Global online video platforms market is valued at USD 7.01 billion in 2021, and it is anticipated to attain market size of USD 22.14 billion by 2028, at a CAGR of 17.85 % over the forecast period 2022–2028.
The online video platforms market has seen strong growth in recent years, driven by the increasing popularity of streaming video content and the growing accessibility of high-speed Internet connections. The market landscape is highly fragmented, with a large number of small and medium-sized players. The top five companies in the market (YouTube, Facebook, Twitter, Vimeo, and Dailymotion) account for less than 30% of the total market share.
One of the key trends driving the growth of the online video platforms market is the increasing popularity of live streaming services such as Twitch and Periscope. Live streaming allows users to watch or listen to live events as they happen, providing a more immersive experience than traditional on-demand videos. In 2015, live streaming accounted for less than 1% of all internet traffic but it went on to inflate to 18% by 2022. In fact, between 2019 and 2022, the live streaming witnessed 99% growth. Wherein, SkyQuest Technology found that consumer end-up spending at least 27 more minutes than video on demand services. By the end of 2022, the live streaming would end-up be growing at least 17 times compared to 2019 thanks to growing penetration of high speed cellular and fiber internet connectivity.
SkyQuest Technology has conducted a study on online video platforms market and have published a report in the same name. The report provides in depth analysis of consumer behavior, market analysis, market forecast, value chain analysis, current market dynamics, trends, challenges and a detailed landscape on market opportunity.
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Education Sector is Getting Ready to Integrate AR, VR for Better Learning
It is no secret that the education sector is undergoing a massive transformation. With the advent of online video platforms, educators are able to reach a much wider audience and deliver their content in a more engaging way. These platforms are also giving rise to a new generation of educators who are able to reach a global audience.
In the last three years, the education sector has witnessed a growth of around +650% in the global online video platforms market thanks to the ongoing covid-19 pandemic that completely changed the face of the education sector. Due to stringent government regulations, schools were shut for offline learning, but the government encouraged online mode of teaching.
The scenario has changed again as most of the schools around the globe are open now and students are returning to traditional methods of learning. However, the pandemic gave a sudden boost to the much-needed education system, resulting in a number of startups coming up with innovative learning methods. For instance, integration of AR and VR in online video platform has emerged as the most lucrative innovation in the education sector.
The education sector is rapidly changing and evolving with the integration of new technologies like augmented reality (AR) and virtual reality (VR) in the online video platforms market. These technologies are giving educators new ways to engage and motivate students in the learning process. AR and VR can provide immersive and interactive experiences that can help students better understand concepts, while also making learning more fun and engaging.
One of the biggest advantages of using AR and VR in education is that it can break down barriers for students with learning differences or disabilities. For example, VR can be used to create simulations that allow students to experience things that they wouldn’t be able to do otherwise, such as going on a virtual field trip or exploring a foreign country. AR can also be used to provide visual aids and 3D representations of concepts that can be difficult to grasp otherwise.
With the integration of AR and VR, the education sector is opening up new possibilities for teaching and learning in the online video platforms market. It’s an exciting time for educators and students alike as we explore the potential of these technologies in the classroom.
Social Media Will Continue to Play a Major Role in How We Discover and Share Video Content
There’s no doubt that social media has had a major impact on the way we discover and share video content. Platforms like YouTube, Instagram, TikTok, and Facebook have made it easier than ever to find and share videos with friends and followers in the global online video platforms market. And as more and more people continue to use social media, it’s likely that its role in how we discover and share video content will only become more important.
So what does this mean for online video platforms? As per SkyQuest Technology, these platforms need to make sure that they’re catering to the needs of social media users if they want to stay relevant. This could mean incorporating features that make it easy to share videos on social media, or partnering with social media platforms to ensure that their content is being seen by as many people as possible.
In a recent study by SkyQuest, it was found that nearly 60% of people who watch online videos say they discovered the video through a social media site. And when it comes to sharing videos, 78% of people say they’ve shared a video on a social media site. In fact, 43% of respondents said that they are more likely to share a video if they saw it on social media first.
There are many reasons why social media is so important for online video platforms market. First of all, social media platforms are a great way to reach out to potential customers and promote products or services. Users can create exciting video content and then share it on social media to get people interested. Additionally, social media platforms are also great for building up brand awareness and loyalty. If people see that a particular brand has an active presence on social media and that they are constantly sharing interesting and relevant content, they are more likely to become loyal fans of the brand.
This has garnered strong support from the people and business alike. In fact, almost every online video platform and businesses are carrying some kind of campaign on social media to gain active and potential subscriber base.
SkyQuest Technology has studied the impact of social media on growth of online video platforms market and published a report that focuses on the consumer behavior, data consumption pattern, use of social media through video and music creatives to gain subscribers, current and future potential as well as market dynamics of the online video platforms market. The report also provides insights on current market participants and how they are targeting the consumers to stay competitive.
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On-demand video services are getting expensive, but people are not willing to spend more money out of their pockets
It’s no secret that on-demand video streaming services like Netflix, Hulu, and Amazon Prime Video are getting more and more expensive. In fact, prices for these services have increased by an average of 20% over the past few years. And while many consumers are willing to pay these higher prices, there is a limit to how much they’re willing to spend.
A recent survey by SkyQuest on online video platforms market found that nearly 60% of consumers would cancel their on-demand video service if the price went up by $5 per month. This number jumps to 80% when the price increases by $10 per month. In fact, Netflix lost around 1 million subscribers between April and July 2022 and blame goes to price hike. A “standard” plan in the US – which allows people in the same home to watch on two devices simultaneously – now costs $15.49, up from $14 in January and just $11 in 2019. In the UK, basic and standard plans have both increased since January by £1 a month to £6.99 and £10.99 respectively.
Clearly, consumers are not happy about the increasing cost of on-demand video services. And as prices continue to rise, it’s likely that even more people will start looking for alternatives. After all, there are plenty of free or low-cost options available, such as YouTube, Pluto TV, and others.
Apart from this, global online video platforms market witnessed a considerable decline in the number of subscribers to the on-demand video services with easing covid-19 regulations and normalization of life after the initial period of lockdown. Moreover, people are returning to office and several leading players stopping work from home facilities have negatively affected the subscriber base to some extent. Moreover, it seems that the novelty of being able to watch anything you want whenever you want is wearing off quickly. With less time on their hands, people are becoming choosier about what they watch and are demanding more quality content.
SkyQuest published a report on online video platform that covers how on demand video platforms are losing their subscribers, factors responsible for the decline, consumers’ spending pattern, market analysis, market forecast, market share analysis by companies, among others.
Virtual Reality and 360-Degree video to Become More Mainstream
The rise of virtual reality (VR) and 360-degree video is changing the way we consume content in online video platforms market. These immersive technologies are providing new ways to experience content, and they’re becoming more and more mainstream with each passing year.
VR headsets are becoming cheaper and more accessible, and there are a number of 360-degree cameras on the market that make it easy to create VR content. YouTube and Facebook are both investing in VR, and they’re both making it easier to view VR content on their platforms. Recently Facebook has changed its name to Meta in line with the future potential of metaverse. Metaverse is quickly gaining popularity among consumers and brands alike. In fact, brands are trying to seize the lucrative opportunity that metaverse is offering them and setting up their store on the platform. Already has a strong presence in the metaverse, with many YouTubers and Twitch streamers setting up shop in VRChat. As more people experience the metaverse for themselves, it’s likely that even more will flock to these virtual worlds in search of entertainment.
There are a number of reasons why VR and 360-degree video are becoming more popular in the global online video platforms market. These technologies offer a more immersive viewing experience that can be quite exhilarating. They also have the potential to change the way we create and consume video content.
While VR and 360-degree video are still in their early stages, there are already a number of platforms that support these technologies. YouTube was one of the first major platforms to get on board with VR, and they now have a dedicated channel for 360-degree videos. Facebook also recently announced their support for both VR and 360-degree videos, and they are working on integrating these technologies into their News Feed feature.
It is clear that VR and 360-degree video are here to stay in the online video platforms market, and it is only a matter of time before they become even more mainstream than they already are. With the help of major platforms like YouTube and Facebook, virtual reality and 360-degree video will only continue to grow in popularity.
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