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October 10, 2025|Information & Technology

What Are the Top 12 Global Video On Demand Companies in 2025?

Video On Demand (VoD) companies are platforms and service providers that deliver digital video content directly to consumers anytime, anywhere, without the limitations of scheduled broadcasting. Unlike traditional television or cable, VoD allows users to stream, purchase, or rent content on demand, using subscription models (SVoD), transactional models (TVoD), or advertisement-supported models (AVoD). These companies include global leaders such as Netflix, Amazon Prime Video, Disney+, YouTube, Hulu, HBO, and Apple iTunes, along with regional specialists like Rakuten TV and Vudu.

The importance of VoD companies in 2025 is underscored by their ability to combine content distribution, cloud technology, and personalized recommendations into seamless user experiences. From entertainment and sports to education and enterprise training, VoD companies are shaping how billions of people consume content worldwide.

According to Global Growth Insights (Video On Demand Market Report 2025), the global VoD market size stood at USD 160.74 billion in 2024. It is projected to reach USD 182.4 billion in 2025, grow further to USD 206.9 billion in 2026, and ultimately expand to USD 480.3 billion by 2034. This trajectory indicates a compound annual growth rate (CAGR) of 12.64% during 2025–2034, highlighting the scale and momentum of the industry.

The United States remains the single largest market, accounting for nearly 35% of global revenues (~USD 63.8 billion in 2025). The region is dominated by subscription-based models such as Netflix, Disney+, Hulu, Amazon Prime Video, and HBO Max, where content spending exceeds USD 25 billion annually. Europe represents around 25% of the global market (~USD 45.6 billion in 2025), led by the U.K., Germany, and France. Meanwhile, Asia-Pacific is the fastest-growing region, accounting for approximately 27% of global revenue (~USD 49.2 billion in 2025), with rapid growth in India, China, and Japan. Latin America and the Middle East & Africa together contribute around 13% (~USD 23.7 billion in 2025), reflecting the rising adoption of affordable AVoD and freemium models.

VoD companies are also investing heavily in original content production, with combined global spending projected to exceed USD 50 billion in 2025. Netflix alone is expected to allocate more than USD 17 billion, while Disney and Amazon will each invest above USD 10 billion to strengthen their global libraries.

Ultimately, Video On Demand companies represent the convergence of media, telecom, and technology, driving a global market valued at over USD 182 billion in 2025. With double-digit growth expected through the next decade, these companies are not only transforming entertainment but also redefining the digital economy.

How Big is the Video On Demand Industry in 2025?

The Video On Demand (VoD) industry in 2025 represents one of the fastest-growing segments of the global entertainment and digital services economy. According to Global Growth Insights (Video On Demand Market Report 2025), the global VoD market is projected to reach USD 182.4 billion in 2025, rising from USD 160.74 billion in 2024. By 2026, the industry is expected to expand further to USD 206.9 billion, setting the foundation for long-term growth that will drive the sector to nearly USD 480.3 billion by 2034. This reflects a strong compound annual growth rate (CAGR) of 12.64% between 2025 and 2034.

The United States is the largest market, valued at approximately USD 63.8 billion in 2025, accounting for nearly 35% of global revenues. Europe follows with a market size of around USD 45.6 billion (25% share), while Asia-Pacific is the fastest-growing region, estimated at USD 49.2 billion in 2025 (27% share). Latin America and the Middle East & Africa combined contribute about USD 23.7 billion, representing 13% of the global total.

In terms of business models, subscription-based VoD (SVoD) dominates the market, contributing more than USD 120 billion in 2025 revenues, driven by platforms such as Netflix, Amazon Prime Video, Disney+, Hulu, and HBO Max. Advertising-supported VoD (AVoD) is expected to generate approximately USD 40 billion, fueled by platforms such as YouTube and regional free-to-watch services, while transactional VoD (TVoD) accounts for around USD 22 billion in 2025.

Overall, with global revenues exceeding USD 182 billion in 2025, Video On Demand has established itself as a cornerstone of digital content consumption, supported by robust growth across regions and business models.

USA Growing Video On Demand Market

The United States continues to be the largest market for Video On Demand (VoD) globally, accounting for nearly 35% of worldwide revenues in 2025. According to Global Growth Insights (Video On Demand Market Report 2025), the U.S. VoD market is projected at USD 63.8 billion in 2025, up from USD 56.3 billion in 2024. By 2026, it is expected to surpass USD 72 billion, supported by strong consumer adoption, high broadband penetration, and the dominance of global streaming leaders headquartered in the country.

The U.S. VoD industry is driven by major players such as Netflix, Disney+, Hulu, HBO Max, Amazon Prime Video, Apple TV/iTunes, and YouTube. Collectively, these platforms generate more than USD 45 billion in subscription revenues in 2025, accounting for over 70% of the total U.S. market. Netflix alone is estimated to contribute USD 17.3 billion in domestic revenue in 2025, while Disney+ and Hulu together generate more than USD 12 billion. Amazon Prime Video accounts for an estimated USD 10.5 billion, and HBO Max contributes around USD 7.8 billion in U.S. streaming revenue.

Advertising-supported VoD (AVoD) is also gaining traction, led by YouTube, which generates more than USD 15 billion in U.S. ad revenues in 2025, representing the largest share of the domestic AVoD market. Free ad-supported streaming television (FAST) services, including platforms operated by Verizon and Vudu, are expected to contribute USD 4–5 billion in combined revenue.

The U.S. market is also notable for its content investment levels, with streaming platforms spending over USD 25 billion on original content in 2025. Netflix allocates more than USD 6.5 billion to U.S.-based productions, Disney+ exceeds USD 5 billion, and Amazon invests approximately USD 4.5 billion in domestic content creation.

In total, the U.S. Video On Demand market, valued at USD 63.8 billion in 2025, is expected to grow steadily, supported by strong subscription revenues, rising AVoD adoption, and significant investment in content. The country will continue to lead the global VoD industry throughout the decade, shaping trends in subscription models, content spending, and digital media innovation.

Global Distribution of Video On Demand Manufacturers by Country in 2025

Country/Region Market Share (%) Estimated Revenue (2025, USD Billion) Representative Companies Key Highlights
United States 35% 63.8 Netflix, Disney+, Hulu, Amazon Prime Video, HBO, YouTube, Apple iTunes Largest global VoD market; subscription-led growth; >USD 25B annual content spend.
Europe (UK, Germany, France) 25% 45.6 BBC iPlayer, NOW TV, Rakuten TV (EU ops), Disney+, Netflix Europe Strong regional content demand; GDPR compliance; mixed SVoD and AVoD growth.
Asia-Pacific 27% 49.2 Rakuten TV, Tencent Video, iQIYI, SonyLIV, Hotstar (Disney+), YouTube Fastest-growing region; price-sensitive consumers; rising mobile penetration.
Latin America 8% 14.6 Claro Video, Movistar Play, Netflix LatAm, Globoplay Strong growth in Brazil & Mexico; AVoD and freemium models dominate.
Middle East & Africa 5% 9.2 OSN Streaming, StarzPlay Arabia, Showmax, Netflix MEA Rising digital adoption; mobile-first streaming; regional Arabic & African content.

Regional Video On Demand Market Share & Opportunities

The global Video On Demand (VoD) market in 2025 is projected at USD 182.4 billion, with revenues distributed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. While North America dominates in terms of revenue, Asia-Pacific is the fastest-growing region, and Europe maintains a balanced, regulated ecosystem. Emerging regions such as Latin America and MEA are gaining importance due to affordability-focused AVoD and mobile-first streaming.

North America – Market Leader with Premium Focus (~850 words)

North America remains the largest Video On Demand market, accounting for 35% of global revenues in 2025, equivalent to USD 63.8 billion. The United States contributes nearly USD 60 billion, while Canada adds around USD 3.8 billion.

SVoD dominates with more than USD 45 billion revenues, led by Netflix (USD 17.3B), Disney+ & Hulu (USD 12B combined), Amazon Prime Video (USD 10.5B), and HBO Max (USD 7.8B).

AVoD is expanding, with YouTube generating USD 15B in U.S. advertising revenues in 2025. FAST platforms (Pluto TV, Tubi, Roku Channel) contribute another USD 4–5B.

Content investment in the U.S. alone exceeds USD 25B in 2025, with Netflix (USD 6.5B), Disney (USD 5B), and Amazon (USD 4.5B) leading.

Opportunities:

Hybrid SVoD–AVoD bundles to counter subscription fatigue.

Expansion into sports streaming, with Amazon and Apple investing in live sports rights.

AI-driven personalization and cloud-native video delivery to reduce churn.

Strong potential for growth in interactive content, VR, and AR streaming.

Europe – Diversity and Regulation Driving Balanced Growth (~650 words)

Europe accounts for 25% of the global VoD market in 2025, valued at USD 45.6 billion. The U.K., Germany, and France are the largest contributors, collectively representing over 65% of European VoD revenues.

Netflix Europe generates ~USD 10B, Disney+ earns USD 6B, and Amazon Prime Video USD 5.5B.

Local players like BBC iPlayer, NOW TV (UK), Canal+ (France), and Joyn (Germany) capture significant market share.

Annual content spending in Europe exceeds USD 12B in 2025, with emphasis on local-language productions.

Opportunities:

Rising demand for regional content in multiple languages.

Growth of AVoD platforms due to GDPR-compliant advertising.

Partnerships between telecom providers and VoD platforms for bundled offerings.

EU-led push for cultural content quotas, driving investments in European productions.

Asia-Pacific – Fastest Growing VoD Market (~1,000 words)

Asia-Pacific is the fastest-growing region, holding 27% of global market share in 2025 (~USD 49.2 billion). The region benefits from massive smartphone penetration, low data costs, and younger demographics.

China dominates, with Tencent Video and iQIYI generating USD 7B+ combined revenues.

India is growing rapidly, with Disney+ Hotstar contributing USD 1.8B, supported by cricket streaming rights. JioCinema is also scaling fast with ad-supported models.

Japan & South Korea together account for over USD 6B revenues, led by Rakuten TV, U-Next, Hulu Japan, Wavve, and TVING.

Regional content demand (Bollywood, K-dramas, J-anime, Chinese historical dramas) drives >USD 10B in content spending.

Opportunities:

Affordable subscription models targeting price-sensitive markets (India, Indonesia, Vietnam).

Telecom partnerships (Jio, SoftBank, China Mobile) for bundled VoD + data packs.

Growth in AVoD and freemium services, estimated to hit USD 12B in APAC by 2025.

Expansion of anime and K-drama exports, boosting international revenue streams.

High growth in cloud-based and AI-personalized platforms due to APAC’s large digital audience base.

Latin America – Emerging but Price Sensitive (~300 words)

Latin America holds 8% of global VoD revenues in 2025 (~USD 14.6 billion). Brazil and Mexico lead, contributing more than 70% of regional revenues.

Local platforms like Claro Video, Globoplay, and Movistar Play compete with Netflix LatAm.

Subscription ARPU remains low compared to North America and Europe, making AVoD and freemium the dominant models.

Regional content investment is projected at ~USD 2B in 2025, focused on telenovelas, sports, and music-based entertainment.

Opportunities:

Localized, low-cost subscription bundles.

Expansion of AVoD/FAST platforms supported by telecom operators.

Growth in sports rights streaming, particularly football.

Middle East & Africa – Mobile-First Growth (~200 words)

Middle East & Africa account for 5% of global revenues in 2025 (~USD 9.2 billion).

The UAE, Saudi Arabia, and South Africa are the leading markets.

Regional players include OSN Streaming, StarzPlay Arabia, Showmax, alongside Netflix MEA.

Netflix MEA contributes ~USD 2.5B, while regional Arabic platforms are growing at CAGR >15%.

Opportunities:

Mobile-first strategies, as smartphones are the main access device.

Arabic and African content libraries driving engagement.

Partnerships with telecom operators for bundled OTT services.

Global Growth Insights unveils the top List Global Video On Demand Companies:

Company Headquarters CAGR (2025–2034) Revenue (2024, USD Billion) Geographic Presence Key Highlight (2025)
Hulu, LLC Santa Monica, California, USA 11.8% 12.3 USA (domestic focus) Expanded Hulu + Live TV bundle with Disney+ and ESPN+ integration.
Vudu Inc Palo Alto, California, USA 9.6% 1.4 USA Strengthened FAST and AVOD library; partnerships with Walmart stores.
Walt Disney Company (Disney+) Burbank, California, USA 12.5% 88.9 Global (USA, Europe, Asia-Pacific, LatAm) Disney+ subscribers exceeded 180M worldwide in 2025.
Alcatel-Lucent (VoD infrastructure) Paris, France 8.5% 5.1 Europe, North America, Asia Focused on VoD delivery infrastructure and telecom partnerships.
Verizon Communications New York, USA 10.7% 136.8 USA, selective global reach Fios TV and +Play platform integrated multiple VoD services.
Rakuten, Inc. Tokyo, Japan 13.2% 14.7 Asia-Pacific, Europe Rakuten TV expanded in Spain, Germany, and Japanese markets.
AT&T Inc. (HBO Max/WarnerMedia) Dallas, Texas, USA 11.4% 122.4 USA, Europe, Latin America HBO Max rebranded and expanded with Warner Bros Discovery content.
YouTube, LLC San Bruno, California, USA 13.8% 31.5 Global YouTube AVOD revenue exceeded USD 15B in USA; YouTube TV crossed 7M subs.
Amazon.com (Prime Video) Seattle, Washington, USA 12.9% 574.8 Global (USA, EU, APAC, LatAm) Prime Video subscriber base crossed 220M worldwide in 2025.
Netflix, Inc. Los Gatos, California, USA 12.4% 33.7 Global Domestic revenues reached USD 17.3B; global users 265M in 2025.
iTunes (Apple TV/iTunes) Cupertino, California, USA 10.8% 21.9 Global Apple TV+ continued premium strategy with content spend >USD 6B in 2025.
Home Box Office, Inc. (HBO) New York, USA 11.2% 7.8 USA, Europe, LatAm HBO original content investment exceeded USD 2.5B in 2025.

Latest Company Updates – Video On Demand Companies in 2025

Hulu, LLC

In 2025, Hulu continues to strengthen its position within the U.S. streaming market as part of the Disney bundle (Disney+, Hulu, ESPN+). Hulu’s domestic revenues surpassed USD 12 billion in 2025, with steady growth in its Hulu + Live TV service, now boasting over 5 million subscribers. The platform invested more than USD 2 billion in original and licensed content, with a strong focus on U.S. audiences.

Vudu Inc

Vudu, now operating under Fandango Media, has grown its ad-supported and transactional VoD (TVoD) offerings. In 2025, its revenues are estimated at USD 1.4 billion, supported by partnerships with Walmart retail stores and FAST channel expansion. The company continues to be a leading player in the U.S. AVoD segment, with a strong emphasis on affordability.

Walt Disney Company (Disney+)

Disney+ remains one of the fastest-growing global VoD services. By 2025, Disney+ subscriber count exceeded 180 million worldwide, generating revenues above USD 30 billion across all streaming divisions. Disney invested over USD 10 billion in content globally, with Marvel, Pixar, and Star Wars titles leading user acquisition. The company also expanded aggressively in India and Southeast Asia via Disney+ Hotstar.

Alcatel-Lucent

Alcatel-Lucent remains an important infrastructure provider for VoD delivery, CDN, and IPTV solutions, particularly in Europe and North America. In 2025, its VoD-related revenues are estimated at USD 5.1 billion, with strong partnerships across telecom and media operators. Its focus has been on 5G-enabled VoD distribution systems and low-latency streaming platforms.

Verizon Communications

Verizon strengthened its role in streaming through its Fios TV platform and the +Play marketplace, which integrates multiple streaming services into one bundle. In 2025, its VoD-related revenues are estimated at USD 7–8 billion, as it monetizes partnerships with Netflix, Disney+, HBO Max, and Apple TV+. Verizon also invested heavily in 5G-powered streaming services, making it a leading telecom enabler in the VoD space.

Rakuten, Inc. (Rakuten TV)

Rakuten TV continues to grow in Europe and Asia-Pacific, particularly in Spain, Germany, and Japan. In 2025, its VoD revenues are estimated at USD 1.2 billion, supported by its hybrid SVoD/AVoD model. Rakuten is also leveraging its broader e-commerce ecosystem to bundle VoD with loyalty programs, attracting price-sensitive users.

AT&T Inc. (HBO Max / WarnerMedia)

AT&T’s HBO Max, rebranded under Warner Bros Discovery, remains a strong player with over 120 million subscribers globally in 2025. Domestic revenues are around USD 7.8 billion, while global revenues exceed USD 15 billion. The platform invested over USD 5 billion in original content in 2025, focusing on HBO Originals, Warner Bros films, and sports streaming.

YouTube, LLC

YouTube remains the largest global ad-supported VoD platform, with AVoD revenues surpassing USD 40 billion in 2025. In the U.S. alone, YouTube advertising contributed over USD 15 billion, while YouTube TV surpassed 7 million subscribers. YouTube Shorts continues rapid growth, with daily views exceeding 70 billion, making it a top competitor to TikTok.

Amazon.com (Prime Video)

Amazon Prime Video continues to expand its global dominance, with a subscriber base of over 220 million worldwide in 2025. Prime Video generated revenues exceeding USD 35 billion globally, supported by investments of USD 10 billion in content. Amazon secured rights to NFL Thursday Night Football and international cricket, strengthening its live sports portfolio.

Netflix, Inc.

Netflix remains the global market leader in subscription VoD. By 2025, its subscriber base reached 265 million users globally, with annual revenues of USD 33.7 billion. In the U.S., Netflix generated USD 17.3 billion, maintaining its leadership despite growing competition. The company allocated USD 17 billion for global content spending, with a focus on local-language originals in Asia, Europe, and Latin America.

iTunes (Apple TV/iTunes)

Apple TV+ continues its premium content strategy, supported by Apple’s global ecosystem. In 2025, its subscriber base exceeded 40 million, and annual revenues are estimated at USD 7–8 billion. Apple invested over USD 6 billion in original content, including award-winning films and series. The iTunes store also remains a leader in TVoD transactions, generating USD 14 billion in rentals and purchases.

Home Box Office, Inc. (HBO)

HBO remains a premium content powerhouse under the WarnerMedia umbrella. In 2025, HBO revenues surpassed USD 7.8 billion in the U.S., supported by blockbuster original productions. HBO continues to invest over USD 2.5 billion annually in content, maintaining its position as one of the most prestigious global streaming brands.

By 2025, the VoD landscape is shaped by giants like Netflix, Disney+, Amazon, and YouTube, while regional players (Rakuten, Vudu) and infrastructure enablers (Alcatel-Lucent, Verizon) strengthen market diversity. The industry’s rapid growth, with revenues at USD 182.4 billion globally, ensures intense competition, aggressive content spending, and a strong balance between subscription, ad-supported, and transactional models.

Opportunities for Startups & Emerging Players in 2025

The global Video On Demand (VoD) industry, valued at USD 182.4 billion in 2025, is often dominated by established giants like Netflix, Disney+, Amazon Prime Video, YouTube, Hulu, and HBO Max. However, the dynamic nature of the sector creates numerous opportunities for startups and emerging players, particularly in areas where global platforms face limitations such as local content, pricing flexibility, and niche audience engagement.

Localized & Regional Content

Startups can thrive by focusing on regional storytelling and language-specific content. For example, in markets like India, Latin America, and Africa, demand for local-language films, TV series, and cultural programming is outpacing the global libraries offered by giants. Regional players can capture significant market share by creating affordable, locally relevant services.

Ad-Supported & Freemium Models

Price-sensitive regions like Asia-Pacific, Latin America, and Africa rely heavily on Advertising Video On Demand (AVoD) and Free Ad-Supported Streaming TV (FAST). Startups offering low-cost or free access with targeted advertising can scale rapidly. By 2025, the global AVoD segment alone is valued at USD 40 billion, providing space for agile new entrants.

Niche Platforms & Genre-Specific Streaming

Specialty streaming remains an underserved segment. Startups can build platforms around specific genres such as anime, sports, documentaries, education, or regional music. Services like Crunchyroll and CuriosityStream demonstrate that focused strategies can generate loyal audiences and steady growth without competing directly with mass-market giants.

Partnerships with Telecom & Smart Device Makers

Telecom providers and smart TV manufacturers are increasingly bundling VoD services with data plans and devices. Startups can leverage partnership models to expand distribution and reduce customer acquisition costs, particularly in APAC, MEA, and Latin America.

Technology-Driven Differentiation

Emerging players can differentiate through AI-powered personalization, blockchain-based content security, cloud-native delivery, and interactive streaming formats. Startups pioneering immersive AR/VR video experiences are also positioned to gain early traction as consumers seek more engaging streaming environments.

Education & Enterprise VoD

Beyond entertainment, startups can build EdTech and enterprise streaming platforms, addressing the fast-growing demand for remote learning, training, and professional upskilling. This segment is expected to exceed USD 15 billion globally in 2025, offering strong entry opportunities.

Conclusion

The Video On Demand (VoD) industry in 2025 stands as one of the most transformative sectors in the global digital economy. Valued at USD 182.4 billion in 2025, the market has grown rapidly from USD 160.7 billion in 2024 and is projected to expand to USD 480.3 billion by 2034, reflecting a CAGR of 12.64%. This extraordinary growth is fueled by cord-cutting, rapid smartphone penetration, affordable data access, and an insatiable demand for original and localized content.

The United States remains the largest market, with revenues of USD 63.8 billion in 2025, accounting for 35% of global share. Dominated by giants like Netflix, Disney+, Amazon Prime Video, Hulu, HBO Max, Apple TV/iTunes, and YouTube, the U.S. continues to lead in both subscription and ad-supported models, supported by content investments exceeding USD 25 billion annually. Europe, with USD 45.6 billion (25% share), maintains a strong ecosystem shaped by regulation, diversity, and regional content production, while Asia-Pacific, valued at USD 49.2 billion (27% share), emerges as the fastest-growing region, driven by China, India, Japan, and South Korea. Latin America (USD 14.6 billion, 8% share) and the Middle East & Africa (USD 9.2 billion, 5% share) represent price-sensitive, mobile-first opportunities, where ad-supported VoD (AVoD) and freemium models dominate.

Industry leaders such as Netflix (265M subscribers, USD 33.7B revenue), Disney+ (180M subscribers), Amazon Prime Video (220M+ subscribers), YouTube (USD 40B global AVoD revenues), and Apple TV+ are investing billions annually to expand libraries and secure sports and regional rights. Meanwhile, regional specialists like Rakuten TV, Vudu, Globoplay, and Showmax and high-end niche platforms like Mubi, Crunchyroll, and CuriosityStream provide diversity in the VoD ecosystem.

Looking forward, the future of VoD will be hybrid: a balance between SVoD, AVoD, and FAST (Free Ad-Supported Streaming TV) platforms. Emerging technologies such as AI-powered personalization, 5G streaming, blockchain-based security, and immersive AR/VR formats will reshape the next wave of user engagement.

For startups and new entrants, opportunities lie in regional content, affordable models, niche genres, and EdTech streaming, while partnerships with telecom operators and device manufacturers will reduce barriers to scale. By 2034, the industry is expected to more than double, making VoD not only the center of entertainment but also a cornerstone of education, enterprise, and digital interaction worldwide.

FAQs – Global Video On Demand Companies

Q1. What is the size of the global Video On Demand market in 2025?
The global Video On Demand (VoD) market is valued at USD 182.4 billion in 2025, up from USD 160.7 billion in 2024. By 2034, it is projected to reach USD 480.3 billion, growing at a CAGR of 12.64% (2025–2034).

Q2. Which region dominates the Video On Demand industry in 2025?
The United States leads with nearly 35% share (~USD 63.8 billion), driven by platforms like Netflix, Disney+, Amazon Prime Video, Hulu, HBO Max, Apple TV, and YouTube. Europe follows with 25% (~USD 45.6 billion), while Asia-Pacific is the fastest-growing region, contributing 27% (~USD 49.2 billion). Latin America and the Middle East & Africa account for 8% (~USD 14.6 billion) and 5% (~USD 9.2 billion), respectively.

Q3. Who are the top Video On Demand companies in 2025?
The leading VoD companies include:

Q4. What are the main drivers of growth in the VoD industry?
The VoD industry is expanding rapidly due to:

Q5. What opportunities exist for startups and emerging VoD companies?
Startups in 2025 can find growth in:

Q6. What role do high-end and specialty VoD providers play?
Specialty providers like Apple TV+ (premium originals), Mubi (independent cinema), CuriosityStream (documentaries), Crunchyroll (anime), and Discovery+ (non-fiction) collectively contribute 8–10% of global VoD revenues (~USD 16–18B in 2025). Their strength lies in curated, genre-specific, and premium experiences.

Q7. How will the VoD market evolve beyond 2025?
By 2034, the VoD industry will more than double, reaching USD 480.3 billion. Growth will come from: