Online video subscription services will reach 1.7bn in 2023
01.02.2023 19:21
LONDON, 31 January, 2023 – Despite the economic uncertainty, cost of living crisis and saturation of video services in some countries, 2023 is on track to be a good year for subscription video on demand (SVOD) services according to newly released figures from Omdia.
“Moving on from the impact of COVID, the introduction of the ad tiers and an abundance of new content has meant that 2023 will be an important year for growth in SVOD and its subscribers,” says Maria Rua Aguete, Senior Director in Omdia’s Media and Entertainment practice.
“2020 was a boom year for online video streaming, due to the pandemic and subsequent outdoor limitations which resulted in more than 300 million new global subscription online video services. SVOD has grown at one of the fastest rates on record. In fact, in absolute terms 2020 added more subscribers to the video on demand industry than at any other point in history and most likely, at any point to come.”
Read the entire press release here: https://omdia.tech.informa.com/pr/2023/01-jan/omdia-online-video-subscription-services-will-reach-17bn-in-2023
