84 minutes a day is the average amount of time an internet user spends in watching videos owing to the continuous advancements in the media and the hybrid/work from home culture. As video consumption grows at a rapid pace, Here are the top 7 video streaming trends to look out for the year 2022.
Top 7 video streaming industry trends
Globally, there were 4,435 million smartphone users in 2017. It increased to 6,259 million in 2021 and is projected to touch 7,690 million in 2027. The number of tablet users also touched 1.28 billion in 2021 globally. With an increase in the number of devices and internet users across the globe, the video streaming market is also expected to show a sharp rise very soon. Here are the top seven video streaming industry trends that you need to know to be on top of the game.
1. The rise of video streaming platforms
There are hundreds of video streaming platforms businesses launched in every country and millions across the world. The number of platforms continues to increase as the demand for video streaming increases. YouTube has over 2 billion active users, Netflix has over 195 million subscribers, Disney+ has over 70 million subscribers and the list goes on. Some video streaming platforms cater to local geographies whereas others cater to global audiences. Regardless, there are several players in the market that are offering what the market demands.
As the number of internet users increases, the number of cable tv subscribers and traditional tv users have been reducing.
2. Live streaming of sport matches
Live streaming sport matches has been a TV thing for decades. This is now changing as the world is making a transition from television to the internet for entertainment. As the tv shows, movies and series are made available on the video streaming solutions, so are sports.
After Big Game became a hit with over 11.2 million users on the internet, more video streaming solutions are coming forward to live stream sports on their platform. This is true for all the large players in the market.
3. Multiple monetization strategies
With a plethora of online video streaming platforms in the market, users are spoilt for choice. A lot of good video content is made available on the video streaming platforms at no cost. So if a large number of your subscribers are in geographic locations where premium and in-demand video content is available at lesser cost or no cost, your business will lose out on a lot of subscribers.
This is why online video streaming platform providers are also turning towards adopting advertisement-based video on demand (AVOD) models.
4. Video analytics solution to drive data
Data has, is and always will be the king of the game. Online streaming platforms use video analytics to get the valuable data and insights out of the data. Every country has different regulations when it comes to user data pertaining to the citizens of its country. So, businesses can utilize only the kind of and the amount of user data that is permitted to be collected.
The analytics vendor that online video streaming platforms choose should be GDPR-compliant and have the measures in place to safeguard consumer data of European residents. If your business caters to multiple countries or continents, you should ensure that your analytics vendor complies with the regulations of all the countries your audience is in.
5. 5G adoption
Internet users look for internet speed as much as they look at uninterrupted video streaming. The higher the speed, the better they will be able to use the video streaming services. There were 540 million 5G users in 2021 and 2022 is projected to witness 1.3 billion 5G users globally.
5G provides high speed, dependability and expanded coverage making it an instant hit in the market. 5G technology will have the highest impact in the video streaming industry for the next few years.
6. Low latency in video streaming
With several video streaming platforms and on-demand content being available for free in the market, users are spoilt for choice. Any video streaming business that wants to be a top player in the game will have to ensure that its users do not experience latency.
Fast video delivery is essential to retain existing users and attract new users. Online video platform have been using or switching to SRT transport protocol over RTMP to increase the delivery of their videos to users. This not only reduces latency, but also increases security and reliability.
7. Stiff market competition
Video streaming platforms for entertainment are not the only competitors that video players have. Gaming, social media, metaverse and live streaming are some of the players that have entered the video streaming market. Apart from this, short form videos on platforms such as TikTok are a stiff competitor.
Traditional television streaming providers are also entering the market offering in-demand products and services such as content for children and documentaries.
Now that you know what the video streaming trends for this year are, what are you waiting for? Go ahead and nail your video content marketing strategy for your video streaming platform after complete analysis and evaluation. Don’t forget to evaluate it periodically and revise your strategy to stay on top of the game at all times.