The number of people watching live streaming fitness programmes during the protracted lockdown has continually climbed due to a growing concern among people to live healthier lives with consistent diets, better healthcare, and stretching exercises. This is one of the main factors influencing the market for video on demand (VOD) services, according to Future Market Insights (FMI). By 2021, the market is anticipated to reach more than US$ 81 Bn, according to FMI.
Numerous video streaming providers have included fitness activities to promote healthy living, driven by shifting user demands. For instance, Apple, Inc. released fitness plus in September 2020, a streaming service that integrates Apple TV, Apple Watch, iPads, and iPhones. This initiative offers online fitness courses.
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It allows users to keep track of all their activities, including swimming, cycling, rowing, and many others. Since online fitness regimens are becoming more and more popular among young people and people of all ages, it is anticipated that video streaming services will experience significant development.
Online streaming services provide members with a variety of entertainment options in addition to fitness and healthy living. Videos and movies have gotten more and more popular among the available content. According to FMI, the videos/movies segment will provide more than half of the market’s income from video-on-demand services.
Key Takeaways: Video on Demand Service Market
- The global video on demand (VOD) service market is estimated to register a CAGR of 8.5% during the forecast period of 2021-2031
- Backed by presence of leading service providers, the U.S. to account for nearly 88% of revenue generated in North America
- Rising streaming spend, enabling the U.K. to register a massive 17.9% y-o-y growth in 2021
- Increasing user penetration supporting expansion in Germany and France
- Spurred by rising smartphone penetration, Japan and South Korea will emerge as lucrative markets in East Asia
COVID-19 Impact Analysis on Video on Demand (VOD) Service Market
The novel coronavirus (COVID-19) pandemic had a positive effect on the entertainment industry. A large number of consumers across the globe had increased their spending on the over the top (OTT) platform, which resulted in an increase in the number of subscribers for video streaming providers.
The rising penetration of smartphones in developed economies provided growth opportunities to video streaming services providers during the pandemic situation. Owing to this fact, subscribers can access video content from anywhere and anytime. This is also supported by the fact that Mobile Network Operators (MNO) have accelerated the deployment of mobile broadband & LTE, especially in emerging countries in the APAC & MENA region.
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Who is winning?
VOD service providers have been experimenting with content ideas and technologies to ensure seamless streaming. For instance, In July 2020, Amazon has introduced a live streaming service for mobile and web applications. This new interactive video service (IVS) enables customers to customize and view videos live from their own website or mobile app. This helps content creators and developers to offer a reliable, low-latency live streaming experience across multiple viewing channels and devices without compromising video quality.
Some of the leading players operating in the market are Apple, Inc., Amazon.Com, Inc., Netflix, Hulu LLC, Google LLC, Comcast Cable Management, LLC, DISH Network L.L.C, Vudu Sky UK Limited, The Walt Disney Company, HBO Max (AT&T), Viaplay (Nordic Entertainment Group) and others.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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