LONDON, June 20,
2024 /PRNewswire/ -- New Omdia research has
found that YouTube continues to dominate as the most popular video
service globally, while Instagram has surged ahead of Netflix and
TikTok in the USA, establishing
itself as the second most popular video service among American
users.
According to the latest consumer research from Omdia, YouTube
maintains its position at the pinnacle of video streaming services
worldwide, extending its reach into markets such as the
Middle East. Notably, Saudi Arabia leads the world in YouTube
content consumption per capita. The platform's user-friendly
interface and robust recommendation algorithm significantly
contribute to its unmatched global reach and engagement.
Unveiling the latest entertainment trends at Conecta
Fiction in Spain this week, Maria
Rua Aguete, Omdia Senior Director of Research noted the top three
video services in Spain as
YouTube, Amazon Prime Video and Instagram Reels. "Instagram Reels'
ascent to third place in Spain
highlights its growing influence in the video content domain,
driven by its popular features that offer quick, engaging, and
shareable content."
With over 2.7 billion active users in 2024, YouTube remains the
top choice for video content, while Instagram follows with 1.5
billion users, and TikTok has 2.3 billion users globally, with 1.3
billion outside of China.
Instagram's video features have resonated strongly with American
audiences, particularly among younger demographics who favor
short-form, visually appealing content.
Free Ad-Supported Streaming Television (FAST) channels are
also rapidly gaining popularity, particularly in the USA and Brazil, where they have surpassed traditional
pay TV services. FAST revenues are projected to reach $12 billion by 2028, with $10 billion coming from North America alone.
Platforms like Tubi and Roku are among the top choices, with 60%
of users watching FAST channels monthly compared to 55% who use pay
TV services.
The growing preference for FAST channels indicates a significant
shift towards more flexible and cost-effective viewing options,
reshaping the television industry in both markets.
"We are witnessing a transformative period in how people consume
video content," said Rua Aguete. "Instagram's rise in popularity is
a testament to the evolving nature of viewer engagement and the
increasing demand for short-form, visually appealing content. The
surge in FAST channel viewership underscores a major shift towards
ad-supported content in a linear format, providing viewers with a
greater variety of options."
As the digital content landscape continues to evolve, platforms
like YouTube and Instagram are at the forefront, shaping the future
of entertainment and media consumption. The growing influence of
FAST channels in the USA and
Brazil further highlights the
dynamic nature of viewer preferences and the ongoing transformation
of the television industry.
ABOUT OMDIA
Omdia, part of Informa Tech, is a technology research and
advisory group. Our deep knowledge of tech markets combined with
our actionable insights empower organizations to make smart growth
decisions.
Fasiha Khan
Fasiha.khan@omdia.com
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SOURCE Omdia