TV shows, movies, music videos, and advertising are examples of digital video material that can be seen on a variety of digital platforms. It is one of the most convenient forms of entertainment, and it can be accessed via smart televisions, computers, tablets, and smartphones. Due to rising smartphone sales and the growing number of devices that can handle digital media, there is an increase in demand for digital video content, particularly amongst the younger population. Aside from that, the prominence of digital video content allows companies to launch new goods on digital platforms, allowing them to reach a wider audience. These factors are likely to play an important role in influencing the development of the global digital video content market in the years to come.
Various Over-the-top (OTT) media services like YouTube, Hulu, Netflix, and Amazon Prime Video are gaining popularity throughout the world as internet penetration rises. As a result, the spread of 4G, along with simple access to Wi-Fi services, is lowering the overall cost of digital services throughout the world. As such, a sizable portion of the population is abandoning cable television in favor of digital video services for leisure and convenience. Aside from that, many companies and marketing agencies are changing from traditional means of advertising to digitalized advertisements on social media to extend their customer base, owing to the growing number of people who actively utilize social media platforms. They are also using live streaming videos for advertising purposes since they are a low-cost, easy-to-use marketing tool, which is likely to work in favor of the global digital video content market in the near future.
This study from Transparency Market Research (TMR) provides a complete insight of the global digital video content market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
The noted players that are operational in the global digital video content market are Youku Tudou, Inc., Amazon.com, Inc., Google LLC, Hulu LLC, AT and T Inc., and Apple Inc.
Below-mentioned market trends and opportunities mark the global digital video content market:
During the projected period, the rising adoption of mobile computing devices will be a major driver driving the growth of the digital video content market. Market providers in the SVOD, AVOD, and TVOD formats, such as Netflix, Amazon.com, and AT&T, have been pushed to develop mobile apps for streaming due to the rising usage of mobile computing devices. The availability of low-cost smartphones, improvements in communication network infrastructure, rising per capita income, and rising internet penetration are just a few of the reasons likely to drive growth of the global digital video content market.
Because of their faster connectivity and simpler payment procedure, consumers choose to utilise video streaming mobile applications over websites. Vendors can exploit the personal information of users collected by mobile applications to retain consumers through targeted advertising. DCB is gaining traction in the OTT industry since it allows customers to make third-party payments using their mobile bills. Because of the additional convenience and quicker and secure transaction procedure, consumers choose to utilize DCB platforms to purchase digital products and services from multiple digital platforms. The DCB platform's simplicity of payment allows OTT streaming service companies to grow their subscriber base. With more OTT service providers partnering with providers of DCB platform and a stronger emphasis on moving freemium users to paying customers, DCB is likely to gain popularity. The increased prominence of DCB in the OTT industry is estimated to aid in the expansion of the global digital video content market by boosting the subscriber base of video streaming applications.
Global Digital Video Content Market: Geographical Analysis
North America will account for a substantial chunk of the global digital video content market growth over the forecast period, from 2021 to 2031 . In North America, the US is one of the major markets for digital video content. However, the market in North America is estimated to develop at a slower pace than the industry in other areas. The expanding OTT industry is likely to aid expansion of the digital video content market in North America.
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