And the number of U.S. pay TV homes will further drop to 49.9 million homes in 2027, the accounting firm's annual report predicts.
Those are some of the stark takeaways from PwC’s latest annual “Global Entertainment & Media Outlook,” which covers 2022 and predictions for 2023-2027.
The report forecasts global streaming video revenue rising from $116.5 billion in 2022 to $133.0 billion in 2023 and $174.6 billion in 2027 for a compound annual growth rate, or CAGR, of 8.4 percent. The gains will be led by a 13.8 percent CAGR in advertising VOD, followed by 7.0 percent growth in subscription VOD. In the U.S., the forecast calls for gains from $49.4 billion last year to $57.1 this year and $75.5 billion in 2027 for a CAGR of 15.9 percent, thanks to 24.
That also fits in with the pressure on consumers due to higher product prices across the board. “Consumers are struggling with soaring inflation and rising bills,” the Outlook study notes. “Cuts include spending on telecoms and entertainment services, considered in the digital era to be as essential as utilities like water and electricity, as consumers pare the number of OTT services they consider a must-have in an overcrowded market.
The U.S. will remain the biggest streaming market in the world by far with revenue of $49.4 billion in 2022 growing to $75.5 billion in 2027, dwarfing the next-biggest market, China, at $25.9 billion,” according go PwC. As recently as 2018, global subscription TV revenue was $37.6 billion bigger than TV advertising revenue, but by 2027 the gap is forecast to narrow to just $13.5 billion.
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