Growth Analysis Report Of The Video Streaming Industry During The Pandemic.
Video streaming technology has emerged high in the field of information and technology. It has been used for various business activities, and it helps companies modernize their day-to-day operations, like scheduling meetings, live conferences, and communicating with customers internally. The rise in demand for live and on-demand video content among consumers is one of the driving factors contributing to the market’s growth. The wide usage of smartphones to watch movies, TV shows, live sports, and events promote the market’s development. The market seems very competitive, with major key players and emerging video streaming service providers who deliver high-quality content to end-users with flexible payment methods. These factors have highly accelerated the Video Streaming Market.
Impact Of The Pandemic On The Video Streaming Market
The pandemic has negatively impacted various markets and industries and led to huge economic losses. But few of the markets have shown steady growth due to their growth opportunities in the pandemic situation. The Video Streaming Market is considered one of the markets that faced a positive impact. Online video streaming has been increasingly important in recent years due to the demand for personalized video steaming content that can be viewed at any place. A huge number of online video streaming industries are considered the master players of the market, such as Netflix, Amazon Prime Video, Disney+, Hulu, HBO, Apple TV+, and YouTube. These video streaming apps reached huge attention during the pandemic period, which propelled the growth of the Video Streaming Market.
During the lockdown due to the virus outbreak, the governments worldwide have shut down all administrative offices, cooperative sector, industries, and haled the manufacturing and production activities. People started working from home during this period, and the transportation and movement of people to the outside environment were restricted, which made people spend more time at home. This resulted in spending time watching online videos, series, live streaming programs, and events. The inclination towards entertainment programs was seen during the period. Due to these reasons, the Video Streaming Market noticed a huge growth rate.
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The number of subscribers of the video streaming apps was highly increased. Netflix has risen by 16 million subscribers, which reached 182.9 million; this took Netflix 7 years to achieve this milestone which it successfully achieved in this pandemic period. During this outbreak, Disney+ obtained 50 million subscribers in the United Kingdom and Western European countries. Disney+, with collaboration with Hotstar, gained a user base of 28.6 million and 8 million additional users. Therefore, the outbreak of the virus has led to the tremendous growth of these video streaming platforms.
According to the revenue report, Netflix has gained a profit of around USD 709 million in the first initial months of 2020, and further, it reached higher due to the longer impact of the outbreak. Content producers have widely launched their content on these video streaming channels, which provided various benefits to revenue generation. Therefore, the pandemic turned beneficial to the Video Streaming Market. The market received a huge number of growth opportunities during the period. In the future, the market will successfully reach the estimated value of USD 972.31 Billion with an 18.1% CAGR by 2030.
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