According to recent projections, the global video streaming market is estimated to grow to $357.41 billion by 2027.
Over the past few years, video streaming has skyrocketed in popularity. Video streaming technology has been used to make conferences more accessible, host virtual events and webinars, live stream music performances, as well as its applications in gaming, lifestyle vlogging, and entertainment. Video streaming technology has also made it possible to play virtual casino games in real time. Users can play live roulette, bingo, poker, and blackjack on any device with internet connectivity. These games are hosted by real callers and croupiers, and allow players the opportunity to interact with other players in real time.
Perhaps the most popular application of video streaming is its use in TV and film. Video streaming technology allows watchers to stream video whenever they require, typically for a subscription or one-off fee. This is known as Video on Demand (VOD), Subscription Video on Demand (SVOD), or Transaction Video on Demand (TVOD). Streaming platforms might also have free tiers that allow viewers to watch a smaller library for free, which is usually supported by advertising. These offerings are known as Advertising-Based Video on Demand (AVOD) or Free Ad-Supported TV (FAST).
According to Statista, the most popular SVOD platform in the US in 2022 was Netflix, with 78% of respondents subscribing to the streaming giant. This was closely followed by Amazon Prime Video with 72%. Other notable platforms include Hulu (50%), Disney+ (47%), HBO Max (36%), Peacock (27%), Paramount+ (25%), Apple TV+ (19%), and Discovery+ (9%).
That said, many streaming platforms also produce original shows, in addition to hosting fan favorites. When you look at which streaming service is the most in demand for its original TV shows, Apple TV+ comes out on top, with 4.17 times higher expression than the average TV series on other streaming platforms. Starz and Paramount+ were also popular in this respect, showing that even platforms with fewer subscribers can top the demand in other areas.
According to a press release by the Digital Journal, in 2021, the global video streaming market was estimated to be worth around $115.65 billion. This is predicted to grow at a compound annual growth rate (CAGR) of almost 21% by 2027. This is a higher CAGR than the one seen between 2017 and 2022, making the growth higher than anticipated. By 2027, the global video streaming market is expected to be valued at $357.41 billion. This trend is expected to continue until at least 2030.
This report takes a more comprehensive overview of video streaming than just looking at TV streaming platforms, covering companies like Highwinds Networks, Microsoft, Google, Cisco Systems, and Adobe, as well as the expected players like Apple, Netflix, Amazon, and Hulu.
The growth of video streaming is likely due to a change in consumer demand – in the modern era, more and more consumers are shown to want instant satisfaction. With this in mind, if a show is on broadcast TV – or, indeed, if a meeting is on the other side of the country – these trends suggest that consumers will be more likely to want to cut out any unnecessary waiting. Hence, video streaming technology makes it possible to provide consumers with their demands instantly.
