The global video on demand (VOD) service market is expected to reach a valuation of US$ 183.93 Bn by 2031. The increasing demand for the VoD services has led to a growing pool of viewers with preference for customized content as per their liking. Recent technological advancements and increased network speed allow video on demand service providers to offer high-definition content at a higher streaming rate. These factors are expected to drive the video on demand (VOD) services in the coming future.
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.
Video On Demand Market
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.
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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.
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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.
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.
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- For instance, In June 2020, the company introduced a multi-dimensional program that allow fans to go back to move theaters with piece of mind. This new program allow Fandango to mobilize all digital assets, which include Movieclips on YouTube, and performance of the marketing channels. This product launch will increase fan following for Fandango, which result in increasing the customer base for the company.
- In April 2020, Synamedia formed a partnership with Google Cloud for expanding video network portfolio with new OOT service. This partnership allows Synamedia to address customer’s queries related to OTT services, which further increase scalability and maximize the performance of Synamedia by reducing its operational costs. Moreover, this partnership allows both companies to combine artificial intelligence and machine learning together, which further improvise customer experience by creating powerful content for customers.
- In May 2018, Fandango entered into partnership with showcase cinemas, which is known as a leading provider of motion picture. This partnership improves the entertainment experience for consumers. This partnership will allow both companies to increase their customer base and revenue, which in turn enhance its presence in the market.