In a recent study from market research industry Global Market Insights, rising accessibility of high-speed internet and scaling demand for simply accessible entertainment services will propel global video on demand (VoD) market. The choice of advanced devices like smart TVs and smartphones is satisfying the need for preferred entertainment services. Increasing in number of smartphone users meanwhile is accelerating the demand for fresh online streaming content.
In 2019, According to World Advertising Research Center(WARC), about 2 billion people used internet through their mobile phones. This trend has trembled the demand for VoD services. Content on VoD can be retrieved after months or years of its release. This aspect assist service providers to reach a huge number of customers anytime.
Read More: Video on Demand Market – Growth, Trends, and Forecasts (2020 – 2025)
Hybrid revenue model will power the market growth during the predict period
In 2019, market share for hybrid revenue model is considered around 10% and is expected to expand at 13% CAGR through 2026. The main revenue model includes Advertising Video on Demand (AVOD), Transactional Video on Demand (TVOD), and Subscription Video on Demand (SVOD). Platforms, such as YouTube, that offer content for free, gain from advertising while platforms, such as Hulu and Netflix, follow subscription-based models. A hybrid model merges the advantages of TVOD, AVOD, and SVOD models.
North America is Forecasted to keep the Largest Market Share
In 2019, 47% of revenue share influencing the North America Video on Demand market and predicted to register 15% rise till 2026. Advanced digital infrastructure in countries comprising the U.S. and Canada will provide to the market revenue. The strong telecom sector in the U.S. will favor the adoption of on-demand services. Powerful technology and IT infrastructure in the region that permit smooth connectivity of several devices in smart homes will encourage more users to adopt advanced media streaming services.
Various platform contributors, such as Netflix and Amazon Prime, are participating with film producers for the direct release of movies on digital streaming platforms. The shutdown of theatres to makesure social distancing during COVID-19 is further driving the market growth.
Read More: Live Streaming Statistics for 2021
