The global media streaming services market size was USD XX Mn in 2022 and is likely to reach USD XX Mn by 2031, expanding at a CAGR of XX% during 2023–2031. The growth of the market is attributed to the rising consumer preference for subscription-based media streaming services to access a variety of content and live events such as sports, talk shows, and concerts.
Media streaming is audio-video content broadcasted in compressed form over the Internet and streamed at the user’s end on the smart devices. In streaming media platforms, a online video provider sends a continuous stream of sequential packets of video data from a media streaming server over the Internet.
The video data is received on the consumer’s device so that the videos play as it is received in real-time or close to real-time. It also allows the user to have full control over the streamed video file. The user can fast-forward, rewind, and pause the content at his convenience.
The media and entertainment landscape is rapidly evolving with 4G and 5G connectivity technology. The emergence of 5G and plenty of media streaming devices are fueling the usage of media streaming platforms. The convenience of accessing quality content at the fingertips works as a catalyst for the boost in online video and audio streaming.
The market report finds that the media streaming services industry benefitted from the COVID-19 pandemic crisis. During the pandemic, individuals across the world were confined to their homes. Audio and video consumption through digital streaming platforms and video-on-demand services increased significantly due to the closure of theatres, cinemas, operas, and sports events.
Media Streaming Services Market Dynamics
Major Drivers
Rising popularity of smartphones for accessing online content is expected to drive the market. COVID-19 has spurred substantial growth in global OTT consumption affecting consumer preferences worldwide. The rising adoption of smartphones in the world population and the growing popularity of over-the-top (OTT) content is fueling the market.
The growth of the media streaming services sector is boosted is enabling users to access original and creative content conveniently. According to the Ministry of External Affairs, Government of India the OTT space in India is anticipated to grow at a CAGR of 26.8% generating a revenue of USD 2.9 billion by 2024.
Existing Restraints
The highly competitive environment and associated price wars in the media streaming services space are likely to hinder the market. For instance, In India OTT platforms such as Amazon Prime, Netflix, MX player, and Disney+Hotstar have slashed the subscription prices for entertainment packages to win customer loyalty.
According to available information in May 2023, Netflix India offers the most affordable plan at INR 199 per month subscription charges while an Amazon Prime India subscription cost consumers INR 129 per month. Times Internet-owned MX Player introduced a “view now, pay later” feature to attract consumers.
Emerging Opportunities
The emergence of 5G telecom technologies and Artificial Intelligence (AI) in media streaming platforms are likely to create significant opportunities for the market. The rising popularity of online content viewing has encouraged key players in video streaming platforms in adopting AI and machine learning (ML) to gain insights into consumers’ trends and behaviors and formulate strategies to recommend the content to the viewers accordingly.
Scope of the Media Streaming Services Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Media Streaming Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Content Type (Video Streaming and Music Streaming), Revenue Model (Subscription and Advertising), and Streaming Platform (Desktop, Laptop, Smart TV, and Smartphone)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Amazon.com, Inc.; Apple Inc.; Tencent Holdings Limited; Spotify Technology S.A.; AT&T Intellectual Property; Vimeo.com, Inc.; uStudio, Inc.; VIDIZMO LLC; SPROUTVIDEO; and MediaPlatform
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Market Segment Insights
Based on content type, the media streaming services market is bifurcated into video streaming and music streaming. The music streaming segment is expected to expand at a significant growth rate during the projection period owing to the rising popularity of online music and podcasts. Apple Music and Spotify offer high-quality audio content with enhanced features to the audience to expand consumer base.
On the basis of revenue model, the global market is divided into subscription and advertising. The advertising segment is projected to register a considerable CAGR during the forecast period due to the ability of OTT advertising to showcase ads to target customers with the help of online data.
OTT platforms provide marketers with insights into consumer behavior by accessing browsing information such as purchase history and preferences. This helps advertisers to identify and reach out to potential consumers with the help of online personalized messaging.
Based on streaming platform, the media streaming services market is segmented into desktop, laptop, smart TV, and smartphone. The smartphone segment is expected to register a robust growth rate during the forecast period owing to the rising adoption of smartphones by consumers on a global scale. Growing smartphone penetration in the world population provides several growth opportunities for OTT players. Furthermore, 5G technology facilitates wider distribution and high-speed content access to consumers.
Regional Outlook
In terms of region, the global media streaming services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the rising popularity of OTT platforms and supportive telecom infrastructure in the region.
The rising penetration of smartphones and the demand for video-on-demand platforms is surging in the Asia Pacific region signifying the growth of the market. The content studios and OTT platforms are increasing original content production and live streaming to cater to the diverse media streaming audience.
Segments
The media streaming services market has been segmented on the basis of
Content Type
- Video Streaming
- Music Streaming
Revenue Model
Streaming Platform
- Desktop
- Laptop
- Smart TV
- Smartphone
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amazon.com, Inc.
- Tencent Holdings Limited
- Apple Inc.
- Spotify Technology S.A.
- AT&T Intellectual Property
- Vimeo.com, Inc.
- uStudio, Inc.
- VIDIZMO LLC
- SPROUTVIDEO
- MediaPlatform
Competitive Landscape
Key players competing in the global media streaming services market are Amazon.com, Inc.; Apple Inc.; Tencent Holdings Limited; Spotify Technology S.A.; AT&T Intellectual Property; Vimeo.com, Inc.; uStudio, Inc.; VIDIZMO LLC; SPROUTVIDEO; and MediaPlatform
These companies adopted development strategies including innovative service offerings, mergers, partnerships, acquisitions, product launches, collaboration, and production expansion to expand their consumer base worldwide. For instance,
- In June 2022, Apple Inc. announced a long-term global partnership with Major League Soccer (MLS) for live soccer broadcasting through a dedicated OTT subscription service. The MLS-dedicated subscription streaming services are available through the Apple TV app.
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