Published February 21st, 2019
According to a new report from Rethink Technology Research, 478 million SVoD subscribers today will grow to 743 million by 2023, with China having the most SVoD subscribers by 2023, but North America still driving the largest dollar volume . Meaning that 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.
Europe and Asia will be neck and neck in SVoD revenues by 2023, but with far fewer subscribers
in Europe, each paying significantly more than those in Asia, a region dominated by frighteningly large Advertising VoD streaming numbers.
Netflix will continue to lead in SVoD in both subscribers numbers (outside of China), but will make up 194 million SVoD customers out of 743 million globally by 2023, some 26% of total global subscribers. In the US Netflix today represents 44% of subscriptions, but will only be 31% of the increased US subscription levels by 2023.
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Over the past few years, online video services in Europe have experienced rapid growth, particularly those that follow the subscription revenue model. Global players such as Netflix, Amazon and HBO went direct-to-consumer, disrupting the previous long-term relationship between subscribers and multichannel operators.
Soon after Netflix began showing signs of success in North America and Western Europe, pan-European satellite operator Sky launched its own stand-alone online video service in the UK, combining on-demand content with live streaming TV networks in 2012. Others followed, such as Canal+ with Canalplay in France and Telecom Italia with TIMVision in Italy.
Currently, five services accounted for 89 per cent of the $6 billion in consumer spending attributed to subscription online video services, according to a report published by Kagan, a media research group within S&P Global Market Intelligence.
More proof of just how dominant Netflix is in Europe comes from new data by analysts at S&P Kagan. According to new research from Kagan, Netflix accounted for 52% of all subscription VOD revenues in Europe at the end of 2018.
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