Shifting Trend of Consumers to OTT Services to Facilitate Top Video on Demand Companies’ Growth

Video on Demand (VOD) is a method of media distribution that enables end-users to access multiple videos from anywhere without any requirement of a conventional video-playing device. In another term, it also refers to a network that broadcasts live video and gives users a platform to watch, comment, and share live events. Such devices were first developed in the late 1990s. In the 20^th century, the broadcasting of media was in the form of over-the-air programs, and it was the widely used approach. As internet and IPTV technologies continued to advance throughout the 1990s, consumers started to favor unconventional techniques of consuming content. This culminated in the introduction of VOD capabilities on televisions as well as personal computers. In contrast to traditional television broadcasting, VOD systems previously demanded that every user have a stable internet connection to access the content as per their subscription plan. With improvement in technologies, digital cinema packages could be used to distribute motion pictures.

The growth in popularity of live streaming shows among young individuals has been a driving force behind the expansion of the market. According to a number of studies, audiences are more likely to be interested in viewing live streaming content as opposed to content that is static. Due to this utility, live streaming is a practical approach to providing content that is immersive. These include access to mobile browsing, monitoring analytics, enormous audience capacity, high-quality streams, and ad-free content.

Fortune Business Insights™ estimates the market for video on demand to grow at 17.6% CAGR from 2022 to 2029. It is expected to reach USD 257.59 billion by 2029.

Post COVID-19 Impact: Rising Trend for Advanced Networking Solution will Favor Market Growth

There has been a considerable impact of COVID-19 on the VOD industry. Rising healthcare needs across the world to get rid of the virus transmission were of utmost priority during the initial days of the outbreak. Meanwhile, COVID-19 has made government and consumers think about the importance and applicability of advanced networking solutions such as remote work, education via augmented and virtual reality, and advanced telemedicine, which spurred the demand for the product.

Fortune Business Insights™ highlights the top 5 video on demand companies in the industry.

1. Alphabet, Inc.

Alphabet, Inc. is an American firm that was founded in 2015. It is the parent company of Google. The firm is quite famous and provides digital technology platforms and a variety of media & entertainment-related products and services. The core products and platforms of Google Services include Google Play, Search, Google Drive, Gmail, Google Maps, Google Photos, YouTube, Chrome, and Android. Around the globe, millions of active users are enjoying the services of these products. Despite this, the firm provides Google TV video on demand through Chromecast streaming media platforms such as Walt Disney's Disney+ and Netflix Inc. YouTube TV, YouTube Premium, and YouTube Music are some of the video-sharing platforms offered by Google.

2. Netflix, Inc.

Founded in 1997, Netflix, Inc. is a U.S. based organization located in California. The company has spread its roots in more than 190 countries with over 204 million paid members. The firm's major earnings are from monthly membership subscribers worldwide. Irrespective of its streaming platform, the organization also offers a variety of movies, TV shows, and documentaries from various genres and languages. Netflix, Inc. also provides VOD services that are available on devices such as Xbox, Windows, Google, Amazon Fire TV, Apple TV, Smart TVs, and PlayStation. To increase its consumer base, Netflix Inc. joined hands with Hirokazu Koreeda, Japan's filmmaker, with an aim to develop two projects and create big-budget drama series and movies.

3. Hulu LLC

Founded in 2007, Hulu LLC is a U.S. based video on demand company owned by Walt Disney Company. The company deals in media networks, parks, experiences and products, studio entertainment, Direct-to-Consumer and & International (DTCI), and video on demand streaming service and is one of the global entertainment conglomerates. Hulu (ad-supported), Hulu+Live TV, +Live TV, and Hulu (no ads) are among the services that the firm offers in VOD streaming services. The Walt Disney Company also owns Disney+, and it is currently delivering its services in Canada, the U.S., and other countries.

4. Amazon.com, Inc.

Amazon.com, Inc. is an American firm that was founded in 1994. The company deals in several domains, such as cloud computing, digital streaming, artificial intelligence, and e-commerce. It is one of the most influential economic and cultural forces in the world and is one of the world's most trusted brands. The business has over 200 million Prime subscribers across 200 countries for its streaming platform and offers various on-demand services over a variety of devices, including Google TV, tablets, smart TVs, smartphones, and Fire TV.

5. Apple, Inc.

Apple, Inc. is one of the renowned video on demand companies that provides facilities through its Apple TV+ service, which includes multiple TV shows and movies. The corporation provides on-demand services accessible via iPad, Apple Watch, MacBook, Apple TV, and iPhone. The firm also launched the 24-hour streaming channel Apple Music TV to set its benchmark in the competitive arena. Despite this, Apple also features thrillers, movies, comedies, documentaries, children's shows, and original dramas.

Shifting Trend of Consumers to OTT Services to Facilitate Market Growth