The Pay TV market size is expected to be worth around US$ 210.3 billion by 2030 and is anticipated to grow at a noteworthy CAGR of 1.7% from 2021 to 2030.
Ottawa, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Ottawa, Sept 22, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the global pay TV market size was valued at US$ 178.2 billion in 2020. Pay television (TV) is a consumer subscription-based TV broadcasting service. It is a subscription television or premium television service mainly accessed through a satellite, cable, or an internet protocol (IP) TV. The user subscribes to bundled content by using the satellite dish network set-top box or leasing the propriety coaxial cable.
Pay TVtechnology has evolved considerably in the past few years coupled with the changing consumer behaviors as well as an availability of digital alternatives that have emerged to meet consumer needs. For instance, along with the television channels, Pay TVnow provides other interactive services, such as TV shopping, video-on-demand, gaming, and multi-room charging.
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Crucial factors accountable for market growth are:
Emerging demand among the consumers to leverage enhanced quality content with high picture resolution
Ability of pay TV technology to provide an access to high-quality content from various service providers
Rising trend of Internet Protocol television
Reduced subscription costs
Advent of new channels as well as popular reality shows
Emergence lucrative value-added services
North America dominated the global pay TV market in 2020 and projected to augment the market in the coming years. However, the region is witnessing decline in demand for pay TV owing to the proliferation of OTT platforms as well as internet-based entertainment in the region. On the contrary, rising focus towards adoption of the Integrated Broadband-Broadcast (IBB) system among the pay TV service providers is projected to boost growth of the North America pay TV market in forecast period.
Asia Pacific projected as hit remarkable growth rate during the forecast period. The prime factor attributed to rapid digitalization and proliferation of Internet Protocol TV (IPTV) in countries such as China, India, and Indonesia among others.
Satellite TV segment led the global Pay TV market with remarkable revenue share in 2020. Rising trend among the satellite TV service providers to diversify their service offerings is uplifting the segment growth.
By application, residential held the major revenue share in the global Pay TV market in 2020 owing to upsurge in popularity of pay TV in developing countries.
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Emerging demand among the consumers to leverage enhanced quality content with high picture resolution primarily drives growth of the pay TV market. There is upsurge in demand among the users to experience high-quality viewing experiences such as 4K and Ultra HD (UHD) picture quality. For instance, the market players have recognized the importance of Ultra High Definition (UHD) TV services, which has allowed them to offer improved picture quality of the channels.
The ongoing video streaming trenddue to improvements in internet speeds around the globe has pushed growth of the over-the-top or OTT industry. For instance, in November 2019, Netflix had 140 million subscribers and the number of subscriber is increasing by around 8 million a quarter. This may impact negatively on the growth of pay TV market; for instance, according to the Nagra’s 2019 Pay-TV Innovation Forum, over 26% of executives in the industry polled now believes that the growth of OTT services will have a negative impact on the pay TV industry over the next five years.
Pay TV service providers are providing integrated solutions that comprised oftraditional broadcasting services coupled with the on-demand videos and short clips, similar to YouTube. For this purpose, the service providers are partnering with various content providers. For instance, Zee Entertainment Enterprises Limited started discussing launching pay-per-view services that will offer movies for rent as well as for sale on their television network. This trend of offering integrated solutions is anticipated to create lucrative growth opportunities for growth of the market during the forecast period.
The lack of new content is projected to challenge growth of the global pay TV market in upcoming years. Consumersare actively looking for fresh content and they are also expecting to watch TV content on a laptop. In addition to this, they want varied experiences on each of the platforms such as TV, laptop, and smartphone along with different type of content on their personal schedules. This factor challenges the market growth as the appetite of the viewers is growing rapidly and they are not satisfied with the conventional broadcasting only.
In March 2019, NBCUniversal, an American mass media and entertainment conglomerate owned by Comcast partnered with Sky, a British broadcaster and telecommunications company to expand global advertising product and better target viewers worldwide.
In May 2019, CanalPlus, theFrench pay-TV group has acquired M7, the European company which operates pay-TV platforms in Benelux and Central Europe.
In April 2020, Dish TV India, one of the leading pay TV companyhas partnered with MX Player, an Indian video streaming and video on demand platform. Through this, partnership, Dish TV Indiahas strengthened its portfolio by adding a MX Player in the app zone on its android-based connected devices, such as Dish SMRT Hub and d2h stream for its DishTV and d2h users respectively.
Internet Protocol TV (IPTV)
Rest of the World
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