The demand within the global online streaming platform market is set to increase at a stellar pace in the times to follow.
The quest of the entertainment industry to penetrate into the psyche of the masses via multiple channels has created fresh demand within this market.
Online streaming platforms have created a buzz amongst content-oriented consumers who are constantly looking for fresh and entertaining content.
Youngsters have especially become inclined towards subscribing to multiple streaming platforms.
Several youngsters explain their willingness to pay for multiple subscriptions to allay their ‘fear of missing out’.
The latter is a nascent tendency in young people who want to stay on top of everything that is going around the world.
In light of the factors mentioned above, it is safe to expect that the global online streaming platform market would grow at a sturdy pace.
The total value of the global online streaming platform market is projected to touch US$ 22 Bn by the end of 2030.
Furthermore, the CAGR of the online streaming platform market is tabulated at 12% over the period between 2020 and 2030.
Several key trends pertaining to consumer tendencies and preferences have played an integral role in market growth and maturity.
Streaming of Cult Series and Movies
- Binge-watching has become a prominent trend amongst the masses. It refers to the practice of streaming multiple episodes of a TV series in a single run. The addiction of the masses to online content has caused visible changes in the way people consume content.
- Several cult or coming-of-age movies and TV series have gained the attention of the masses. Besides, online streaming platforms have begun streaming old classics to attract older audiences.
- The entertainment industry has tied up with online streaming platforms, and these platforms bid to buy the right of streaming from production houses. The platforms willingly pay higher prices for acquiring the rights high-grossing films and documentaries.
Global Online Streaming Platform Market: Growth Drivers
- The demand within the global online streaming platform market is expected to rise alongside advancements in telecommunication facilities. Availability of high-speed internet or broadband is a prerequisite to seamless streaming of content across online platforms.
- The advent of 5G technologies has enabled seamless streaming of HD content. Availability of mobile apps for online streaming platforms has also given an impetus to market growth and maturity.
- The outbreak of the novel coronavirus has led to lockdowns across several regions. This has led people to increase their consumption of online content. Several online streaming platforms have released greater number of content pieces during these times.
Steering Clear of Obstructions to Market Growth
Online streaming platforms have to ensure they release fresh content on a regular basis to prevent slump in viewership.
Besides, these platforms are required to continuously dig out old content that finds relevance for the masses in the contemporary times.
The success of the streaming platforms depends on their ability to tap into the psyche of the masses.
Analyze online streaming platform market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.
Global Online Streaming Platform Market: Leading Companies
- Netflix, Inc.
- Amazon Prime
- Muvi LLC
Online Streaming Platform Market – Segmentation
Segmentation by Service:
- SVOD (Subscription-based Video on Demand)
- TVOD (Transactional-based Video on Demand)
- AVOD (Advertisement-based Video on Demand)
Segmentation by Application:
- TV & Radio
- Others (Worship Agencies)
Segmentation by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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