The Video on Demand (VoD) market size is expected to grow from USD 38.9 billion in 2019 to USD 87.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The major factors driving the growth of the VoD market include Proliferation of smart devices, high speed internet availability, and convenience to access video content anytime.
Major VoD vendors include Netflix (US), Amazon (US), Google (US), YouTube (US), Apple (US), HBO (US), Cisco (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Comcast (US), Akamai (US), Huawei (China), Fujitsu (Japan), CenturyLink (US), Muvi (US), and Vubiquity (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the VoD market. Partnerships and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped companies innovate their offerings and broaden their customer base.
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Netflix (US) is one of the leading players in the VoD market. Netflix offers services through the Subscription based video on Demand (SVoD) model, where end users can subscribe to a membership plan to access a plethora of content with choices across several genres, such as scripted series, films, documentary, comedy specials, unscripted TV, kids and family, and anime. Currently, Netflix is working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as partnerships and new service launches, respectively. For instance, in November 2019, Netflix partnered with kids’ entertainment giant Nickelodeon, that will produce original TV shows and films for Netflix streaming services. This partnership is an expansion of their existing deal and is focused on its strategy to attract kids and families to compete with competitors, such as Disney+, Sony, and Hotstar. In May 2019, Netflix announced high-quality audio for its TV viewers to offer the users streaming services with better sound quality.
Amazon (US) is another leading vendor in VoD market space and has a huge customer for Amazon Prime Video, a video streaming service. The company is focusing on both organic and inorganic growth strategies to gain a competitive edge in the VoD market. For instance, in April 2019, Amazon partnered with Virgin Media (UK) to integrate the Amazon video app with its Ultra HD V6 set-top box, which can be consumed by the 4 million Virgin Media TV customers in the UK. In September 2019, Amazon entered the music streaming market via Amazon Music HD for its prime membership customers. Amazon Music HD facilitates customers to access and stream more than 50 million songs in HD audio and millions of songs in Ultra HD.
Video on Demand (VoD) Market by Solution (Pay TV, OTT Services, and IPTV), Monetization Model (Subscription-based, and Advertising-based), Industry Vertical (Media, Entertainment, and Gaming and Education), and Region - Global Forecast to 2024
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