The Modern Way of Watching Videos: Video on Demand (VoD) Market

Are you old enough to remember having to rearrange your schedule to fit in your favorite movies and TV shows? Or the times you had to rent a movie VHS from the neighborhood video store and remember to return it by the deadline in order to avoid paying a fine for the late return.

Also, isn’t it challenging to imagine a world without immediate access to video? However, it wasn’t that long ago that Netflix sent physical media to its subscribers, and downloading a video to your system was a days-long effort. Well, this is where video on demand comes in. Yes, if you were around during this time and can remember similar incidents, you really should read this article to find out why the video on demand (VoD) market is booming.

What is Video on Demand?

Video on demand, also known as VoD, is a content distribution technique that enables fast, on-the-go entry to content libraries via purchases, rentals, or in exchange for a monthly subscription fee.

With VOD, consumers may watch thousands of films, TV series, and podcasts on any platform or device at any time, circumventing traditional broadcasting's limitations.

Key Stats

The global video on demand (VoD) market size was valued at USD 144.57 billion in 2023 and is expected to grow to USD 444.29 billion by 2032, exhibiting a CAGR of 13.5% during the forecast period of 2024-2032.

Delving into the Dynamics of the Video on Demand (VoD) Market Size and Share to Uncover Key Insights,  Request for a Sample Research Report

Benefits of Video on Demand

VoD has become increasingly prevalent in recent years, and here are some of the benefits of choosing VoD:

• Low-cost and easy to access
• Supports a wide range of devices
• Variety of content
• Ability to rewind, pause, and fast-forward
• Best quality content

What is Boosting the VoD Demand?

Media consumption has become more suitable for people because of the increasing popularity of smart gadgets. More and more customers are looking for easy access to a wide range of entertainment choices. Increased use of these services, increased cost, and the general availability of high-speed internet are all contributing to the video on demand (VoD) market growth.

Moreover, the user-friendly experiences and adaptability offered by these services, together with the rising choice for localized content and online streaming services over traditional ones, all contribute to the market's expansion. Furthermore, the growing tendency of live streaming events to avoid big crowds is propelling the market's rise.

Market’s Recent Developments

• Walt Disney and Apple Vision Pro's collaboration in January 2024 portends major future developments in storytelling and entertainment. Disney aims to use Apple's cutting-edge augmented reality (AR) technology to revolutionize how people interact with their beloved stories and characters.
• A significant three-year agreement was inked in December 2023 between Amazon and IPG Mediabrands with the goal of assisting brands in connecting with consumers through Prime Video advertisements. This partnership underscores the growing importance of streaming platforms in advertising tactics, as well as Amazon's growing hegemony in the digital advertising space.

Final Words

As you can see, streaming VOD offers a lot of advantages. VOD technology gives content creators and distributors various benefits, including increased control over their content and the ability to reach a wider audience. Also, the increasing affordability of streaming appliances like mobile phones, along with easy access to streaming platforms from anywhere, is contributing to the video on demand (VoD) market growth.