. Video on demand has substantial altered the contours of interactive TV for viewing video contents for consumers on range of mobile devices, and are delivered through internet. There has been growing subscriptions for VoD among consumers who prefer smartphones and smart TV for viewing contents.
The proliferating demand for on-demand entertainment has spurred the expansion of VoD channels by service providers in the VoD market. Expansion of OTT platforms is also adding momentum. The array of pay-per-view programs available for viewing through VoD models is constantly expanding, fueling the strides. Subscription video on demand (SVoD) and advertisement video on demand (AVoD) have emerged as popular business models service providers adhere to consolidate their positions in the VoD market.
The video on demand market will clock CAGR of 9.5% from 2020 to 2030, and reach worth of US$ 145,647.0 Mn by the end of this forecast period.
Key findings of VoD market
VoD streaming internet protocol television (IPTV) picks up pace. Internet Protocol Television (IPTV) is increasingly being used for delivering video on demand. The presence of reliable internet connection and the availability of good networking resources has made VoD through IPTV an attractive proposition for service providers in the video on demand market. Amazon Prime and Netflix are expanding their share of VoD consumption to different geographies, supported by constant advances in IPTV. Further, VoD streaming companies are shifting to hybrid IPTV to expand as well as enhance their offering to consumers or audiences. However, they have a long way to go, since many parts of the developing regions of the world suffer from network outages and throttled internet speed. On the other hand, growing popularity of consumption of video on smart mobile devices for binge watching has been providing a sweet spot for entertainment providers.
Partnerships and constant product launches ups the ante. The video on demand market has seen a growing number of partnerships typically among VoD providers and direct broadcast satellite service providers in recent years. This has helped heavyweights such as Netflix and Amazon Prime to boost their competitive edge in emerging markets. In such markets, notably in Asia Pacific, players are teaming up to offer new VoD channels. This has led to consumers to expand their baskets in the VoD market. On the other hand, partnerships enable the participants to improve their offering, enhance customer services, and most importantly offer more personalized and premium VoD content. Consumers are keen on latching on to a service provider who meet these criteria well. Hence, these may also form as a key winning proposition for players in the VoD market. TMR