Streaming Services Growth To Hit $1.7 Trillion
- Posted On:July 12, 2022
The global video streaming market size is projected to grow from $473 billion in 2022 to $1.7 trillion by 2029, exhibiting a CAGR of 19.9% during the forecast period. According to the Motion Picture Association report in 2020, online VoD users jumped to 1.1 billion during the Covid-19 pandemic and is predicted to reach 2 billion users by 2023.
Netflix now has more than 209 million subscribers worldwide, though their numbers appear to have topped out in the US, for now. Overall, the 10 largest U.S. streaming services saw subscriber levels grow at a compounded rate of 30% over the past two years. However, the niche streamers are growing much faster, up 74% on a compounded annual basis, including a 66% growth this past year. The study looked at market share and subscriber growth for 10 niche services that focus on typically one type of programming such as movies or horror, or a specific demographic or content source.
The streaming service industry is set to see a lot of change and huge success in the next few years. With many distribution companies setting their sites on streaming services, this all makes good reading for independent filmmakers.