According to a new market report published by Transparency Market Research the global social TV market was valued at US$ 996.4 Mn in 2016 and is expected to expand at a CAGR of 13.6% from 2018 to 2026, reaching US$ 3,492.7 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the social TV market in 2016.
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The social TV market covers the technologies or platforms that support communication and social interaction around TV. Broadcasters are using social media networks to enhance consumer engagement, traditional marketing campaigns, and promotions. With social media networks, entertainment companies can maximize their programming content by integrating broadcast-focused analysis tools across the world. This factor drives the global social TV market. Recent technological breakthroughs in broadband-delivered programming on personal computers and “smart” TVs further boosts the market growth.
The global market for social TV is segmented on the basis of solution, application, and geography. Based on solution, the market is segmented into software and professional services. The software segment is further categorized into broadcast integration, audience engagement, content moderation, social TV analytics, social networking platform, and others. Professional services are sub-segmented into integration and consulting, operation & installation, and maintenance & repairing. In terms of application, the global social TV market is bifurcated into sports, news, TV shows and others. TV shows application is estimated to account for the largest market share in 2018 as TV broadcasters are focusing on engaging audience in TV shows. For instance, reality shows such as American Idol and Dancing with the Stars take advantage of these new capabilities, integrating fan voting and audience polling.
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Geographically, the global social TV market is divided into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America and Europe dominate the global social TV market. This is due to broadcasters in these regions using social media to enhance consumer engagement, traditional marketing campaigns, and promotions. The Asia Pacific region is expected to register the highest growth due to increase in social media users with rise in internet penetration.
Social TV platform providers are focusing on providing flexible and easy-to-use platforms. Merger and acquisition in the social TV market further increases the competitiveness in the market. For instance, in June 2014, Twitter Inc. acquired Snappy TV, a company that was helping broadcasters and rights holders to share video content across social media and via Twitter’s Amplify program. Major industry players in the social TV market are creating different platforms to build different kinds of interactions. The global social TV market includes key players such as Spredfast, Inc., Sprinklr Inc., Telescope, Inc., Flowics, Snipperwall, iPowow Ltd, Sprout Social Inc., Socialbakers Ltd.,