The number of people watching live streaming fitness programs 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.
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 contribute to more than half of the money made in the market for 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 the presence of leading service providers, the U.S. accounts 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 entertainment sector benefited from the novel coronavirus (COVID-19) epidemic. The number of customers for video streaming providers surged as a result of significant growth in consumer spending on the over-the-top (OTT) platform among consumers worldwide.
During the pandemic, the growing use of smartphones in developed economies gave video streaming service companies room to expand. Because of this, customers can access video content at any time and from any location. This is further backed by the fact that Mobile Network Operators (MNO), particularly in developing nations in the APAC & MENA area, have accelerated the rollout of mobile broadband & LTE.
Who is winning?
To achieve flawless streaming, VOD service providers have been experimenting with content and technologies. For instance, Amazon unveiled a live streaming service for mobile and online applications in July 2020. Customers may personalize and watch videos live from their website or mobile app with the help of this new interactive video service (IVS). Providing a dependable, low-latency live streaming experience across a variety of viewing channels and devices without sacrificing video quality, aids content producers and developers.
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 are some of the top companies active in the market.