A growing concern of
people to have a better lifestyle with stable diets, better healthcare and
stretchy workouts, consistently increased the viewership for live streaming
fitness programs amid prolonged lockdown. Future Market Insights (FMI)
identifies this as one of the key factors driving the video on demand
(VOD) service market. According to FMI, the market is expected to surpass US$ 81
Bn by 2021.  

Steered by changing consumer preference, several video streaming
services have included fitness program to encourage healthy living. For
instance, in September 2020, Apple, Inc. introduced fitness plus, a streaming
program that combines with Apple TV, and Apple Watch, iPads, iPhones. This
program provides online fitness classes.

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It enables users to monitor all the activities such as rowing,
running, cycling, swimming, and many others. Therefore it is expected that the
increasing popularity of online fitness plans among young people and
individuals across all age groups will bring considerable growth opportunities
for video streaming providers.

Besides fitness and healthy
living, online streaming services offer a wide range of entertainment options
for subscribers. Among content offered, videos and movies have become
increasingly popular. As per FMI, more than half of revenue generated in the
video on demand service market will be contributed by videos/ movies segment.

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 presence of leading service providers, the U.S.
  to account 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

“With the
advancement in digital data services, video streaming vendors need to make
numerous updates into their services and offers which result in upgrading and
ensuring maximum productivity” says FMI Analyst.

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COVID-19 Impact Analysis on Video on Demand (VOD) Service Market

The novel coronavirus
(COVID-19) pandemic had a positive effect on the entertainment industry. A
large number of consumers across the globe had increased their spending on the
over the top (OTT) platform, which resulted in an increase in the number of
subscribers for video streaming providers. 

The rising penetration of
smartphones in developed economies provided growth opportunities to video
streaming services providers during the pandemic situation. Owing to this fact,
subscribers can access video content from anywhere and anytime. This is also
supported by the fact that Mobile Network Operators (MNO) have accelerated the
deployment of mobile broadband & LTE, especially in emerging countries in
the APAC & MENA region.

Who is winning?

VOD service providers have
been experimenting with content ideas and technologies to ensure seamless
streaming. For instance, In July 2020, Amazon has introduced a live streaming
service for mobile and web applications. This new interactive video service
(IVS) enables customers to customize and view videos live from their own
website or mobile app. This helps content creators and developers to offer a
reliable, low-latency live streaming experience across multiple viewing
channels and devices without compromising video quality.

Some of the leading players operating in the market are 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.

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