SVoD revenues shows promising growth
Data on the global subscription video-on-demand (SVOD) market showed that revenue more than tripled between 2017 and 2022, growing from 25 billion U.S. dollars to 99 billion U.S. dollars. Further rapid growth is predicted to continue in the future, and by the year 2028, the revenue is expected to surpass 124 billion U.S. dollars.
The increasing adoption of mobile internet penetration and rising demand for subscription-based TV shows, movies and documentaries drives the growth pf the market. VoD offers viewers an online video library that can be accessed from any compatible device, anytime at their ease. Ease of access, integrated services, and other products offerings would help establish a favourable environment for subscription-based services.
The Video on Demand Market is segmented by Business Model (Transactional Video on Demand (TVOD), Subscription Video on Demand (SVOD)), Application (Media & Entertainment, Education & Training, Health & Fitness), and Geography (North America (US, Canada), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific), Latin America, and Middle East & Africa).
Global SVoD revenues will reach $124 billion (€117.3bn) by 2028, up from $99 billion in 2022 according to the SVoD Forecasts Update report from analyst firm Digital TV Research. The US will add $5 billion of the $25 billion additional revenues between 2022 and 2028. Second-placed China will gain an extra $1 billion.
This growth comes despite most of the major platforms scaling back their content spend, which makes them less attractive to new subscribers. It is attributed with the rising penetration of smartphones, smart TVs, and adoption of OTT platform accelerates the volume of video-on-demand service traffic. However, there is still plenty of growth left in the sector – both from international expansion and as US pay TV subscribers continue to convert to OTT.
Finally, Netflix will remain the SVoD revenue winner, with $32 billion expected by 2028 – more than Disney+, HBO and Paramount+ combined. However, the Netflix 2028 total will be flat on 2022 – with expected falls in North America and Latin America and growth in Asia. Disney+ will reap the most additional SVoD revenues – climbing by nearly $7 billion between 2022 and 2028.
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