One of the major factors responsible for the surge in the adoption of video streaming is the rising popularity of social media platforms. At present, there are more than 3 billion users of various social media platforms in the world, accounting for over 40% of the global population. The number of social media users in the world increased by 14% from 2017 to 2018. Since the last few years, there has been a tremendous surge in video content on various social media platforms. For instance, the video content on YouTube demonstrated explosive growth of 99% in 2017.
Driven by the above factors, the revenue generated from online video streaming is expected to increase from $245.3 billion in 2018 to $688.7 billion by 2024. The globalvideo streaming market is predicted to progress at a CAGR of 19.1% during the forecast period (2019–2024). There are various platforms, such as smartphones and tablets, laptops and desktops, and TVs, on which one can watch both linear and non-linear video content. Amongst these, TVs are expected to be preferred by a majority of consumers for watching video content, during the forecast period.
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The biggest phenomena currently being witnessed in the video streaming market is the shifting customer focus toward over-the-top (OTT) platforms for watching video content, across the world. For instance, it has been witnessed in the U.S. that over half of the population is preferring the OTT services as compared to the conventional Pay TV services. In the third quarter of 2018, more than 1 million consumers unsubscribed from the pay TV connections in the U.S. Furthermore, the pay TV service providers in the country lost 5 million subscribers in the last 5 years.
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he other major factor boosting the adoption of video streaming is the growing internet connectivity across the globe. Since the last few years, the number of internet users in the world has increased at an exponential rate. For instance, the number of internet users increased by almost 1.3 billion from December 2014 to March 2019. This has resulted in the growth of several video streaming platforms such as Netflix, YouTube, and Amazon Prime. As per the Global Internet Phenomena Report by Sandvine, the users streaming video content consume a majority share of almost 58% of the total downstream internet traffic.
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