Without a doubt, the rise in video production and the popularity of online streaming services have impacted the focus of businesses in every industry. The following highlights from three recent reports document statistics showing that video marketing is an essential component in every savvy enterprise.
Global Movie Production Market Report 2024: Growing Popularity of Online Video Streaming Services to Lead to Sizable Demand in the Market – CAGR of 10.76% Forecast During 2023-2028
According to a new Research and Markets report, he movie production market is forecasted to grow by USD $56.11 billion during 2023-2028, accelerating at a compounded annual growth rate (CAGR) of 10.76% during the forecast period. The market is driven by growing popularity of global box office, increasing use of animation contributing to success of movies, and digital transformation of movie production processes.
This study identifies the increased focus on digital movie screens as one of the prime reasons driving the movie production market growth during the next few years. Also, technological advances in filmmaking industry and rising popularity of online video streaming services will lead to sizable demand in the market.
The report on the movie production market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. An up-to-date analysis covers the current market scenario, the latest trends and drivers, and the overall market environment.
Video on Demand (VoD) Market worth $270.3 billion by 2028 – Exclusive Report by MarketsandMarkets™
Future trends for the Video on Demand (VoD) market include sustained expansion propelled by globalization, unique content creation and subscription models. The landscape will be shaped by collaborations, technological breakthroughs and personalization. Competition and innovation will be spurred by regulatory hurdles and the entry of new firms.
The global VoD Market will grow from USD $146.6 billion in 2023 to USD $270.3 billion by 2028 at a CAGR of 13.0% during the forecast period, according to a new report by MarketsandMarkets™. The VoD Market is primarily propelled by shifting consumer preferences and technological advancements. As viewers increasingly seek convenience and flexibility in their entertainment choices, VoD services offer a vast array of content accessible anytime, anywhere. The rise of high-speed internet and the proliferation of smart devices have democratized access to streaming platforms, fostering a culture of binge-watching and personalized content consumption. Additionally, the emergence of original programming from streaming giants and niche content providers has intensified competition, driving innovation and investment in exclusive content creation.
Moreover, changing demographics and lifestyle patterns play a significant role in fueling the growth of the VoD Market. Millennials and Gen Z, in particular, prioritize on-demand content over traditional linear television, prompting traditional broadcasters and cable networks to adapt their strategies or launch their streaming services. Furthermore, the global pandemic has accelerated the adoption of VoD platforms as lockdown measures increase screen time and home entertainment demand. This has led to an expansion of VoD services into new regions and markets, as well as an emphasis on content diversity and inclusivity to cater to varied audience preferences. Overall, the VoD Market’s trajectory is shaped by a complex interplay of technological innovation, changing consumer behaviors, and market dynamics, driving continual evolution and expansion.
Global Text-To-Video AI Market Report 2024: With Over 90% of Businesses Embracing Video Marketing, Demand for Tools to Convert Text to Engaging Visual Narratives is on the Rise
According to another Research and Markets report, the burgeoning text-to-video AI market highlights an unprecedented growth trajectory, with the industry experiencing a significant increase in market size from $0.24 billion in 2023 to an estimated $0.31 billion in 2024. Advanced AI technologies, elevated social media consumption, and an increased focus on user engagement have catalyzed this robust market expansion.
The text-to-video AI market is forecast to continue its exponential growth, with projections placing its value at approximately $0.89 billion by 2028. The integration of multilingual capabilities, proliferation of online learning, real-time video generation, and improved visual fidelity are pivotal factors contributing to this sustained growth. Emerging trends such as the merge with voice and speech synthesis and the synergy between VR and text-to-video AI platforms herald a new era of immersive multimedia experiences.
An increase in video content is significantly driving market growth. With 91% of businesses embracing video marketing, the demand for tools that can convert text to engaging visual narratives is on the rise. The continued growth in social media usage provides a fertile ground for the text-to-video AI market. A staggering 4.8 billion social media users worldwide create an enormous potential audience for AI-generated video content.
Potential challenges, such as the ethical use of AI in content creation, are also being scrutinized. Concerns about the generation of misinformation and deepfakes have sparked a conversation on responsible AI practices and the implementation of ethical standards within the industry.