New Delhi, April 12, 2023 (GLOBE NEWSWIRE) -- Growing at an attractive rate of 14.07%, the global video on demand market is expected to reach US$ 673.4 billion by 2031, up from US$ 215.7 Bn in 2022.

Video on demand (VoD) has revolutionized the entertainment industry in recent years. The ability to stream and watch content at any time and any place has made VoD a popular choice for consumers worldwide. The forecast for the potential consumer base is also very promising as the number of VoD users worldwide is expected to grow from 1.1 billion in 2020 to 1.9 billion in 2028. This represents a CAGR of 6.7% over the forecast period.

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As per Astute Analytica, the concentration of VoD consumers is highest in North America and Europe, with a combined share of over 60% of the global market. The Asia Pacific region is also growing rapidly, with a CAGR of over 10% from 2023 to 2031. The United States is the largest market for VoD, with an estimated 230 million users in 2022. China is second, with an estimated 170 million users, followed by India with an estimated 100 million users.

The top streaming giants in the VoD market are Netflix, Amazon Prime Video, Disney+, and Hulu. Netflix is the market leader, with an estimated 208 million subscribers worldwide as of January 2022. Amazon Prime Video is second, with an estimated 175 million subscribers worldwide. Disney+ is third, with an estimated 166 million subscribers worldwide, and Hulu is fourth, with an estimated 44 million subscribers.

Consumer Behavior Analysis: Pricing Plays a Key Role in the Success of VOD Market

Consumers who use VoD services are typically looking for convenience, flexibility, and a wide range of content. They prefer to watch content on their own schedule, on their preferred device, and without commercials. They also tend to value high-quality content, personalized recommendations, and social sharing features.

However, pricing is the most critical factor in the success of VoD services irrespective of convenience and flexibility. This is especially true for const-sensitive market like India and China. Where, the market is already crowded with local providers and offers relatively cheaper plans as compared to North America and Europe. Consumers are sensitive to the price they pay for content and the value they receive in return. The most successful VoD services offer a range of pricing options, from monthly subscriptions to pay-per-view options, and include features such as ad-free viewing and exclusive content in the global video on demand market.

Furthermore, VoD consumers place a high value on content selection and diversity. They desire access to a broad range of movies, TV shows, and other video content across different genres and languages. Additionally, original programming and exclusive content can differentiate VoD providers.

Security and privacy are also important concerns for VoD consumers. With cyber threats and identity theft becoming increasingly common, consumers are more cautious about sharing their personal and financial information online. Therefore, VoD providers must prioritize service security and consumer privacy.

Segmental Analysis: Subscription-Based Services Residential Subscribers to Dominate the Global VOD Market

The Video on Demand (VoD) market can be segmented based on subscription services - IPTV (Internet Protocol Television), OTT, and Pay TV. The number of SVOD subscriptions is expected to reach 445.59 billion by 2031, up from 148.21 billion in 2022, with the SVOD segment being the main driver of growth.

The residential subscriber segment is expected to dominate the market and generate over 62% of market revenue in the coming years due to the increasing popularity of on-demand content among consumers, convenience and flexibility of VOD services, and growth of mobile devices.

The travel and gaming segments are expected to capture more than 26% revenue share of the global VOD market, with the gaming segment being a rapidly growing market for VOD services, providing gamers with a convenient way to access game-related content, such as trailers, reviews, and walkthroughs, while the travel segment provides travelers with a convenient way to access travel-related content, allowing them to plan their trips and get inspired by new destinations.

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Piracy to Threaten the Growth Video on Demand Market

Piracy remains one of the most critical challenges in the VOD market, and the industry continues to suffer significant losses due to this issue. According to recent reports, the VOD industry lost an estimated $9.1 billion in revenue due to piracy in 2020 alone. According to a report by Astute Analytica, global piracy losses for the VOD industry are expected to reach $28.3 billion by the end of 2023.

One of the biggest instances of piracy in recent times is the popularity of illegal streaming sites that offer free access to copyrighted content. These sites have millions of users worldwide, and they often operate outside the jurisdiction of the law, making it challenging for VOD providers to take legal action against them.

Another instance of piracy is the use of unauthorized applications that enable users to download or stream VOD content for free. These applications are often marketed as legitimate streaming services, but they use illegal methods to access and distribute copyrighted content in the global video on demand market.

In addition to the financial losses, piracy also poses a significant threat to the VOD industry's growth and sustainability. It discourages content creators from investing in new productions and reduces the revenue that VOD providers can generate from their offerings. As a result, the industry has been actively investing in technologies and measures to combat piracy, including the use of digital watermarking and content recognition software.

Competitive Landscape of Highly Fragmented and Competitive Video on Demand Market

The global Video on Demand (VoD) market is highly competitive, with several players vying for a share of the market. The top 5 players, namely Netflix Inc., Amazon Inc., Alphabet Inc. (YouTube), Warner Bros. Discovery, Inc., (HBO), and The Walt Disney Company (Hulu), generate more than 50% of the market revenue.

Netflix Inc. is expected to dominate the market with more than 18% market share, followed by Amazon and Alphabet. Netflix has been the market leader for several years, with an estimated 208 million subscribers worldwide as of January 2022. The company offers a vast library of content, including original programming, which has helped attract and retain subscribers. Netflix's revenue was pegged at $32 billion in 2022, 30% higher than the previous year.

Amazon Inc. is the second-largest player in the VoD market, with an estimated 175 million subscribers worldwide. Amazon Prime Video offers a vast selection of content, including original programming, and is included as part of the Amazon Prime membership. Amazon's revenue reached USD 32 billion in 2022, up from USD 32 billion in 2022.

Alphabet Inc. (YouTube) is the third-largest player in the market, with an estimated 1.9 billion monthly active users. The company offers a wide range of content, including user-generated content and original programming. Alphabet's revenue reached USD 29.24 billion in 2022, up from USD 28.84 billion in 2022.

Some of the Top Market Players Are:

• Alphabet Inc. (Youtube)
• Amazon Inc.
• Apple Inc.
• Chicken Soup for the Soul Entertainment, Inc. (Crackle Inc.)
• Comcast Corporation
• DirecTV LLC
• Dish TV
• iNDIEFLIX Group Inc.
• Liberty Global plc
• MatrixStream Technologies Inc.
• Netflix Inc.
• TalkTalk Telecom Group Limited
• The Walt Disney Company (Hulu)
• Verizon Communications Inc.
• Warner Bros. Discovery, Inc., (HBO)
• Other Prominent Players

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