In a new report, OMDIA assures that the pay-TV and online video market will exceed the 2 billion mark by 2027. Likewise, the consultancy reported that the total global number of subscribers exceeded 1.14 billion at the end of 2020 to 1.34 billion at the end of 2021, up 17.7% year-on-year.
‘There will be no stopping the rise of online video, with worldwide subscriptions topping the two billion mark by 2027,’ says new global report “Pay TV & Online Video”, presented by European consultancy OMDIA , where it also forecasts additional growth of 10.5% in 2022 to bring the figure to 1.48 billion.
While the number of online video subscriptions is growing in almost every country, pay-TV is much more mixed according to the consultancy, showing 55 countries growing, 41 declining and 5 static. The global number of pay-TV subscriptions grew by 0.6% in 2021, from 1.02 billion to 1.03 billion.
With competition from online video intensifying, Omdia expects the pay-TV market to show a slow decline going forward, forecasting the number of subscriptions to fall from 1.03 billion to 1 billion in 2027, down 1 .9% less.
The consultancy tracked 101 pay-TV markets and revealed significant fluctuations, with 55 countries still reporting subscription growth, 41 reporting decline and five essentially static.
‘Online video services continue to experience impressive levels of growth and there is much more to come’, said Adam Thomas, Senior Principal Analyst in Omdia’s Online Video and TV team. ‘There are numerous reasons to be positive about the outlook for online video in the coming years that are reflected in our forecasts, part of that is the partnerships between streamers and the premium content that some services are offering to their users’.
