According to Global View Research raport, the global video streaming market was valued at $89.03 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.5% from 2023 to 2030. This article looks at the key trends shaping subscription-based streaming services worldwide, from the emergence of new platforms to the constant expansion of content options. Join us on a journey through the dynamic forces driving the unstoppable growth of streaming services.
If you are an actor, consider a new job…
With innovations like AI and blockchain technology, video quality is experiencing significant enhancements. AI, in particular, is revolutionizing the capabilities of major streaming services, enabling faster and more cost-effective voice-overs. Looking ahead, as AI continues to evolve, there’s a possibility that films could be created entirely based on scripts, eliminating the need for real actors. Ambitious projects, such as ‘The Safe Zone,’ the first-ever film written and directed by AI, released in December 2022, are already exploring this concept. AI can also replicate scenes and ‘role play’ renowned actors by analyzing data from their previous performances. For streaming platforms, this presents a more cost-effective alternative to traditional movie production, avoiding the expenses of elaborate sets and real-life personnel, not to mention potential complaints.
Metaverse and other new forms
New generations, born in the era of streaming platforms and video games, crave novel stimuli and experiences. The Metaverse emerges as a potential solution to meet these evolving needs. While Mark Zuckerberg initially anticipated an immediate breakthrough for the Metaverse, this prediction did not materialize, and initially, only he and his colleagues explored this solution.
Despite the initial setbacks, numerous companies continue to invest in the development of the Metaverse, holding onto the hope that it will evolve and gain traction in the future.
Ad-Supported Tiers Catch On And Expand
Both Disney+ and Netflix have recently introduced platforms with ads, and Amazon is now accepting advertisements for Thursday Night Football. How audiences respond to these lower-priced, ad-supported options could influence whether other streaming services follow suit.
These ad-supported tiers offer users a more budget-friendly option, granting access to a variety of content in exchange for occasional advertisements. This not only attracts users who are conscious of costs but also creates new revenue streams for streaming platforms through advertising partnerships.
Major players in the streaming industry are quickly adopting ad-supported models, providing free access to a curated selection of content while earning money through targeted ads. This trend not only makes premium content more accessible, but also acts as a strategic move by streaming platforms to stay competitive in a crowded market.
With the growing demand for diverse content consumption options, the expansion of ad-supported tiers emerges as a crucial trend influencing the future of subscription-based streaming services worldwide.
Personalization and Recommendation Algorithms
As the streaming landscape becomes increasingly saturated, platforms are investing heavily in advanced recommendation algorithms to enhance user engagement. These algorithms analyze user behavior, preferences, and historical viewing data to provide personalized content suggestions. By understanding individual tastes, these platforms aim to keep viewers hooked and encourage longer and more frequent use.
The implementation of sophisticated artificial intelligence and machine learning technologies enables streaming services to go beyond basic genre preferences. Algorithms can consider factors such as viewing habits, time of day, and even external events to tailor content recommendations. This level of personalization not only ensures that users discover content that aligns with their interests but also creates a more immersive and satisfying viewing experience.
As these algorithms continue to evolve, users can expect increasingly accurate and nuanced content suggestions, further solidifying the role of personalization as a key trend in the subscription-based streaming services industry.
The world of streaming platforms is evolving rapidly before our eyes. The ability of streaming services to attract and retain subscribers will largely depend on their capacity to consistently deliver compelling video content of choice to their audiences and foster popular discourse around that content.