Market Trends of Middle East Media And Entertainment Industry
SVOD to Witness the Market Growth
- The use of a full collection of content is made possible via subscription video-on-demand (SVOD), which charges a set subscription fee, usually once per month. This business model is similar to an "all-you-can-eat" buffet where subscribers have access to an endless amount of ad-free content.
- The greatest portion of the OTT business, SVOD now ranks as the most lucrative monetization strategy. The SVOD model is used by the top OTT providers, including Netflix, Amazon Prime Video, Hulu, and newcomers like Disney+, Apple TV+, HBO Max, etc.
- Telecom companies have introduced a solution that provides information regarding the amount of data used while streaming video over a mobile network. For instance, Vodacom introduced Video Play Time, Video Play Time bundles, a unique, world-first solution that takes the guesswork out of data usage when streaming video over a mobile network and aids customers in utilizing their data effectively.
- Subscribers to Apple TV channels can watch on-demand content online or download their favorite shows for offline viewing on the Apple TV app. Up to six friends or family members can share Apple TV channel subscriptions through Family Sharing by using just their Apple ID and password. It is anticipated that by including such perks in the subscription, more consumers will choose the service, increasing market share for SVOD providers like STARZPLAY.
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Saudi Arabia to Hold Significant Market Share
- Digital formats are widely used in Saudi Arabia for media consumption. Users now have the opportunity to access the media material of their choosing thanks to the increase in the number of devices that can handle OTT platforms and digital media, as well as faster internet access. The nation's media consumption has dramatically increased and shifted from traditional media to digital media. The expansion of this industry is fueled by the emergence of OTT and digital media companies like Netflix, Amazon, and Intigral, among others.
- As customers want to gain a true sense of movies through home theatre and other audio systems as their inclination to watch movies through OTT platforms grows, this will help the market sector under study grow over the coming years.
- The growth of the internet uasge has had a disruptive effect on the channels used for digital media distribution and consumption. The nation's data usage has increased as a result of enhanced network coverage and cutting-edge communication technology (5G/LTE).
- Through Jawwy TV and Dawri Plus, the Saudi public has some key options for the digital entertainment generation. These digital media products cater to a large millennial user base and offer welcoming user interfaces and distinctive digital content that is accessible via numerous platforms. In the upcoming years, these people are searching for enriched entertainment content that is easily available.
- By supporting the country's entertainment sector's growth, digital media content players are considered a major pillar of the Vision 2030 plan of Saudi Arabia, which will eventually contribute to building a knowledge-based economy.
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