Video On Demand Market is expected to reach USD 345.8 Billion by 2031, Due to Technological Advancements

The SNS Insider report indicates that the Video on Demand Market Size was valued at USD 97.16 Billion in 2024, and is expected to reach USD 345.8 Billion by 2031 and grow at a CAGR of 17.2% over the forecast period 2024-2031.

Market Report Scope

Video on demand services, such as Netflix, Hulu, or Amazon Prime Video, offer a vast library of content that can be accessed on various devices, including smartphones, tablets, smart TVs, and computers. This flexibility and accessibility have revolutionized the way people consume media, as it empowers them to pause, rewind, fast-forward, and choose from a wide array of options, making it a highly convenient and personalized entertainment experience. Users typically pay a subscription fee or rent/purchase individual titles, giving them control over what they watch and when they watch it. Most of the cable and telephone company-based television providers offer video on demand streaming, whereby a user selects a video program that begins to play immediately, or downloading to the cloud storage, which is provider, or to a PC or to a portable device for deferred viewing.

Market Analysis

The video on demand market is poised for significant opportunities with the rise of online education and e-learning, presenting fertile ground for enhancing the learning experience. As educational institutions and corporate entities increasingly embrace digital learning solutions, VoD platforms can be pivotal in delivering engaging and on-demand educational content. The flexibility offered by VoD allows students and learners to access a vast array of educational materials, lectures, and tutorials at their convenience, catering to diverse learning styles and schedules. The dynamic capabilities of VoD, including pause, rewind, and replay options, contribute to a personalized and practical learning experience. Integrating interactive features and assessments within video content enhances student engagement and comprehension. Furthermore, the global reach of VoD platforms facilitates seamless access to educational resources from virtually anywhere, transcending geographical limitations. As the demand for online education continues to surge, VoD providers can collaborate with academic institutions, content creators, and e-learning platforms to enrich the educational landscape. This presents a win-win scenario, fostering the video on demand market’s growth while revolutionizing how individuals access and consume educational content in a digital era.

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Major The Key Players of Video On Demand  Market

Google LLC, Amazon.com, Hulu LLC, AT&T Inc., Netflix Inc., Apple Inc., Comcast Corporation, Facebook Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc

Segmentation Analysis

• Based on content type, the TV entertainment segment is dominating the market due to the increasing number of drama series projects, big-budget movies, and advertising online videos. Regarding revenue model, the subscription VoD segment holds the highest market share, mainly attributed to the rising subscribers to adopt OTT platforms.

Growth Factors

• Changing Consumer Preferences

There has been a notable shift in consumer preferences towards on-demand content consumption. Modern consumers prefer the flexibility and convenience offered by VoD services, allowing them to access their favorite movies, TV shows, and other content anytime, anywhere, and on any device. This shift away from traditional linear television towards on-demand streaming platforms is fueling the growth of the VoD market.

• Original Content Production

Original content production by VoD platforms has become a significant growth driver. Platforms like Netflix, Amazon Prime Video, and Disney+ have heavily invested in producing high-quality original content, including movies, TV series, documentaries, and stand-up specials. This exclusive content not only attracts new subscribers but also retains existing ones, driving subscriber growth and revenue for VoD providers.

• Mobile Streaming

The proliferation of smartphones and tablets, coupled with the availability of high-speed mobile internet, has led to a surge in mobile streaming. Consumers now have the freedom to stream their favorite content on the go, whether during their daily commute, while traveling, or simply relaxing at home. VoD platforms have optimized their apps for mobile devices, offering a seamless streaming experience and further expanding their user base.

• Integration with Smart Devices

The integration of VoD services with smart TVs, gaming consoles, streaming media players, and other connected devices has made accessing and streaming content even more convenient for users. Voice-controlled assistants and smart home devices have further simplified the user experience, allowing users to search for and play content hands-free. This seamless integration with smart devices enhances accessibility and widens the reach of VoD platforms.

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Key Market Segments

By Component

• Solutions
• Pay-TV
• Cable TV
• Direct to Home Services (DTH)
• IPTV
• Over-the-Top Services
• Services

By Monetization Models

• Subscription-based
• Advertising-based
• Transaction-based
• Others

 By Industry Verticals  

• Media, Entertainment & Gaming
• Travel  & Hospitality
• Education
• Others

Impact of Russia Ukraine War

The Russia-Ukraine war has had a significant impact on the video-on-demand market. The decline in consumer spending due to economic sanctions, disruption of supply chains, and increase in piracy has affected VOD providers. Moreover, the war has negatively impacted user engagement and intensified competition among streaming services.

Impact of Ongoing Recession

The ongoing recession is expected to affect the premium VOD segment, leading to potential subscriber losses. VOD companies can mitigate this impact by offering discounts, creating more affordable subscription plans, increasing free content, and investing in original exclusive content. For instance, Disney+ is expected to lose subscribers in the second quarter of 2023 due to the recession.

Key Regional Development

North America leads the video on demand market share due to the stronghold of major players like Apple, Inc., Amazon, and Netflix, investing heavily in cutting-edge VoD services. This region benefits from a mature infrastructure, high internet penetration, and widespread adoption of digital entertainment platforms.

Meanwhile, Asia Pacific exhibits the highest growth trajectory, fueled by its vast customer base and the rapid expansion of mobile internet connectivity. The region’s burgeoning population, coupled with increasing smartphone usage, creates a fertile ground for VoD market expansion, attracting both local and global players eager to capitalize on this burgeoning market.

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Key Takeaways

• The Video On Demand Market is poised to reach USD 1.67 Billion by 2030, fueled by personalized entertainment demand.
• Online education is a significant growth opportunity, enhancing the learning experience through VoD platforms.
• North America leads in market share, while Asia Pacific exhibits the highest growth potential.

Recent Developments

In January 2024: Evision expands partnership with Disney Star to bring South Asian entertainment to MENA.

In August 2023: DistroTV partners with Network18, allowing users in India to stream Network18 channels for free.

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