Video on Demand (VoD) Service Market Will Increase at a CAGR of 8.3% During 2016 – 2026
Market Dynamics: VoD service enables users to access various type of movies and shows (irrespective of time) on demand. These include classic TV shows, television series, and movies from different decades, multi-ethnic entertainment, news, sports, and commercials. Although, VoD was originally started for movies access, with increasing demand to watch popular TV programmes including TV series and animated kids programs as per users’ convenience, VoD service providers expanded their offerings to include a diverse set of content programmes.
Rise and success of Content on-Demand (CoD) services, ease of access to high fidelity data networks and vertical integration by social media platforms to offer streaming video services are the prominent factors driving growth of the VoD service market currently. Factors such as high bandwidth requirement, no offline availability feature of certain service providers and technical anomalies causing unavoidable interruptions during content play are acting as the potential restraints for the VoD service market.
Market Overview: The global VoD service market was valued at US$ 45.03 Bn in 2014 and is expected to expand at a CAGR of 8.3% during the forecast period (2016–2026). Shift in preference of viewers from television’s linear schedule to viewing content as per their convenience and increasing penetration of high speed Internet network in emerging nations are factors propelling market growth currently.
The global VoD service market is classified on the basis of content type into animation and others. The animation segment was valued at US$ 7.38 Bn in 2014 and is anticipated to register a CAGR of 9.7% during the forecast period. Presently, the ‘others’ (excluding animation content) segment dominates the global VoD service market. However, with the growing popularity of top rated animation programmes such as Harry the Bunny, Numbers around the Globe, Rainbow Horse, Blue’s Room and Curious George (All from the U.S.) on VoD platforms, the others segment is expected to lose a significant market share during the forecast period.
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Currently, North America leads the market for animation content as part of VoD service. According to FMI analysis, the North America VoD service market, in terms of animation content, was valued at US$ 3.04 Bn in 2014 and is estimated to reach US$ 3.30 Bn by 2015 end. The dominance of VoD service market in North America is attributed mainly to the popularity of animation content due to the historic presence of animation content creators in this region, coupled with the lucrative deals offered by VoD service providers to attract customers and growing demand for animation series such as Ghostbusters, Batman and Avatar: The Last Airbender on VoD platforms, which in turn is propelling growth of the North America VoD service market currently. Additionally, partnerships of content providers with the consumer electronics industry players is further encouraging the adoption of VoD service in this region. In March 2015, Home Box Office, Inc. (HBO) entered into a three-month partnership with Apple Inc. to extend its new HBO Now service on Apple devices. With the introduction of HBO’s dedicated VoD services on Apple’s devices, iPhone or iPad users are now able to access original HBO content at nominal subscription charges.
The market in Asia Pacific (excluding Japan) is anticipated to register the highest growth during the forecast period. This is primarily attributed to the growing subscriber base of high speed Internet services in the region, creating potential opportunities for VoD service providers, including Netflix, Hulu and Home Box Office, Inc. (HBO). In addition, rising smartphone and tablet penetration in emerging economies, such as India, China, Philippines and Indonesia, is expected to further pave way for growth of the VoD service market in the region during the forecast period.
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Key Players: Key players in the VoD service market include Netflix, Apple Inc., Comcast Corporation, Amazon Video (VoD), YouTube, LLC, Vudu, Inc., Hulu, Dish Network, Home Box Office Inc. and Sky UK Limited. Leading animation content creators in the market are The Walt Disney Company and Fox Entertainment Group.
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