In a world where streaming has become an integral part of our entertainment consumption, the popularity of Subscription Video-On-Demand (SVOD) services continues to soar. According to a recent report by Digital TV Research, the number of global SVOD subscriptions is projected to increase by a staggering 400 million between 2022 and 2028, reaching an impressive total of 1.76 billion. These findings demonstrate that the growth potential for SVOD platforms is far from exhausted. Furthermore, it is estimated that by 2028, 24 countries will have over 10 million SVOD subscribers each, emphasizing the global appeal of this booming industry.
The Rise of SVOD Subscriptions:
The report reveals that six prominent US-based platforms, namely Netflix, Amazon, Disney+, Paramount+, Apple TV+, and HBO, will dominate the SVOD landscape, accounting for a substantial 972 million subscribers by 2028. This figure represents a staggering 55% of the world’s total SVOD subscribers, a notable increase from the 711 million subscribers recorded in 2022. The growth of these platforms is expected to be fueled by their ongoing global expansion efforts, targeting previously untapped markets and audiences.
Netflix Continues to Lead the Pack:
Despite facing intensifying competition, the report predicts that Netflix will maintain its position as the largest SVOD platform. Even with the notable growth of Disney+, which is projected to add 57 million subscribers between 2022 and 2028, Netflix is anticipated to gain an impressive 46 million new subscribers during the same period. These numbers highlight the enduring popularity and widespread adoption of Netflix among global viewers.
Implications and Opportunities:
The significant surge in SVOD subscriptions offers both challenges and opportunities for the streaming industry. As the competition intensifies, platforms will need to continue innovating and diversifying their content libraries to attract and retain subscribers. Simultaneously, this growth presents a wealth of opportunities for content creators, producers, and distributors to collaborate with streaming platforms and reach a vast and engaged global audience.
The Role of Localization
With SVOD platforms expanding their reach across various countries and cultures, localization and regional content become key factors in capturing new markets. Tailoring content to specific regions, languages, and cultural nuances will enable platforms to forge deeper connections with viewers worldwide. By embracing diversity and embracing localized strategies, SVOD services can unlock untapped potential in markets across the globe.
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Source: Digital TV News