July 24, 2024

AVOD Services Market Is Estimated To Witness High Growth Owing To Rising Popularity of Online Streaming Services

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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

AVOD services refer to Advertising Video on Demand services, which offer free streaming content supported by advertisements. These services provide users with access to a wide range of movies, TV shows, and other video content without requiring a subscription fee. AVOD services have gained popularity among consumers due to their cost-effective nature and the availability of a vast content library.

Market Key Trends:

The key trend driving the growth of the AVOD services market is the rising popularity of online streaming services. With the increasing penetration of smartphones and high-speed internet connectivity, consumers are increasingly turning to online platforms for their entertainment needs. The convenience and affordability of AVOD services make them an attractive option for consumers who are looking for free streaming content. Additionally, advancements in digital advertising technology have made it easier for advertisers to reach their target audience through personalized and targeted advertisements on AVOD platforms.

PEST Analysis:

Political: The political landscape plays a significant role in shaping the AVOD services market. Government regulations pertaining to content censorship, licensing, and taxation can impact the operations and profitability of AVOD platforms. Political instability in certain regions may also affect the market’s growth potential.

Economic: The economic factors influencing the AVOD services market include consumer spending power, disposable income, and overall economic growth. With economic prosperity, consumers are more likely to spend on entertainment services, driving the demand for AVOD platforms. Additionally, advertising budgets and corporate investments play a crucial role in sustaining the market’s growth.

Social: Changing consumer preferences and trends have a significant impact on the AVOD services market. Factors such as increasing internet penetration, growing smartphone usage, and the popularity of video streaming contribute to the market’s expansion. Furthermore, the rise of cord-cutting and on-demand content consumption habits are driving the adoption of AVOD services.

Technological: Technological advancements have revolutionized the AVOD services market. High-speed internet connectivity, improved streaming quality, and the development of user-friendly interfaces have enhanced the user experience. Moreover, the integration of Artificial Intelligence and Big Data analytics enables personalized recommendations and targeted advertising, further driving the growth of the market.

Key Takeaways:

The global AVOD Services Market is expected to witness high growth, exhibiting a CAGR of 14.2% over the forecast period from 2023 to 2030. This growth is primarily attributed to increasing internet penetration, rising consumer spending power, and changing content consumption habits.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the AVOD services market. The region’s advanced technological infrastructure, higher disposable income, and the presence of key players like YouTube (Google), Hulu (Disney), and Roku Channel (Roku) contribute to its market dominance.

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), Popcornflix (Screen Media Ventures), MX Player (Times Internet), Voot (ViacomCBS), and Tubi TV (Fox Corporation). These key players provide a wide range of AVOD content and leverage advanced technologies to attract and engage users.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it