Subscription Video on Demand (SVoD) is a subscription-based service that enables users to have unlimited access to streaming video content for any given period of time at a routine fee. Through SVoD, customers have control over the content they want to watch. They can decide when to start or pause the program. They also get the option of fast forwarding, rewind, or stop the video at their wish. Through this service, high-quality content is available on-demand, anytime, and anywhere directly on the customer’s television set. SVoD services include Amazon Video, Netflix, Now TV, Hulu Plus, TVPlayer, etc. These services have drawn a lot of attention from end-users for their diversified content that includes sports, web series, and movies.
Developments in digital technology have transformed the digital video consumption platforms. At present, there are multiple platforms, such as mobiles, tablets, and smart TVs, to access video on demand services. Moreover, with increasing pool of viewers, demand for personalized content to control and select viewing as desired has led to a recognizable adoption of video on demand systems, which is expected to grow further in the long term. Video on demand service providers are laying emphasis on enhancing delivery technologies to enhance viewer experience. Moreover, with improved speed of networks for digital transmission, video on demand service providers are delivering high-definition videos at a faster streaming rate to viewers.
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Increase in penetration of mobile broadband has boosted the adoption of mobile devices for digital content streaming. In addition, various mobile TV applications introduced by companies, such as Netflix, Inc. and YouTube, LLC, have increased the consumption of digital content through mobile devices. This is supporting the growth of the subscription video on demand market globally. Furthermore, content service providers, such as Netflix and Hulu, are preferred by customers for better pricing and broader content choice. Services of online content providers are affordable as compared to those of traditional service providers, as the former do not have to cover any charges related to building or maintenance of telecom infrastructure.
The global subscription video on demand market can be segmented based on content type, subscription model, and region. In terms of content type, the subscription video on demand market can be classified into entertainment, sports, TV commerce, education, and information. Based on subscription model, the subscription video on demand market can be divided into fixed subscription model, pay-as-you-go subscription model, premium member subscriptions, and others.
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By region, the global subscription video on demand market can be segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America is estimated to account for the maximum share of the global subscription video on demand market, followed by Europe. Growth of the subscription video on demand market in North America is majorly supported by Canada and the U.S., attributed to the presence of leading players in these countries.
North America has a significant number of cord-cutters and cord-nevers due to high demand for a variety of content. Furthermore, according to the Global Mobile Data Traffic Forecast by Cisco VNI, in 2016, Internet speed in North America was 13.7 Mbps, the highest among regions. Thus enabling the people to view the content hassle free without any interference. Furthermore, the region has largest number of connected devices on which this content can be seen, thus supporting the growth of the subscription video on demand market in North America. Asia Pacific is expected to create lucrative market opportunities for the key players operating in the subscription video on demand market due to the significant growth in industrialization in the region. Countries, such as, Japan, South Korea, India, China, Singapore, etc. are contributing to the growth of the subscription video on demand market in the region.
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Players operating in the global subscription video on demand market are investing significantly in research and development to come up with advanced and innovative technologies. Key players operating in the subscription video on demand market are Netflix Inc., Amazon Inc., and Hulu LLC. These companies are focusing on providing unique subscription plans at a cheaper rate so as to improve customer retention rate and attract new customers.
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