Social TV Market 2021 | Size, Growth, Demand, Opportunities & Forecast To 2028
Recent breakthroughs in technology in terms of broadband-delivered programming on smart televisions and personal computers are boosting the global social television market, predicts Fortune Business Insights in their recent study. The study is titled,” Social TELEVISION Market Size, Share and Global Trend by Deployment (Software & Services), By Application (Sports, News, Television Shows, Others) and Geography Forecast till 2028.”
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According to the report, digital advertisements contributed a total of US$ 220.3 Bn in 2018 to the entertainment industry and is expected to grow at a rate of 13% per year. Similarly, GlobalWebIndex, a marketing company reported about 92% of internet users to indulge more time watching online videos per month rather than simply surfing the net for information and music. This means, about more than 4 million people worldwide are consuming online videos since 2018.
Top Players List:
- Apple Television
- Talkwalker Inc.
- Bluefin Labs
- Telescope Inc.
- iPowow Ltd
- Megaphone Inc.
- Telescope Inc.
- Sprinklr Inc.
- Sprout Social Inc.
- Spredfast Inc.
- Vizrt Group AS
- Buddy Television
Interesting Prime Opportunities Provided by Broadcasters to Promote Growth
Social televisions are capable of providing entertainment and can also be used as a platform for online communication through television. Broadcasters use social media network, entertainment companies and can maximize their programming content by using the integration of broadcast-focused analysis tools worldwide. This is anticipated to boost the global social Television market in the coming years.
The advent of social television has made television more active and provides the user an interactive experience. The new trend of sharing their television experience with millions of viewers via Facebook and Twitter is also enabling growth in the market. Social televisions can be linked with social networks namely LinkedIn, Facebook, Twitter, and have user friendly interface.
The rising popularity of social media, trend of making online money through live videos and content sharing are the major factors boosting the market. In addition to this, the implementation of Prime facilities that provides unlimited data and downloads with other such features is also boosting the market. The aforementioned factors are anticipated to bring better market revenues in the coming years.
However, lack of awareness in developing nations and content authentication and validation may restrict growth in the market. In addition to that, most people do not indulge in social television because of the fear and uncertainty of rejection, and doubt of audience. This may also restrict growth of the market in future.
Key Market Driver –
- Increasing social networking audience owing to high penetration of internet globally.
- High demand for Live videos and videos on demand backed by providing real time content to users.
Key Market Restraint –
- Authenticity or validation of content online, and poor network connectivity across many regions.
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Asia Pacific to Emerge as Fastest Growing Region with Rising Awareness
Fortune Business Insights foresees the global social television market to be dominated by Europe and North America. This is owing to the presence of major broadcasters who use social media for enhancing consumer interaction. This is possible with the help of high internet penetration and social media user base. Additionally, the number of people watching online videos in the form of documentaries or series is more and this also adds to the growth of the market in North America.
Key Industry Developments
- 2014-2017: Coalitions of content providers and advertisers such as Google, Facebook, Twitter etc.
- 2018: Media and tech companies such as Hearst, Time Warner, BSkyB, and Google are backing several Social TV start-ups with huge investments.
Major Segments Mentioned:
- By Deployment
- By Application
- TV Shows
- Others (institutional)
- By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
On the other side, the market in Asia Pacific is anticipated to witness progressive growth and register itself as the fastest growing region in the coming years. This is owing to the increasing awareness about the increasing awareness about social Television and rising preference among consumers for the same. In addition to that, government of developing nations are regularizing on internet connectivity and making it cost efficient for one and all to consume. The availability of cheaper devices and affordable data connections in countries such as India is a major factor helping the market for social television in Asia Pacific emerge as the fastest growing region.
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