The growing trend of streaming digital content, gaming, and vlogs has been rising as the consumption of all these content has increased in the past few years. The global video streaming market is anticipated to grow at a rapid CAGR of 18.9% during the forecast period (2022-2028). Factors such as the expansion of video streaming platforms and services, rising number of digital formats, growing usage of the internet and rising internet speed, and rise in the number of devices capable of supporting digital media, among others are driving the growth of the global video streaming market. These platforms provide entertainment anytime, anywhere by binging the choice of media content, supporting the market growth.
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- The growing investment in digital streaming platforms is fueling the market growth. All the major market players in the market have increased their investments in video streaming. For instance, in February 2023, the major global streaming platforms, including Netflix, Prime Video, Disney+, Apple TV+, Paramount+, and HBO Max, are set to collectively invest a substantial $42.0 billion in original and acquired film and TV content for this year, according to the latest report from Ampere Analysis. This represents a more moderate growth rate of 7.0% year-on-year, in contrast to the 24.0% surge in streaming spending observed in 2022.
- Key market players are collaborating to bring new video streaming platforms to compete in the market and strengthen their existing position. For instance, in February 2024, ESPN, Fox, and Warner Bros Discovery (WBD) created a joint venture (JV) to launch a combined sports streaming service in the US. The JV will have its own brand and management team with the planned service offering coverage from the three media companies’ linear channels and direct-to-consumer (DTC) platforms. The service will launch in late 2024, serving up an array of live content including the National Football League (NFL), the National Basketball Association (NBA), and college football.
- E-sports and sports streaming have become a trend in the global video streaming market and supporting the market growth as many brands are launching their streaming platforms. For instance, in February 2024, EBU launched Eurovision, a sports streaming platform boosting free public access to live sports across Europe. The EBU has partnered with Nagravision to develop and operate the Eurovision Sport platform.
- The launch of new platforms and services by the public sector is showcasing the potential of the video streaming market and supporting the growth of the market. For instance, in November 2023, NASA launched its new streaming service, an on-demand, ad-free platform lifting off on iOS, Android, Roku, Apple TV, and Fire TV. NASA+ will be the desirable destination for inquisitive fans hoping to catch up with all the latest informative, and entertainment offerings across the full space science spectrum, presenting family-friendly news and feature stories, Emmy Award-winning live event coverage, special panels, exclusive interviews, and original video series.
- Governments across the globe are bringing strict laws and policies to streamline streaming platforms. To monitor the content, and to protect viewers’ data and content consumption various laws are being introduced. For instance, in November 2023, The Central government proposed a new draft broadcasting law aimed at regulating streaming platforms such as Netflix, Disney, and Amazon. The draft advocates for the establishment of individual content evaluation committees. The proposed law empowers the federal government to determine the size, quorum, and operational specifics of the CEC. Only shows that receive certification from this committee will be eligible for broadcast, according to the draft legislation.
The key players operating in the global video streaming market are Netflix Inc., Amazon Web Services, Inc., Hulu, LLC, Google LLC, Microsoft Corp, Kaltura, Brightcove, Panopto, and others. To support the growth of the market, all these market players are adopting various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2023, Warner Bros. Discovery (WBD), announced Thursday that it will incorporate live news into its super-streamer Max service, allowing subscribers access to 24/7 programming from the global news brand.
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