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

October 12, 2022 | Information & Technology

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 20th 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.