The world's consumers demand access to their preferred media at any time and place, and VoD platforms are answering this call by becoming essential facets of global entertainment. These shifts are prompting content creators and streaming providers to aggressively pursue market share, enhance viewer retention, and leverage the growth opportunities within the VoD ecosystem.
NEWARK, DE / ACCESSWIRE / September 4, 2024 / The global market for Video on Demand (VoD) services is expected to develop significantly over the next decade, driven by rising consumer demand. According to the most recent industry data, the market is estimated to be worth USD 171.4 billion in 2024, with growth projected to reach USD 621.9 billion by 2034. This exceptional growth trajectory is reflected in a strong CAGR of 13.7% over the predicted period 2024-2034.
Understanding the Video on Demand (VoD) Service Market
Video on Demand (VoD) refers to systems that allow users to select and watch video content whenever they choose rather than having to watch at a specific broadcast time. The content could include movies, TV shows, documentaries, and other digital media.
Market Value and Growth Projections
The global Video on Demand (VoD) service market is experiencing robust growth, with sales projected to be valued at USD 171.4 billion in 2024. This market is expected to see substantial expansion, reaching a value of USD 621.9 billion by 2034. Over the forecast period from 2024 to 2034, the market is anticipated to grow at a compound annual growth rate (CAGR) of 13.7%. This strong growth trajectory underscores the increasing demand for on-demand content and the widespread adoption of digital streaming services across the globe.
Market Value of Video on Demand Service by Country
Countries |
Value CAGR (2024 to 2034) |
USA |
13.20% |
Germany |
14.40% |
China |
18.60% |
India |
17.30% |
UK |
13.20% |
Prominent Drivers of the Video on Demand Service Market
Growing Internet Penetration and Advancements in Technology: The widespread availability of high-speed internet and the development of advanced technologies, such as 5G, have significantly enhanced the accessibility and quality of VoD services. Faster internet speeds allow for seamless streaming, even in high-definition formats, making VoD more appealing to consumers globally.
Shift in Consumer Viewing Habits: Consumers are increasingly moving away from traditional cable and satellite TV in favor of VoD services that offer greater flexibility. The ability to watch content anytime, anywhere, and on any device is a key driver for the adoption of VoD services. This shift is particularly evident among younger audiences who prefer on-demand content over scheduled programming.
Expansion of Original Content Production: Major VoD platforms are investing heavily in the production of original content, which has become a significant draw for subscribers. Exclusive series, movies, and documentaries available only on specific platforms have increased the appeal of VoD services, driving subscriber growth and engagement.
Globalization and Localization of Content: The expansion of VoD services into new international markets, coupled with the localization of content (including dubbing, subtitles, and culturally relevant programming), has fueled global demand. As VoD platforms offer a wider variety of content that resonates with local audiences, they are able to attract more subscribers across different regions.
Rise of Subscription-Based and Hybrid Business Models: The popularity of subscription-based models (SVoD) has been a major growth driver, as consumers are willing to pay for ad-free, premium content. Additionally, the emergence of hybrid models that combine subscription and ad-supported content (such as Hulu's offering) provides consumers with more choices, catering to different preferences and budgets, which in turn broadens the market.
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Challenges Faced by the Video on Demand Service Market
Content Licensing and Rights Management: Securing content licenses and managing rights across different regions can be complex and expensive. Licensing agreements vary by territory, which can lead to discrepancies in content availability and limit the service's ability to offer a uniform experience across global markets.
Intense Competition and Market Saturation: The VoD market is highly competitive, with numerous platforms vying for subscribers. The proliferation of services and content providers increases competition, making it difficult for any single platform to stand out and retain customers, leading to potential market saturation.
High Content Production Costs: Creating and acquiring high-quality, original content requires significant investment. As platforms strive to differentiate themselves, they face escalating costs associated with content creation, acquisition, and exclusivity agreements, which can impact profitability.
Consumer Subscription Fatigue: With the growing number of subscription-based VoD services, consumers may experience subscription fatigue. Managing multiple subscriptions can be cumbersome and costly for users, potentially leading to higher churn rates and decreased customer loyalty.
Regulatory and Compliance Issues: Different regions have varying regulations related to content, data protection, and advertising. VoD providers must navigate these regulatory requirements, which can be complex and may impact content availability, advertising strategies, and overall operational efficiency.
Key Players of Video on Demand Service Industry
Netflix
Amazon
Disney
Comcast
Paramount Global
Warner Bros Discovery
Apple
Google
Roku
Fox Corporation
Reliance Jio
DISH
VerizonS
Sky
TargetVideo
Regional Analysis
The section below provides an industry analysis for the video on demand service market in several nations. Market demand analysis for key countries in numerous regions of the world, including the United States, Germany, China, India, Brazil, and the United Kingdom, is included.
The United States is expected to remain the leader in North America, with a value share of 80.1% by 2034. In East Asia Pacific, South Korea is expected to grow at a CAGR of 13.6% by 2034.
In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/video-on-demand-market
Key Segments of Video on Demand Service Industry
By Revenue Model:
In terms of revenue model, the industry is divided into Subscription Video On Demand (SVOD), Advertising Video On Demand (AVOD), Transactional Video On Demand (TVOD), and others.
By Platform:
In terms of platform, the industry is divided into smartphones/tablets, smart TVs, and laptops/PCs.
By Content Type:
The content type is classified by industry as music, videos/movies, sports, and kids content.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa (MEA) have been covered in the report.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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