Pune, India, May 17, 2022 (GLOBE NEWSWIRE) — The transactional video on demand market is expected to show profound growth in the coming years due to the increased use of online streaming services. This information is published by Fortune Business Insights in its report, titled “Transactional video on demand market share, 2022-2029“. The product is a service that allows an individual to pay for access to a single video or a collection of videos. The growing number of payment services available to consumers is also making it easier for the product to penetrate the In addition to this, there is the diversity of the media accessible to the consumer using the service, which gives rise to significant product development.
Impact of COVID-19
Exponential product consumption due to lockdown standards
The market has seen exponential consumption of online streaming platforms during the pandemic such as Netflix, Amazon Prime, Spotify and others. This has led to a high demand for cloud computing solutions such as video on demand and OTT service. Music consumption has also increased with new players such as Spotify, Amazon Music, Youtube Music and many more joining the music industry. Spotify grabbed the top spot globally in terms of paid subscribers with 130 million paid subscriptions in the first quarter of 2020. Such a boost for the entertainment industry is set to see rapid growth in the transactional video sector at Requirement.
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By type of access, the transactional video on demand market is segmented into OTT streaming devices, desktops/laptops, smartphones/tablets, smart TVs and others. Based on application, the market is divided into commercial and residential. Based on geography, the market is divided into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
What does the report contain?
The report offers an overview of the profitability, overall structure and scale of the transactional video on demand industry. It also studies the drivers and restraints and considers all the potential threats to the market. Critical analysis of market sections, forecast analysis and expert opinions are strategically included in the report. A wide range of data including regional analysis, market segmentation, industry developments, and major players are included in the research conducted by market experts.
Drivers and Constraints
Increased consumption of online streaming platforms to drive growth
Rising consumption of online streaming on various platforms such as YouTube, Apple TV, Amazon.com, Inc. and others is expected to propel the growth of transactional video on demand market. Moreover, the growing number of content creators on various platforms such as YouTube, Instagram, Tik Tok and others has seen a tremendous increase. According to statistics provided by YouTube, more than 500 hours of content are uploaded to the platform every minute.
Furthermore, technology integration into these platforms using 4G, LTE, cloud computing, machine learning, artificial intelligence, Internet of Things and others is expected to increase the efficiency of the user interface. These factors contribute to high product sales.
Shifting consumers from traditional media to digital media in North America to facilitate product sales
North America is expected to hold a large transactional video on demand market share for the foreseeable future. This is due to the significant shift of consumers from traditional media to digital media. Moreover, the growing utility of smart devices such as smartphones, tablets and others is contributing significantly to revenue generation. In addition to this, the region is considered a hotspot for entertainment service companies and promotes the product in the region.
Asia-Pacific is expected to show substantial growth in the coming years owing to the high usages of mobile internet in the region. For example, in 2019, Netflix, Inc. introduced a mobile-only plan in India due to high mobile internet usage.
Click here for the short and long term impact of COVID-19 on the size of the transactional video on demand market.
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Strategic offers from leading players to attract a consumer base
The competitive landscape of transactional video on demand presents intense competition among major players. Various business strategies and marketing strategies are implemented by these companies to gain images in the market. Moreover, attractive offers and company discounts attract consumers to the product and have led to a single consumer subscribing or paying for more than one product at the same time. The highly competitive market is constantly collaborating with various entertainment industry leaders to strengthen their position in the market.
Companies profiled in the transactional video on demand market:
- Apple Inc.
- Google Inc.
- Networks in the limelight
- Lightbox Television
- Pathé Thuis
- red box
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