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Americans are dropping traditional cable and satellite TV services faster than ever in favor of digital streaming services. Video streaming services allow users to watch movies and TV whenever and wherever they desire. Streaming providersโ catalogs are constantly growing with many offering thousands to choose from.
The global video streaming market size was valued at $59.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.3% from 2022 to 2030. Innovations such as blockchain technology and artificial intelligence (AI) are being used to improve video quality, which is expected to help grow the industry. Moreover, the rapid adoption of mobile phones owing to the growing popularity of social media platforms and other digital mediums for branding & marketing is anticipated to fuel the market growth.
Additionally, the coronavirus pandemic has positively impacted the global market size. In 2021 alone, the global streaming market grew 25%. According to a 2020 report by the Motion Picture Association, the number of online video on demand (VoD) users jumped to around 1.1 billion and is expected to reach 2 billion by 2023.
Long gone are the times of needing an iPod or MP3 player to listen to music on the go. Smartphones and the rise of digital music streaming have made listening to your favorite songs easier than ever. The largest music streaming services, Spotify and Apple Music, each have over 50 million songs available to subscribers who pay a small monthly fee. Many of these platforms also allow users to listen to podcasts and audiobooks.
The music streaming industry, while only valued at about half that of video streaming, is picking up steam, with a projected CAGR of 14.7% from 2022 to 2030. The rising use of 5G connectivity has become one of the most popular trends in the global market, allowing service providers to offer extremely high-quality audio streaming.
Overall, streaming service providers have grown…