VOD to be worth over £1bn by 2019

The research estimates that video on demand (VOD) subscriptions will grow to an annual value of more than £1bn by 2019, having been worth just £28m in 2009.

Much of the growth is apparently being driven by younger users, with 91% of consumers aged 16 to 24 accessing a video streaming service in the past 12 months. But there is also cross-generational appeal: 69% of all British consumers have streamed online videos in the past year, with 32% of them paying for the service.

“Streaming services give people the ability to access a huge mix of content, including everything from classics to current material,” said Paul Davies, senior leisure and technology analyst at Mintel. “As more consumers acquire connected devices such as smart TVs, which allow them to stream films and TV programmes directly, more people will pick digital sources over physical formats such as DVDs and Blu-rays.”