Mobile First Video Services Market Dynamics, Supply and Demand, Growth by 2028
Nowadays, an average consumer watches more video on their mobile phones than any other device. According to a study by Cisco, mobile video will hold more than 75% share of the overall mobile traffic by 2021. Besides, smartphones will hold a share for over 50% in the global smart devices market. With integration of virtual reality (VR) and several other technological advancements on the horizon, the future of video streaming is certainly not tied to TV anymore. All these make an excellent scenario for providers and broadcasters of video content across the world. They are aware of the increasing mobile consumption and are making intense efforts to capitalize on this. The advent of mobile first video services is one such effort made by these providers and broadcasters to gain a strong foothold in the global market.
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Let’s have a look at imminent trends in the global mobile first video services market:
Content providers will start designing special video services for mobile devices only to offer an optimal mobile utilization experience to their consumers.
With the increasing number of people viewing long-form content through their mobile devices, the investment for the development of advanced video services for mobile devices will rise significantly.
Superior browsing, viewing, and decision-making through a mobile are some of the services; video content providers and broadcasters are trying to develop for an array of mobile devices.
Mobile interaction has overshadowed human interaction with other digital media devices, thereby generating a lucrative revenue stream for mobile first video services market. The current digital marketing landscape is leveraging the field of ‘mobile-first’, wherein the probability of gaining consumer traction and holistic success of the marketing strategy has increased significantly.
The current market place of video services is witnessing an increased interest of stakeholders to introduce mobile first video services. As mobile consumption continues to rise, adoption of mobile-first mentality among video providers and marketing professionals is likely to augur well for the mobile first video services market.
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Mobile First Video Services Market – Notable Developments
In the fourth quarter of 2018, Netflix initiated the mobile-only streaming plan trials. The plan allows regular membership at half the service cost and viewing of video content on mobile phones only.
In August 2018, Facebook unveiled a set of mobile first video creation tool for marketers to optimize their content for mobile environments only. The plan was backed by Facebook’s analysis in capturing higher likelihood of brand lift through video content optimized only for the mobile environment.
In September 2018, YouTube rolled out two new vertical video ad formats to help advertisers in better engaging the video-sharing network’s audience.
Some of the most prominent competitors operating in the competitive landscape of global mobile first video services market include –
pooq and Dish
Mobile First Video Services Market Dynamics
Meteoric Rise in Video Content Streaming to Propel Mobile First Video Services Adoption
Several video streaming providers have increased their hours of content offering as mobile phones become the most preferred and convenient display platforms. Well aware of the increased video content screening through mobile phones, pay-TV and OTT service providers have increased their service durations to capture the rising pool of consumers.
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An increasing pile of mobile video content can be attributed to growing participation of stakeholders in digital content marketing across industries such as news, enterprise, sports and entertainment. Industry giants in the media-services industry are actively engaged in leveraging benefits of mobile first video services to increase accessibility of the growing consumer pool.
Mobile First Video Services Fit Well in the Era of Network Connectivity and Growing Video Traffic
While 3G and 4G significantly transformed the network connectivity, development of network capacities continues to blur the line between connectivity achieved through mobile broadband internet and WiFi. Also, video streaming continues to represent a significant percentage of global internet traffic. In addition, better network connectivity on mobile phones has contributed to the growing global video traffic. The evident signs of increasing mobile first utilization allude at industry profitability for the mobile first video services market players in the coming years.
Mobile Phones Becoming the First Screen for Video Viewing
With increasing mobile subscriptions, consumers are becoming more prone to watch digital content on mobile phones as compared to television, desktop or laptops. Also, penetration of other media devices remains lower whereas the number of mobile-only consumers is rising at a significant rate. Further, as the duration of consumer interaction with mobile phones continues to rise, mobile has become the most convenient platform for video viewing. Based on this, demand for mobile first video services is set to rise in coming years with a growing number of digital marketing professionals opting for the mobile-first approach.
Mobile First Video Services Market – Regional Outlook
Developed markets of North America and Europe continue to dominate the mobile first video services market on the back of significant penetration of mobile subscription as well as mobile internet penetration. The mobile first video services market in APEJ is expected to witness a significant demand surge in the backdrop of increasing video traffic and increasing penetration of mobile internet subscriptions.
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