Key regions: Asia, United Kingdom, United States, South Korea, Germany
The TV & Video market in Singapore is experiencing significant growth and development. Customer preferences are shifting towards online streaming and on-demand video services, leading to a decline in traditional television viewership. Additionally, local special circumstances, such as the high internet penetration rate and the government's push for digitalization, are driving the market's growth.
Customer preferences: In Singapore, customer preferences are shifting towards online streaming and on-demand video services. This can be attributed to the convenience and flexibility these platforms offer. With the increasing availability of high-speed internet connections and the proliferation of smartphones and smart TVs, consumers now have easy access to a wide range of content at their fingertips. They can watch their favorite TV shows, movies, and videos anytime and anywhere, without being tied to a specific broadcast schedule. This shift in customer preferences has led to a decline in traditional television viewership, as more people opt for the convenience and personalized experience of online streaming.
Trends in the market: One of the key trends in the TV & Video market in Singapore is the rise of subscription-based streaming services. Platforms like Netflix, Amazon Prime Video, and Disney+ have gained significant popularity among Singaporean consumers. These services offer a vast library of content, including TV shows, movies, and original productions, catering to a wide range of interests and preferences. The convenience of these services, coupled with the ability to customize viewing preferences and recommendations, has made them a preferred choice for many consumers. Another trend in the market is the increasing adoption of smart TVs. These televisions come with built-in internet connectivity and streaming capabilities, allowing users to access online content directly on their TV screens. The affordability and availability of smart TVs have contributed to their growing popularity in Singapore. As more consumers upgrade their televisions to smart TVs, the demand for online streaming services is expected to further increase.
Local special circumstances: Singapore has a high internet penetration rate, with a large percentage of the population having access to high-speed internet connections. This has facilitated the growth of online streaming services and made it easier for consumers to access and consume digital content. The government of Singapore has also been actively promoting digitalization and encouraging businesses to embrace technology. This has created a favorable environment for the development of the TV & Video market, with increased investments and innovations in digital content platforms.
Underlying macroeconomic factors: The TV & Video market in Singapore is also influenced by underlying macroeconomic factors. The country has a strong economy and a high standard of living, which allows consumers to spend on entertainment and leisure activities. Additionally, Singapore is a multicultural society with a diverse population, which creates a demand for a wide range of content catering to different languages and cultures. The market is also driven by the presence of global players in the industry, who are investing in content production and distribution in Singapore. In conclusion, the TV & Video market in Singapore is experiencing growth and development, driven by customer preferences for online streaming and on-demand video services. The rise of subscription-based streaming platforms and the increasing adoption of smart TVs are key trends in the market. Local special circumstances, such as the high internet penetration rate and the government's push for digitalization, are contributing to the market's growth. Underlying macroeconomic factors, such as the strong economy and multicultural society, also play a role in shaping the market's development.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Traditional TV & Home Video and OTT (over-the-top) Services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective segment. This spending factors in discounts, margins, and taxes.Modeling approach / Segment size:
The segment size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant segment. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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