Video On Demand Market to Reach US$ 786.10 Billion By 2032 | Astute Analytica

Video On Demand Market Growth is Propelled by Technological Advancements and Moving Consumer Preferences.

New Delhi, Feb. 07, 2025 (GLOBE NEWSWIRE) — The global video on demand market valuation is poised to reach US$ 786.10 billion by 2032, with a CAGR of 14.07% during the forecast period from 2024 to 2032.

The video on demand market is encountering unprecedented growth, propelled by technological advancements and moving consumer preferences. As of 2023, 83% of U.S. households subscribe to at least one streaming service, a substantial growth from 52% in 2015. Globally, there are about 1.8 billion subscriptions to video streaming services, highlighting the widespread adoption of VOD platforms. Major players like Disney+, Netflix, and Amazon Prime Video dominate the market, with Netflix leading at more than 260 million subscribers, Disney+ at 157 million, and Amazon Prime Video at 117 million. The U.S. market alone has more than 800,000 unique titles available, reflecting the vast content diversity that attracts viewers. Streaming now accounts for 36% of all TV usage, surpassing conventional cable and broadcast, as Americans spend an average of 3 hours and 6 minutes daily on streaming, with 26% binge-watching weekly.

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Consumer satisfaction with the video on demand market is high, with 72% of Americans expressing contentment with their streaming experiences. This satisfaction is likely due to the flexibility and variety presented by these platforms, as 93% of Americans plan to maintain or augment their streaming alternatives. Cost and ease of use are critical factors for consumers when selecting new platforms, with 84% and 81% respectively prioritizing these aspects. The trend of subscription cycling is notable, specifically among younger demographics, with 57% of Gen Z and 62% of Millennials having canceled a subscription in the past six months. This behavior emphasizes the significance of competitive pricing and the appeal of ad-supported models, which 28% of users prefer for cost savings. Globally, music videos have the highest reach, with nearly half of internet users watching them weekly, and televisions stay the primary device for VOD consumption, utilized by 55% of viewers.

Growing Adoption of Smart Devices Compelling Growth of the Video on Demand Market

The proliferation of smart devices has been a substantial driver in the expansion of the video on demand market. As of 2023, the number of smartphone users worldwide has reached 6.9 billion, according to industry estimates, delivering a vast audience for VoD services. The global sales of smart TVs have also witnessed substantial growth, with an estimated 250 million units sold in 2023, up from 220 million units in 2020. Also, the tablet market remains strong, with more than 160 million units shipped globally in 2023, reflecting sustained consumer interest in portable smart devices.

Accessibility to VoD services has been improved by the integration of streaming applications into smart devices. In 2023, it is estimated that 80% of households in developed countries own at least one smart TV equipped with VoD apps like Amazon Prime Video, Netflix, and Disney+. The average consumer spends more than 100 minutes per day watching video content on mobile devices, showing a substantial change towards mobile media consumption. Furthermore, global mobile data traffic related to video streaming is estimated to reach 77 exabytes per month by the end of 2023, underscoring the massive scale of VoD consumption on smart devices.

Emerging markets have also contributed significantly to this growth. In India, the number of smartphone users has surpassed 750 million in 2023, leading to a VoD subscriber base of more than 100 million users. Similarly, in Africa, internet-enabled smartphone users have increased to more than 650 million, enabling the development of VoD services across the continent. The rollout of 5G networks has further boosted VoD adoption by allowing faster streaming speeds and enhanced user experiences. The global Video-on-demand (VOD) market revenue is projected to reach US$ 150 billion by the end of 2023, up from US$ 120 billion in 2020, highlighting the critical role of smart devices in this growth trajectory.

SVOD Dominates Video on Demand Market, While TVOD and AVOD Offer Diverse Consumer Options

In 2024, the global video on demand market is predominantly propelled by subscription-based services (SVOD), with more than 68.5% market share, like Amazon Prime Video, Netflix, and Disney+. These platforms deliver unlimited access to extensive content libraries for a fixed monthly fee. Netflix leads the market with more than 238 million subscribers globally, showcasing the immense reach of SVOD services. Disney+ has rapidly grown since its launch, amassing more than 164 million subscribers and reflecting the strong demand for exclusive and original content that these services deliver. The success of SVOD platforms is boosted by significant investments in original programming. In 2023, Netflix allocated more than US$ 17 billion to content creation, including critically acclaimed series and films that attract and retain subscribers. The flexibility and convenience of streaming on multiple devices cater to modern consumer preferences, with more than 70% of users streaming on mobile devices. Also, the average household subscribes to about 3 streaming services, indicating a trend toward diversifying content sources.

Other service types in the video-on-demand (VOD) market include transactional (TVOD) and advertising-based models (AVOD). TVOD services like Apple iTunes and Google Play allow users to pay for content on a per-view basis, generating more than US$ 10 billion in revenue in 2023. AVOD platforms, such as YouTube, reach more than 2.5 billion monthly active users, showing the substantial role of ad-supported models. The average consumer spends about US$ 47 per month on subscription services, reflecting the willingness to invest in on-demand entertainment. The diversity in service types ensures different consumer preferences are met, making the video on demand market dynamic and inclusive in 2023.

Global Video on Demand Market:

• 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

Key Segmentation:

By Service Type

• Subscription Services

• • IPTV (Internet Protocol Television)

• • OTT (Over the Top)

• • Pay-TV

• Professional Services

• • Consulting

• • Training & Support

• • Managed Services

By Platform

• Laptops & Desktops
• Smartphones & Tablets
• Smart TV

By Content Type

• Sports
• Music
• TV Entertainment
• Kids
• Movies
• News
• Others

By Revenue Model

• Transaction Based (TVoD)
• Subscription Based (SVoD)
• Advertising Based (AVoD)
• Others

By Application

• Media and Entertainment
• Education and Training
• Health and Fitness
• Traveling and Gaming
• Other Applications

By Subscriber Type

• Residential
• Commercial

• • Hotels

• • Educational Institutes

• • Hospitals

• • Transportation

• • Enterprises

• • Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

For more information about this report visit: https://www.astuteanalytica.com/industry-report/video-on-demand-market

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