The global revenue from subscription-based streaming media (SVOD) is anticipated to reach $95.3 billion in 2023, according to a new estimate published by OnlyAccounts.io, a British subscription service provider.
This indicates an increase of 18% from the prior year. The research also predicts that sales would skyrocket to $137 billion by 2027, representing a remarkable 73% increase.
In recent years, the popularity of streaming media with a subscription has skyrocketed. There were over 610 million subscriptions worldwide in 2017, and by 2022, that figure was expected to reach 1.16 billion. Streaming media is predicted to overtake other media and entertainment industry divisions in the coming years.
This trend is supported by Statista Market Insights, which notes a roughly threefold increase in global subscription-based streaming revenue since 2017 and a forecasted increase to more than $80 billion by 2022.
On the other hand, digital pay-per-views and paid downloads have grown more slowly than physical sales, which have fallen by close to 30%, when compared to streaming services like Netflix, Prime Video, and Hulu.
It’s interesting to note that just three countries account for roughly 65% of SVOD’s global income. It is anticipated that the largest SVOD market in the world, the United States, would bring in $39.2 billion this year. In order to achieve a predicted market size of $54.6 billion, it is projected to keep expanding at an average yearly growth rate (CAGR) of 8.6% from 2023 to 2027.
After the United States, China represents the second-largest market, with average annual growth of 10.1%. From $19.4 billion to $28.5 billion is anticipated to be the SVOD income in China. The United Kingdom comes in third place, with revenues expected to reach $5.5 billion by 2027 and an 8.9% four-year CAGR.
The rise of paid streaming is changing the world of media. With huge profits and countless subscribers, the industry is set for more growth. As people prefer on-demand content, subscription streaming will rule, leaving old media behind.
Source: Gizmochina
