TV services market expected to reach $499.80B by 2027
PORTLAND, Ore. (PRNewswire) -- Allied Market Research recently published a report, titled, "Television Services Market by Delivery Platform [(Digital Terrestrial Broadcast, Satellite Broadcast, Cable Television Broadcasting, Internet Protocol Television (IPTV), and Over-the-top Television (OTT)], Revenue Model (Subscription and Advertisement), and Broadcaster Type (Public and Commercial): Global Opportunity Analysis and Industry Forecast 2021–2027".
As per the report, the global television services industry was pegged at$332.60 billion in 2019, and is projected to reach $499.80 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027.
Major determinants of the market
Increase in disposable income, growing demand for improved distribution infrastructure, and technological advancements in the broadcast industry coupled with surge in demand for smart TV have boosted the growth of the global television services market.
However, digital illiteracy and limited digital infrastructure hamper the market. On the contrary, digital transformation in the media & entertainment industry and trend of broadband to broadband are expected to create lucrative opportunities for the market players in the coming years.
During the COVID-19 outbreak, increase in number of viewership for television for video and audio content is witnessed across the globe.
Time spent on smartphone and television has increased during the pandemic, which in turn, increased TRP of commercial channels and news channels.
Increased viewership has attracted business corporates to spend more on advertisements.
The cable television broadcasting segment dominated the market
By delivery platform, the cable television broadcasting segment held the largest share in 2019, accounting around one-third of the global television services market, owing to growing demand for digital content and rising cable subscription.
However, the over-the-top television (OTT) segment would
manifest the highest CAGR of 10.6% during the forecast period, due to
proliferation in adoption of internet-enabled devices such as smart TVs, YouTube TVs, and connected TVs.
The advertisement segment to portray the highest CAGR through 2027
By revenue model, the advertisement segment is estimated to register the highest CAGR of 6.0% during the forecast period, owing to its affordability and high geographic and demographic reach.
However, the subscription segment held the largest share in 2019, contributing to nearly three-fifths of the global television services market, due to benefits such as flexibility in terms of billing & payment, ease of distribution, and reliable & consistent revenue stream.
North America held the lion's share
By region, the market across North America held the largest share in 2019, accounting to nearly two-fifths of the market, owing to growing popularity of ultra-high definition display TV, connected TVs, and dedicated TV content on subscription such as Pay TV and OTT TV. However, the global television services market across LAMEA is expected to portray the highest CAGR of 6.3% during the forecast period, due to growing popularity of OTT TV platforms and rise in disposable income that pushes people to buy technologically advanced TV sets and modern TV broadcasting services.
SOURCES: Allied Market Research, PRNewswire