Markets

YouTube and Instagram Redefine Video Service Popularity in 2024

YouTube and Instagram Redefine Video Service Popularity in 2024

Once again, María Rúa Aguete. Sr Research Director of OMDIA (UK) held a presentation about Global Trends at Conecta Fiction & Entertainment (Toledo, 18-21 June, 2024). She talked about the rise of YouTube and Instagram , that are leading the charge in the global video service market, reshaping viewer preferences and consumption habits.

"YouTube remains the most popular video service worldwide - Aguete confirmed - with 2.7 billion active users in 2024, thanks to its user-friendly interface and robust recommendation algorithm. Instagram has become the second most popular video service in the USA, ahead of Netflix and TikTok, particularly appealing to younger demographics with its short-form, visually engaging content".

The rise of Free Ad-Supported Streaming Television (FAST) channels is also notable, especially in the USA and Brazil, where they have surpassed traditional pay TV services. Platforms like Tubi and Roku are leading this trend, indicating a significant shift towards more flexible and cost-effective viewing options. Maria Rua Aguete highlights that the evolving nature of viewer engagement and the increasing demand for short-form content are reshaping the digital content landscape, with platforms like YouTube and Instagram at the forefront of this transformation. The growing influence of FAST channels further underscores the dynamic nature of viewer preferences and the ongoing evolution of the television industry.
"We are witnessing a transformative period in how people consume video content," said Maria 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."

She also said that worldwide media and entertainment market will top US$1tn in revenues this year, with US$712bn of that coming from streaming, online video and linear TV

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