Global Video On Demand Market: Analyst’s Assessment
For nearly half a century, television has remained the solitary mode of video infotainment, progressing beyond audio entertainment that radio could offer. However, television broadcasters reserve the rights to the content they provide, at the time of their choice, and it significantly reduces options for the consumers. In the past decade, on the back of growing ubiquity of smartphones and radically improved broadband internet networks, the concept of video on demand (VOD) has gained strong popularity. Consumers can now decide and consequently pay only for the video content they wish to watch – be it movies, games and music, news and live event streaming, or others. According to this business intelligence study, the demand in the global video on demand market will multiply at a formidable CAGR of 9.3% during the forecast period of 2017 to 2024. In terms of revenue, the global video on demand market is estimated to produce opportunities worth US$73.90 bn by the end of 2024, substantially more than the market’s evaluated worth of merely US$39.63 bn as of 2017.
The flexibilities offered by video on demand in a highly competitive paid television market, improved customer viewing experience with high quality content and independent of time-bondage or repetitions, and options to provide for diverse content to global audiences are some of the key factors augmenting the demand in the VOD market. On the other hand, difficulties pertaining to achieving negotiable content licensing, the need to improve capacity of set-top boxes, and concerns pertaining to video piracy are a few restraints challenging the video on demand market from flourishing. That being said, possibilities of integration of a wide array of services along with VOD is expected to open new opportunities in this market in the near future. In the past couple of years, a number of governments have come down hard on torrent websites. Additionally, growing competition as a result of entrance of new players is luring newer consumers with hefty offers and is expected to reflect positively over VOD market in a long run.
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SVoD and AVoD Emerge as Key Business Model Segments
On the basis of business model, this report on the video on demand market segments it into transactional video on demand (TVoD), subscription video on demand (SVoD), advertisement video on demand (AVoD), and hybrid, which is a combination of AVoD and SVoD. As of 2017, SVoD and TVoD were the two segments that provided for the maximum demand and are primed to retain their positions. Also known as pay per view VOD, TVoD is a type of business model in which viewers have to pay for each individual piece of content they view. It is inclusive of purchasing a title of content (digital retail) or renting a title for limited time (digital rental). One of the example can be iTunes by Apple Inc. On the other hand, SVoD offers unlimited access to a wide range of content (often provided as packages) for a monthly subscription fee. In the SVoD type business model, viewers have complete control over the content usage. Examples of providers are Netflix, Inc., Amazon Prime, Maxdome GmbH, and Home Box Office, Inc. (HBO Go). By the end of 2024, the global market for SVoD and TVoD are estimated to be worth US$19.26 bn and US$22.69 bn respectively.
Based on content type, this business report bifurcates the video on demand market into entertainment, sports, TV commerce, and education and information. Among these, the entertainment and sports categories are showing greater promise than the rest.
Asia Pacific a Highly Opportune Region for VOD Market
As the concept of video on demand was first commercialized in the developed country of the U.S. and then progressed into the European region, North America and Europe continue to be the most lucrative regions in this market. However, vastly populated region of Asia Pacific has two of the most promising emerging economies in China and India, wherein disposable income of urban population is increasing and lifestyles are changing. The North America VOD market is estimated to be worth US$28.31 bn by the end of 2024, whereas the Asia Pacific video on demand market is poised for an above-average CAGR of 9.7% during the forecast period of 2017 to 2024.
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Netflix, Inc., Hulu, LLC, Walt Disney Company, Home Box Office, Inc., Rakuten, Inc., YouTube, LLC, Amazon.com, and Verizon Communication, and iTunes (Apple, Inc.) are some of the key players in the global video on demand market. This report profiles several of them for their market share and geographical presence and analyzes their recent strategic decisions.