The global AVOD Services Market is estimated to be valued at US$ 28.09 billion in 2023 and is expected to exhibit a CAGR of 14.2% over the forecast period 2023-2030, according to a new report by Coherent Market Insights.
Market Overview:
AVOD Services, or Advertising-Based Video on Demand Services, refer to online streaming platforms that offer free content to viewers in exchange for displaying advertisements. These services have gained popularity due to the increasing adoption of digital platforms and the convenience of accessing content on various devices. AVOD Services provide a wide range of content, including movies, TV shows, documentaries, and user-generated videos. The main advantage of AVOD Services is that users can enjoy free access to a vast library of content without any subscription fees. With the rising demand for digital entertainment and the growth of the advertising industry, the AVOD Services Market is expected to witness substantial growth in the coming years.
Market Key Trends:
One of the key trends in the AVOD Services market is the increasing penetration of smartphones and internet connectivity. With the proliferation of affordable smartphones and the availability of high-speed internet, more users are accessing AVOD Services on their mobile devices. This trend is driven by the convenience and flexibility offered by mobile platforms, allowing users to stream content anytime and anywhere. Moreover, the increasing popularity of social media platforms and the integration of AVOD Services with these platforms have further accelerated the growth of the market. Content creators and advertisers are leveraging the reach of social media to promote AVOD Services, resulting in increased user engagement and revenue generation. Overall, the mobile and social media revolution is expected to drive the growth of the AVOD Services Market in the forecast period.
Segment Analysis:
The AVOD services market can be segmented based on platform, content type, and region. In terms of platform, mobile devices dominate the market due to the increasing penetration of smartphones and the rising preference for on-the-go entertainment. The mobile segment is expected to continue dominating the market over the forecast period. Other platforms include smart TVs, desktop, and laptops.
In terms of content type, video content holds the largest market share in AVOD services. Video streaming platforms like YouTube, Hulu, and Peacock offer a wide range of video content, including movies, TV shows, and user-generated content. The video content segment is projected to maintain its dominance during the forecast period. Other content types include audio, live streaming, and podcasts.
Key Takeaways:
The global AVOD services market is expected to witness high growth, exhibiting a CAGR of 14.2% over the forecast period. The increasing adoption of smartphones and the rising demand for on-the-go entertainment are driving the market growth. People prefer watching videos and streaming content on their mobile devices, leading to the dominance of the mobile platform in the AVOD services market.
From a regional perspective, North America is the fastest-growing and dominating region in the AVOD services market. The region has a strong presence of key players like YouTube, Hulu, and Tubi, which offer a wide range of content options to consumers. The high internet penetration, technological advancements, and the presence of major media and entertainment companies contribute to the growth of the AVOD services market in North America.
Key players operating in the AVOD services market include YouTube (Google), Hulu (Disney), Peacock (NBCUniversal), Tubi (Fox Corporation), Pluto TV (ViacomCBS), IMDb TV (Amazon), Roku Channel (Roku), Crackle (Chicken Soup for the Soul Entertainment), Xumo (Comcast), Vudu (Walmart), The Roku Channel (Roku), Popcornflix (Screen Media Ventures), MX Player (Times Internet), Voot (ViacomCBS), and Tubi TV (Fox Corporation). These key players are actively involved in offering a diverse range of content and improving user experience to attract and retain users in the highly competitive AVOD services market.
