Video On Demand Fueling Growth Of AVOD Services Market

The growing demand for on-demand access to video content and advertisement supported free streaming services has been a major driver of growth for the AVOD services market. With consumers cutting cords from traditional cable and satellite TV subscriptions in favor of internet-based streaming platforms, AVOD services have emerged as an affordable alternative to access a wide variety of video content supported by advertisements.

Market Overview:
AVOD or Advertisement-based Video on Demand services provide freely accessible streaming video content which is supported by advertisements. Major platforms providing AVOD services include YouTube, Pluto TV, Tubi TV, and Plex which offer ad-supported access to movies, TV shows, news and entertainment content on internet-connected devices. The benefits of AVOD services over subscription-based models include free access and lower data usage.

Market key trends:
One of the key trends driving growth in the AVOD services market is the increasing spend on digital advertisements globally. Advertisers are allocating higher budgets towards digital and internet-based advertising platforms to target the growing base of consumers watching digital content online and on streaming devices. According to surveys, consumers are also increasingly open to watching short advertisements to access free video content online. This has made AVOD services an attractive avenue for advertisers to reach audiences in a cost-effective manner. As a result, major AVOD players are investing heavily to expand their libraries of accessible content and enhance their platforms to attract more consumers as well as advertisers.

The global AVOD Services Market Growth is estimated to be valued at US$ 28.09 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global AVOD services market is dominated by the online video platforms segment which accounts for more than 50% share of the total market. The major factors contributing to the segment’s dominance are the widespread availability of smartphones across the globe and increased internet penetration which have significantly boosted the consumption of digital video content on mobile devices. Online video platforms provide users with a wide variety of video content such as movies, TV shows, news, sports and videos from digital content creators which attracts a large consumer base.

Key Takeaways
The global AVOD services market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing digitalization and rising consumption of OTT video content.

Regional analysis
North America is currently the fastest growing region in the AVOD services market owing to high internet penetration and availability of advanced digital infrastructure in countries like US and Canada. The Asia Pacific region is expected to dominate the overall market during the forecast periodSupported by high population, increasing smartphone adoption and growth in internet users in developing countries like India and China.

Key players
Key players operating in the AVOD services market are YouTube (Google), Hulu (Disney), Peacock (NBCUniversal), Tubi (Fox Corporation), Pluto TV (ViacomCBS), IMDb TV (Amazon), Roku Channel (Roku), Crackle (Chicken Soup for the Soul Entertainment), Xumo (Comcast), Vudu (Walmart), The Roku Channel (Roku), Popcornflix (Screen Media Ventures), MX Player (Times Internet), Voot (ViacomCBS), Tubi TV (Fox Corporation).

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