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18 May
Digital Media Trends: The Rise of On-Demand Content
The rise of the digital age has witnessed a revolution in many sectors. It has transformed the way people view and interact with the real world. As the Covid-19 pandemic has pushed everyone within the confinement of four walls, the average content consumption has drastically increased. On-demand content and OTT platforms have become the new normal in the field of streaming services. With it, the entertainment and media industry has started to adapt and accept the latest digital media trends.
Over the years, we have seen the emergence of VoD (Video-on-Demand) platforms such as Hulu and Netflix and video marketplaces such as Google Play and iTunes. Moreover, Video-on-demand and streaming services have experienced a continuous increase in the past few years, let alone the sudden surge in 2020 due to the Covid-19 pandemic. This rise was observed for both enterprise streaming and private streaming services. In this article, we will analyze how digital media solutions have given rise to new trends and how On-Demand content tops the chart.
Audio & Video Content Drive The Digital Media Consumption
The internet and smartphone penetration has been and will continue to be the disruptive force impacting consumption and distribution channels of digital media. With advanced technologies such as 5G, better network, and coverage, data consumption across the globe has snowballed.
Most of this data growth is accredited to different digital media especially entertainment solutions including audio and video content. Subscription-based digital content providers like Spotify and Over-The-Top (OTT) service providers have also acted as a catalyst in the rise of on-demand content. According to research, the on-demand content services revenue is predicted to show an annual growth rate (CAGR 2021-2025) of 10.17%, resulting in a projected market value of $126,548 million by 2025.
While the idea of having infinite and unlimited access to an ever-growing on-demand content library is attractive enough for users to subscribe to such services, the media service providers are swiftly capturing all the living rooms globally. The paradigm shift towards on-demand content is enabling the entertainment industry to go beyond the traditional approach of content delivery.
On-Demand Media is Changing The Entertainment & Business Landscape
The proliferation of live and on-demand media content has transfigured the entertainment and media sector. It is now possible to watch and stream live events taking place in all parts of the world as well as watch any movie or show on-demand whenever and wherever you feel like it. Over the last decade, some of the biggest telecom and entertainment conglomerates have globally began to lean on streaming entertainment. The swift progression of at-home entertainment such as Disney Plus, Netflix, Hulu, and HBO Plus is now racking up millions of subscribers. Instead of grabbing first for the cable remote when it comes to watching TV programs, more and more users are redefining the TV viewing as viewing on streaming platforms.
Another advantage that comes with the increasing use and digitalization of enterprise working models and the use of online meetings is that everything can be seamlessly recorded and provided with on-demand media services afterward. This is especially beneficial:
- To rewatch or catch up with additional important information
- For everyone who missed a meeting or a call
- To avoid the necessity of holding webinars or the same sessions multiple times
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