As U.S. subscription streaming video services expand globally, their presence worldwide is projected to push the SVOD market’s revenue past $151 billion by 2028, according to new data from Frost & Sullivan. That’s up from $87.3 billion at the end of 2021.
In addition to market pioneers Netflix and Prime Video, Disney+, Paramount+, Peacock, HBO Max, Apple TV+ and Discovery+ are rapidly growing their global footprints, while Disney-owned Hulu expands its SVOD and online TV subscriber base in the U.S.
“The COVID-19 outbreak presented a unique expansion opportunity in the home entertainment industry,” analyst Lara Forlino said in a statement. “Further, the higher demand for video streaming services rapidly increased the number of businesses launching new SVOD platforms.”
Forlino contends that technological advances, such as artificial intelligence (AI), machine learning (ML), and virtual reality, are creating market opportunities and changing the way customers interact with SVOD services.
“This encourages companies to use the latest technologies to enhance user experiences, improve their streaming services and unlock new revenue streams,” she said.