SVOD and Broadcast TV Will Have Same Viewing Times by 2023
In only four years, the global average viewing time for SVOD content will rise enough that it will equal the amount of broadcast TV watched. That prediction comes from a report released today by Rethink Technology Research.
Dig deeper into the research and geographic differences appear. Asia streams more ad-supported content, while the U.S. and Europe stream more from subscription services.
North America is the biggest market financially, but not by viewers. China will have more SVOD subscribers by 2023, but North America will still count the most spending. Globally, there are 478 million SVOD subscribers now, which will rise to 732 million in 2023.
The U.S. currently has 146.5 million streaming video customers, which includes on-demand and skinny bundle accounts. By 2023, that number will rise to 236.6 million. Netflix will continue as the SVOD leader, although its market share will diminish. In the U.S., Netflix now counts for 44% of all subscriptions, but that will fall to 31% by 2023. Globally, it will have 194 million customers by 2023, or 26% of the total base of 743 million streaming customers.
Looking at new entrants, Rethink predicts WarnerMedia's upcoming service will succeed with a freemium strategy, gaining access to 29.6 million U.S. homes by 2023. It sees Disney having a difficult time with streaming services outside the U.S.
In a separate report, Grand View Research forecasts that the global streaming market will be worth $124.6 billion by 2025.
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