Video Streaming Market Growth & Trends

Posted by zahra on September 23rd, 2021

Netflix is an OTT (over the top) content platform that provides online streaming services for subscribers. It is an American production company founded in the year 1997 by Reed Hastings and is headquartered at Scotts Valley in California (BUTLER, 2020). The company provides online streaming services of an ever-increasing pool of movies, web series, documentaries, and other forms of digital content which are either produced in-house and by other producers. Moreover, it has been analyzed that the company reached 203.7 million subscribers during the year 2021 (About Netflix, 2021).

Netflix is an inspirational example of a company that successfully shifted their business model multiple times and grew exponentially because of that. They started with renting boxed products through a mail service nationally (in the US) and shifted to delivering on-demand entertainment catering to diverse needs globally. The ‘all you can eat subscription’ that Netflix offers, lets you watch your favorite shows anywhere and at any time you want.

Video Streaming Market Growth & Trends

The global video streaming market size is expected to reach USD 223.98 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.0% from 2021 to 2028. Rising technological advancements such as the implementation of block-chain technology in video streaming and the use of artificial intelligence to improve video quality are expected to boost the demand for the market over the forecast period. Furthermore, the growing adoption of cloud-based video streaming solutions for increasing the reach of video content is directly influencing the growth. This trend is observed in numerous parts of the North American and Asia Pacific regions. The reasons attributing to the growth of the market are rapid digitalization, increasing use of mobiles and tablets, and the growing popularity of online video streaming.

The factors such as the rising demand for on-demand video and extensive growth of online video are the key growth drivers for the market. Also, the increasing demand for high-speed internet connectivity acts as an advantage for the market to grow over the forecast period. The growing acceptance of smartphones in combination with an extensive range of high-speed internet technologies such as 3G, 4G, and LTE has substantially led to the increasing use of video streaming. Also, the growing demand for devices that can support digital media is helping consumers to access media content anywhere across the world.

In the race Hulu and Disney plus is attracting consumers by providing access to shows on most major networks and cable TV after they air. It also hosts its originals like The Handmaid’s Tale and has exclusive rights to stream most of FX’s original series, which gives it an edge over Netflix.

Hulu subscribers can pay .99 per month for the Basic plan or .99 per month for the Premium plan. Users can upgrade their Basic plan for .99 per month to access live TV or pay .99 per month on top of the Premium plan to get all the content on the platform.

If you’re willing to start your own online video streaming platform – you should go with Hulu Clone which has customized features to let you roll with your own video streaming business.

Disney Plus is the top Netflix competitor for many reasons. It offers the widest variety of content ranging from animated masterpieces, documentaries, the Star Wars, Marvel cinematic franchises, and the Disney Channel’s expansive library of movies that go back to the 1950s.

Disney’s acquisition of Fox in 2019 has expanded its back catalog of content to include popular shows like The Simpsons.

Netflix cannot recreate the nostalgia of watching Disney’s animated classics. Other resources under the Disney brand like theme parks also give the streaming service an advantage.

The market overview is really crucial to consider before learning how to build video streaming software.

As most of the population consuming the video content are millennials and Gen Z. The scope of a video streaming website is wide. Hence, the odds of success of your business of how to start an online video streaming platform are high.The process of how to start a video streaming like netflix includes discovering the reasons for launching the service. It is essential to aim properly before shooting the target.