The global video streaming market size was valued at USD 50.11 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028. The video streaming services have experienced a rise of around 10% in viewership during the lockdown due to the COVID-19 pandemic. Individuals across the globe are using various live streaming platforms to get recent updates on the status of COVID-19, stay entertained, play games, and socialize. Smartphones and tablets accounted for the largest revenue share in 2020, with a 31% market share. This is attributed to the easy accessibility of the internet, increasing disposable income, better standard of living, and changing lifestyle. [Source]
The subscription model accounted for the largest revenue share of the video streaming market in 2020, with a 43% market share. 61% of US consumers aged between 18 and 29 say online streaming service is the primary way they watch TV now. Moreover, 37% of US adults aged 34-49 years, 50-60 years (10%), and 65+ years (5%) say online streaming is their primary way to watch TV. [Source] According to a New York Times article, one in two people admits that once they press play on a new show, the binge takes over. The shortest binge they completed was 48 hours or less. Furthermore, rather than watching new shows, 56% of US subscribers frequently rewatch old shows. This led to three in five survey respondents feeling the pressure to watch whatever is trending at the time.
As video streaming statistics show, streaming is no longer a technological novelty. It’s now the benchmark for how businesses share video content and how consumers take home entertainment. The convenience rendered by video streaming, coupled with technological advancements, has propelled the unprecedented growth of video streaming.
