May 17, 2022 04:23 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 17, 2022 (GLOBE NEWSWIRE) — The transactional video on demand market size projected to showcase profound growth in the forthcoming years due to increased use of online streaming services. This information is published by Fortune Business Insights in its report, titled “Transactional Video on Demand Market Share, 2022-2029“. The product is a service which allows an individual to pay for the access of a single video or a collection of videos. The increasing number of payment services available to the consumers is also facilitating the penetration of the product in the market. In addition to this, the variety of media accessible to the consumer using the service is garnering substantial product development.
Exponential Consumption of Product Owing to Lockdown Norms
The market witnessed an exponential consumption of online streaming platforms during the pandemic such as Netflix, Amazon Prime, Spotify, and others. This resulted in high demand for cloud computing solutions such as video-on-demand and OTT service. The music consumption has also grown with new players such as Spotify, Amazon Music, Youtube Music, and many more joining the music industry. Spotify grabbed the top global position in paid subscribers with 130 million paid subscriptions in the first quarter of 2020. Such boost to the entertainment industry is expected to experience rapid growth in the transactional video on demand sector.
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By access type, the market for transactional video on demand is segmented into OTT streaming devices, desktops/ laptops, smartphones/ tablets, smart TVs, and others. On the basis of application, the market is bifurcated into commercial and residential. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale of transactional video on demand industry. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Drivers & Restraints
Increased Consumption of Online Streaming Platforms to Boost Growth
The increasing consumption of online streaming across various platforms such as YouTube, Apple TV, Amazon.com, Inc., and others is anticipated to propel the transactional video on demand market growth. Moreover, the increasing number of content creators on various platforms such as YouTube, Instagram, Tik Tok, and others has seen a considerable rise. According to statistics provided by YouTube, over 500 hours of content are uploaded every minute on the platform.
Also, technological integration in these platforms using 4G, LTE, cloud computing, machine learning, artificial intelligence, internet of things, and others is expected to increase efficiency of user interface. Such factors are contributing to the high product sales.
Shift of Consumers from Traditional to Digital Media in North America to Aid Product Sales
North America is expected to hold substantial transactional video on demand market share in the foreseeable future. This is due to the significant shift of consumers from traditional media to the digital media. Moreover, the increasing utility of smart devices such as smartphones, tablets, and others are contributing substantially to the revenue generation. In addition to this, the region is considered a hotspot for entertainment service providing companies and is promoting the product in the region.
Asia-pacific is expected to showcase substantial growth in the forthcoming years free read due to the high mobile internet uses in the region. For example, in 2019, Netflix, Inc. introduced a mobile only plan in India due to the high internet usage of mobile.
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Strategic Offers by Prominent Players to Attract Consumer Base
The competitive landscape of the transactional video on demand has intense competition between the prominent players. Various business strategies and marketing strategies are being implemented by these companies to gain footage in the market. Also, attractive offers and discount by the companies attract consumers to the product and has resulted in in a single consumer subscribing or paying for more than one product at the same time. The highly competitive market is constantly collaborating with various entertainment industry leaders to strengthen their market position.
Companies Profiled in the Transactional Video on Demand Market:
Pre Book – Transactional Video on Demand Market: https://www.fortunebusinessinsights.com/checkout-page/104922
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