According to the latest report by IMARC Group, titled "Digital Video Content Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global digital video content market reached a value of US$
171.5 Billion in 2022. Digital video content refers to the numerous videos, movies, TV shows and advertisements that can be streamed via the internet on multiple digital platforms. It provides on-demand services to customers in an extremely convenient manner. It is widely accessible through smart devices, including smartphones, television (TV) sets, laptops and tablets. With the increasing popularity of over-the-top (OTT) media services, such as Netflix, Hulu, YouTube and Amazon Prime Video, there has been a considerable rise in the demand for digital video content across the globe.
Global Digital Video Content Market Trends:
The global market is primarily driven by the increasing penetration of high-speed internet connection across the globe. This is supported by the escalating sales of smartphones and laptops due to the lowered costs of digital devices, which, in turn has contributed to the rising demand for digital video content, especially among the younger population. This has also impelled numerous key players to launch new content on their digital platforms, thus catering to the demand of their expanding consumer-base. The market is also driven by the shifting preference of the masses from cable TV services toward digital content, facilitated by the shifting lifestyle preferences, inflating disposable income levels of the masses and the rising demand for high-quality content. Moreover, a significant increase in the number of social media users across the globe has enabled companies to use social media platforms as the preferred mode of advertising. This enables them to reach their targeted customer base in a cost-efficient manner effectively. Some of the other factors contributing to the market growth include the expansion of the 5G infrastructure and the aggressive promotional activities by players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
12.5% during 2023-2028.
- On the basis of the business model, the market has been divided into subscription, advertising, download-to-own (DTO), and others.
- Based on the device, the market has been classified into laptop, personal computers (PC), mobile and others.
- On the basis of the type, the market has been bifurcated into video-on-demand (VOD) and online video. Among these, online video content accounts for majority of the total global market.
- On the geographical front, North America holds the leading position in the market. Other key regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Google LLC, Facebook, Inc., Amazon.com, Inc., Netflix, Inc., Snap Inc., Twitter, Inc., Apple Inc., Hulu LLC, and Youku Tudou, Inc.
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