Video on Demand Global Market Report 2024

The video on demand market size has grown rapidly in recent years. It will grow from $109.85 billion in 2023 to $129.66 billion in 2024 at a compound annual growth rate (CAGR) of 18%. The historical growth can be attributed to several factors, including the widespread penetration of the internet, increased adoption of smartphones and tablets, the proliferation of content licensing agreements, and a noticeable shift in consumer preferences towards on-demand content consumption.

The video on demand market size is expected to see rapid growth in the next few years. It will grow to $255.48 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The anticipated growth in the forecast period can be attributed to several factors, including global expansion efforts, increased focus on original content production, the convergence of entertainment mediums, strategic partnerships, and bundling initiatives. Major trends expected in this period include vertical integration within the industry, the globalization of content distribution, the rise of interactive content experiences, the adoption of ad-supported models, and the implementation of data-driven personalization strategies.

The burgeoning demand for digital media devices is poised to drive the expansion of the video-on-demand (VOD) market in the foreseeable future. Digital media devices encompass a broad spectrum of instruments geared towards recording, processing, transmitting, or displaying digital information. The upsurge in these devices, including smartphones, tablets, and smart TVs, is propelled by escalating consumer preferences for on-the-go entertainment and seamless access to digital content. VOD services cater to diverse digital content preferences, spanning from movies to original programming, thereby incentivizing consumers to invest in digital media devices for convenient access to their preferred shows and movies via streaming platforms. Notably, in September 2023, a report by ConsumerAffairs, a US-based consumer news and advocacy organization, highlighted that approximately 97% of Americans owned a feature phone or smartphone in 2022. Projections suggest that the number of American smartphone users will surpass 364 million individuals by 2040, underlining the sustained demand for digital media devices and its consequential impact on driving the growth of video on demand.

Prominent entities operating within the video-on-demand arena are directing their focus towards leveraging technological advancements, particularly in AI-based streaming technology, to ensure an enhanced viewing experience across varied devices and network conditions. These AI-based methodologies are seamlessly integrated into streaming platforms, aiming to optimize content delivery, user engagement, and content recommendation mechanisms. A recent development in this realm occurred in March 2024, with Sportradar AG, a Switzerland-based sports technology firm, unveiling Sportradar 4Sight. This innovative AI-driven streaming technology revolutionizes sports presentation by overlaying ultra-fast data onto live streams, furnishing viewers with a continuous stream of engaging statistics in real-time. These statistics range from serve speed and ball bounces to the total shots in each rally, thereby catering to the preferences of the next generation of tennis enthusiasts who seek immersive and personalized viewing experiences.

In May 2023, Tata Communications, an India-based telecommunications company, completed the acquisition of The Switch Enterprises LLC for approximately $58.8 million. This strategic move by Tata Communications is geared towards introducing an innovative realm of end-to-end video production and transmission. The aim is to deliver high-quality, high-speed, and immersive live video experiences for viewers and fans, spanning from event venues and racetracks to screens across various devices such as televisions and mobile devices. Additionally, the acquisition seeks to offer a dynamic, always-on, and interactive form of entertainment for viewers. The Switch Enterprises LLC, based in the US, specializes in providing on-demand and streaming platforms across multiple screens and devices.

Major companies operating in the video on demand market are Netflix Inc, Paramount+, YouTube, Hulu, Disney+ Hotstar, Amazon Prime Video, Starz Inc., Apple TV+, Acorn TV, Max, Crunchyroll LLC, Vimeo Inc., Fandango Media LLC, Kaltura Inc., Tubi Inc, Mubi, MX Player, Crackle Plus LLC, BritBox, Kanopy, Dacast Inc., ESPN Inc., Discovery Plus, Rakuten TV, ViacomCBS Inc.

North America was the largest region in the video on demand market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video on demand market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the video on demand market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Video on demand (VOD) stands as a media distribution system that grants users access to a wide array of videos, TV shows, and films at their convenience, bypassing traditional broadcasting schedules. This approach offers unparalleled flexibility and convenience in content consumption, enabling viewers to watch what they want, when they want.

The primary components of video-on-demand encompass solutions and services. Solutions refer to software systems or tools crafted to address specific challenges or needs within a given domain. Various platforms are utilized, including smartphones, tablets/laptops, smart TVs, and other platforms, each employing distinct business models such as transactional video on demand, subscription video on demand, advertisement video on demand, among others. The end users span across diverse sectors including media, entertainment, gaming, travel, hospitality, education, and beyond.

The video-on-demand market research report is one of a series of new reports that provides video-on-demand market statistics, including the video-on-demand industry global market size, regional shares, competitors with video-on-demand market share, detailed video-on-demand market segments, market trends, and opportunities, and any further data you may need to thrive in the video on demand industry. This video-on-demand market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The video-on-demand market includes revenues earned by entities by providing push video-on-demand (PVOD) services, satellite TV VOD, and cable TV VOD. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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