The entertainment industry has recently seen a significant upheaval due to the growth of the internet and the introduction of online streaming services.
One of the most prominent innovations has been the development of video-on-demand technology, significantly changing how users consume media content. Statista reports that revenues from the global VOD market will reach US$152.20bn in 2023, which will gallop to US$209.00bn in 2027 at a CAGR of 9.52%.
How people watch movies and television shows has significantly changed due to users having access to their chosen content anytime and wherever they want. In addition to discussing how video on demand has affected the entertainment industry, this article will also discuss the future of online streaming video.
What is Video on Demand (VOD)
Video on Demand (VOD) is a revolutionary entertainment concept that empowers viewers to access and watch content of their choice whenever they want. With VOD, users can select from a library of movies, TV shows, documentaries, and other videos, and stream or download them to their devices. This technology eliminates the need for traditional broadcast schedules, allowing viewers to personalize their entertainment experience. VOD platforms, often provided by streaming services, enable users to pause, rewind, fast-forward, and re-watch content at their convenience. This flexibility has reshaped how people consume media, offering the freedom to enjoy entertainment on their own terms. VOD has become a cornerstone of modern entertainment consumption, providing a vast array of options and redefining the relationship between audiences and content.
What Factors Have Fueled The Expansion of VOD?
The COVID-19 pandemic is a primary aspect, which influenced the creation of VOD. There has been an increase in demand for internet entertainment due to lockdowns and individuals being stranded at home.
The subscription bases of VOD services like Amazon Prime and Netflix rose significantly as more people turned to them for entertainment. Additionally, users can more easily find high-quality videos on VOD platforms because internet services have improved quality.
How Has VOD Changed the Entertainment Industry?
The development of VOD platform has led to various improvements in the entertainment industry. The most noticeable modifications are as follows:
1. Viewer Preferences Have Evolved
Platforms for video on demand have altered how users consume media. Viewers are no longer limited to a set schedule or content but may now access their preferred movies and TV series from any location and device.
This has caused viewers’ preferences to change in favor of more individualized and on-demand viewing.
2. New OTT Platforms Are Coming Up
The market is seeing the emergence of new over-the-top platforms due to the rising demand for VOD services. With the help of OTT services, it has become easier to gain access to materials without paying for satellite or cable TV.
These platforms have given viewers more options and flexibility by upending established broadcast and cable TV providers.
3. Reach Maximum Audience
Reaching a larger audience has become simpler for content providers thanks to VOD platforms. VOD systems can reach a global audience, in contrast to traditional broadcast or cable TV, which are constrained by regional and demographic constraints.
This has enhanced the visibility and reach of content creators by allowing them to demonstrate their skills to a more vast and varied audience.
4. Users Get Access to Better Quality Content
The method through which the content gets developed and then distributed also transformed the VOD platform greatly. VOD services have developed into a source of income for independent producers due to the rising demand for high-quality content.
As a result, more original, high-caliber material is being created and made available on VOD channels.
5. More Business for Film Producers
VOD channels have made things easier for professional movie makers by introducing new revenue streams. In the past, movie makers depended heavily on the box office because it was their actual source of income.
Film producers can now monetise video content by licensing it to VOD platforms, thanks to the growth of these platforms. Thanks to this, filmmakers now have additional commercial prospects, allowing them to reach a larger audience and increase their income.
The Future of Streaming
With emerging technologies like virtual reality and 5G poised to disrupt the business further, the future of online streaming video appears promising. Users can interact 360 degrees with their favorite movies and television shows using virtual reality technology.
On the flip side, 5G technology’s faster internet connections would enable consumers to stream high-quality content without buffering.
We anticipate seeing more cutting-edge features and functions added to VOD platforms as technology progresses. For instance, personalized suggestions, sophisticated search tools, and social media integration are all potential additions that could improve the user experience.
Video on demand has completely changed the entertainment landscape by enabling consumers to access their preferred material anytime and wherever they choose. Additionally, VOD platforms have given video producers new avenues for income by enabling them to sell their material and reach a global audience.
With emerging technologies like virtual reality and 5G poised to disrupt the business further, the future of streaming video appears bright.
In conclusion, the emergence of video-on-demand platforms has revolutionized the entertainment sector by enabling consumers to access their preferred content anytime and wherever they choose. The future of internet streaming video appears promising, with cutting-edge innovations like virtual reality and 5G poised to revolutionize the sector further.