The global digital video content market reached a value of US$ 172 Billion in 2020. Digital video content comprises TV shows, movies, music videos and advertisements that are viewed online on various digital platforms. It represents one of the most convenient modes of entertainment, which is accessible through smartphones, tablets, laptops and smart TVs. Currently, there is a rise in the demand for digital video content, especially from the younger population, owing to the boosting sales of smartphones and the increasing number of devices that can support digital media. Besides this, the popularity of digital video content also enables brands to introduce new products on digital platforms, thus reaching a wide base of consumers in real-time.
Owing to the rising internet penetration, over-the-top (OTT) media services, such as Amazon Prime Video, Netflix, Hulu and YouTube, are gaining popularity around the world. In line with this, the expansion of 4G, in confluence with the easy access to Wi-Fi services, is reducing the overall cost of digital services worldwide. As a result, a significant part of the population is replacing their cable TVs and shifting toward digital video services for entertainment purposes. Apart from this, due to the increasing number of users who actively use social media platforms, numerous brands and marketing agencies are shifting from conventional modes of advertising to digitalized advertisements on social media to expand their consumer base. They are also utilizing live streaming videos for promotional purposes as they are an affordable and easy to access marketing solution. Looking forward, IMARC Group expects the global digital video content market to exhibit moderate growth during 2021-2026.
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At present, online video content accounts for the majority of the total market share. This can be accredited to the growing popularity of social media platforms that enable users to view and share videos online.
On the geographical front, North America represents the largest market.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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