Online Video Platform Market Size

Online Video Platform Market Size

Online Video Platform Market size was valued at USD 2.45 billion in 2023 and is anticipated to register a CAGR of over 18% between 2024 and 2032. Personalized content algorithms are driving significant growth in the market by enhancing user engagement and satisfaction. These algorithms analyze viewer preferences and behaviors to deliver tailored content recommendations, improving the overall user experience. A recent example is Netflix's continued investment in refining its recommendation engine.

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For instance, in August 2024, Netflix announced an update to its recommendation algorithm, which now incorporates advanced artificial intelligence techniques to enhance the accuracy of content suggestions based on users' viewing history and interactions. This update aims to provide a more personalized experience for its 260 million subscribers by analyzing extensive data, including viewing habits, ratings, and search behaviors.
 

The expansion of high-speed internet is another key driver for the online video platform market, as it enables seamless streaming and enhances video quality. Recent developments in this area include significant advancements in 5G technology. For instance, May 2024, The Ghanaian government, in partnership with Radisys Corporation (a subsidiary of Reliance Industries Limited), plans to launch affordable nationwide 5G mobile broadband services in Ghana by the end of 2024. This initiative will be carried out through the newly formed Next-Gen Infrastructure Company (NGIC).
 

Content piracy poses a significant challenge for online video platforms. Unauthorized distribution and illegal streaming of copyrighted material undermine the revenue models of these platforms by diverting potential subscribers and ad revenue. Despite advanced digital rights management (DRM) technologies, combating piracy remains a constant struggle. Platforms must invest in robust anti-piracy measures and collaborate with legal authorities to protect their content and maintain financial viability, ensuring creators and rights holders are compensated.