Media Streaming Market Size

Media Streaming Market Analysis

The Media Streaming Market size is estimated at USD 119.01 billion in 2023, and is expected to reach USD 173.73 billion by 2028, growing at a CAGR of 7.86% during the forecast period (2023-2028).

The growth of the market is fuelled by the growing demand for subscription-based services, increasing availability of region-specific and original content, and the popularity of live sports. These drivers are changing the strategies adopted by the vendors in the market as the emphasis on enhanced customer experience by providing personalization and low-cost services is increasing daily.

• Media quality is improved by using innovations like blockchain technology and artificial intelligence (AI). Editing, cinematography, voice-overs, scriptwriting, and many other facets of video creation and upload are all greatly aided by AI. It is projected that these advancements will have a favorable impact on the market's expansion. The content quality of media is being improved by a number of suppliers of media streaming solutions employing AI. Recently, these channels have become much more popular than mainstream media outlets like YouTube and Netflix.
• Moreover, the advertising and revenue model plays a crucial role in this market. More people pay attention to ads on streaming platforms than on social media. For instance, In a report titled "India Embraces the Streaming Era," published today by Magnite, the largest independent omnichannel sell-side advertising platform in the world, it was discovered that ads on streaming platforms attract more attention than those on social media. Almost two-thirds of streamers in India (64%) are more receptive to advertising on streaming platforms, with many claiming to frequently do a product search (48%) and make a purchase (33%) after the fact.
• Netflix offers its most basic plan starting at USD 8.99 per month and USD 12.99 for its high-definition service. Amazon Prime customers can get an annual membership for USD 119 or pay USD 12.99 a month. The market is, therefore, getting more competitive with such price wars and more big players entering the market, such as Apple and Disney.
• Furthermore, the rapid adoption of smartphones and cloud-based services, increased penetration of OTT platforms as compared to traditional pay-tv, and incorporation of AI and machine learning to help regulate live streaming and provide insights on consumer usage patterns and partnerships to offer more and region-specific content has increased the growth of video streaming segment across regions. For instance, Netflix has 75,000 different content genres and provides personalized content for individual users through recommendation, which is possible due to the algorithms allowing it to do so.
• The ongoing spread of coronavirus has positively impacted the media streaming industry due to enforced home confinement measures. The vendors were witnessing a spike in the number of subscribers and a peak in viewership across regions due to increased demand for online streaming and changed consumers. For instance, In the first quarter of 2020, ending on March 31, Netflix added 15.8 million subscribers globally, which is more than double the 7.2 million that was expected and a growth of 22.5% year on year. Further, Netflix reported a rise in the quantity of new mobile application installations of more than 50% in Italy and more than 30% in Spain in March 2020.