❮
❯
TRENDING
Feb. 26, 2024
VOD Surge in Q4 2023
VOD household penetration increased across all markets covered in Q423 compared to the previous quarter, with on average a 1.8 %-point increase. However, cancellations in the same period (Q423 vs Q323) also increased across all major SVOD providers. By K Dass.
Kantar’s latest data on the Global Video on Demand
(VOD) market reveals an impressive surge in growth during the last quarter of
2023. Across all markets covered, VoD household penetration increased, with an
average 1.8%-point increase compared to the previous quarter. This growth can
be attributed, in part, to the appeal of ad-tier subscriptions, with 48% of
Netflix subscribers opting for this option.
The global video on demand market size was valued
at USD 82.77 billion in 2022 and is projected to grow significantly. By
2030, it is expected to reach USD 304.74 billion, exhibiting a CAGR of
17.7%.
Factors Driving Growth
North America currently dominates the global
market, accounting for 39.63% of the share in 2022. Factors driving this growth
include the increasing adoption of mobile phones, surging internet penetration,
and rising demand for subscription-based TV shows, movies, and documentaries.
The COVID-19 pandemic further accelerated the
demand for VoD services due to lockdowns and temporary closures of movie
theaters. As a result, digital streaming platforms like Netflix, Disney+, and
Amazon Prime experienced remarkable increases in new memberships. The changing
consumer viewing patterns on the internet contributed to this surge in demand.
Countries with the Highest Demand for VoD Services
The demand for Video on Demand (VoD) services
varies across different regions. Some key countries with notable VoD
penetration:
1.
United States: Leading the way with
a 46.26% penetration rate in the Video Streaming (SVoD) segment of the media
market.
2.
Norway: Following closely
behind, Norway boasts a 43.36% penetration rate.
3.
Sweden: Trailing the ranking,
Sweden still maintains a strong 40.82% penetration rate.
Additionally,
other regions with significant VoD demand include:
Asia
Japan
China
France
South Korea
These countries have witnessed substantial growth
in VoD services, driven by factors such as increasing mobile phone adoption,
surging internet penetration, and a rising appetite for subscription-based TV
shows, movies, and documentaries. The COVID-19 pandemic further accelerated
this trend, as people turned to digital streaming platforms during lockdowns
and theater closures.
