A growing concern of people to have a better lifestyle with stable diets, better healthcare and stretchy workouts, consistently increased the viewership for live streaming fitness programs amid prolonged lockdown. Future Market Insights (FMI) identifies this as one of the key factors driving the video on demand (VOD) service market. According to FMI, the market is expected to surpass US$ 81 Bn by 2021.
Steered by changing consumer preference, several video streaming services have included fitness program to encourage healthy living. For instance, in September 2020, Apple, Inc. introduced fitness plus, a streaming program that combines with Apple TV, and Apple Watch, iPads, iPhones. This program provides online fitness classes.
It enables users to monitor all the activities such as rowing, running, cycling, swimming, and many others. Therefore it is expected that the increasing popularity of online fitness plans among young people and individuals across all age groups will bring considerable growth opportunities for video streaming providers.
Besides fitness and healthy living, online streaming services offer a wide range of entertainment options for subscribers. Among content offered, videos and movies have become increasingly popular. As per FMI, more than half of revenue generated in the video on demand service market will be contributed by videos/ movies segment.
Key Takeaways: Video on Demand Service Market
- The global video on demand (VOD) service market is estimated to register a CAGR of 8.5% during the forecast period of 2021-2031
- Backed by presence of leading service providers, the U.S. to account for nearly 88% of revenue generated in North America
- Rising streaming spend, enabling the U.K. to register a massive 17.9% y-o-y growth in 2021
- Increasing user penetration supporting expansion in Germany and France
- Spurred by rising smartphone penetration, Japan and South Korea will emerge as lucrative markets in East Asia
“With the advancement in digital data services, video streaming vendors need to make numerous updates into their services and offers which result in upgrading and ensuring maximum productivity” says FMI Analyst.
COVID-19 Impact Analysis on Video on Demand (VOD) Service Market
The novel coronavirus (COVID-19) pandemic had a positive effect on the entertainment industry. A large number of consumers across the globe had increased their spending on the over the top (OTT) platform, which resulted in an increase in the number of subscribers for video streaming providers.
The rising penetration of smartphones in developed economies provided growth opportunities to video streaming services providers during the pandemic situation. Owing to this fact, subscribers can access video content from anywhere and anytime. This is also supported by the fact that Mobile Network Operators (MNO) have accelerated the deployment of mobile broadband & LTE, especially in emerging countries in the APAC & MENA region.
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Who is winning?
VOD service providers have been experimenting with content ideas and technologies to ensure seamless streaming. For instance, In July 2020, Amazon has introduced a live streaming service for mobile and web applications. This new interactive video service (IVS) enables customers to customize and view videos live from their own website or mobile app. This helps content creators and developers to offer a reliable, low-latency live streaming experience across multiple viewing channels and devices without compromising video quality.
Some of the leading players operating in the market are Apple, Inc., Amazon.Com, Inc., Netflix, Hulu LLC, Google LLC, Comcast Cable Management, LLC, DISH Network L.L.C, Vudu Sky UK Limited, The Walt Disney Company, HBO Max (AT&T), Viaplay (Nordic Entertainment Group) and others.
More Valuable Insights on Video on Demand (VOD) Service Market
FMI’s report on the video on demand (VOD) service market is segmented into three major sections such as type (subscription video on demand (SVOD), advertising video on demand (AVOD), transactional video on demand (TVOD), and others), platform (smartphones/tablets ,smart TVs, and laptops/PCs), and content type (videos/movies ,sports, music, and kids), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the video on demand(VOD)service market.