Projected Decline in Revenue: Worldwide Broadcast and Pay TV Sector by $42 Billion from 2024 to 2029
The media landscape is undergoing a significant transformation, with streaming services poised to take centre stage in the coming years. According to a recent study by Caretta Research, global revenue from streaming is expected to grow by $93 billion (a 41% increase) between 2024 and 2029, while revenue from traditional broadcasting and pay TV is projected to decline by about $42 billion during the same period [1].
This shift is particularly noticeable in Europe, where traditional TV set ownership is on the decline. By 2030, the number of households with broadband access is forecast to surpass those owning a TV set, making internet-connected devices like smartphones and tablets the primary way audiences consume video content. This trend puts pressure on broadcasters to develop strong streaming strategies and form partnerships with streaming platforms to reach wider audiences and stay competitive [1].
Recent content sharing and cross-promotion deals between ITV and Disney, and TF1 and Netflix, suggest that broadcasters and streamers are starting to think outside their own apps. These partnerships demonstrate a shift towards a multi-platform content distribution approach, which is crucial for broadcasters to remain competitive in the streaming era.
The Caretta Portal offers insights into media and telecoms services, providing market sizing data to help companies develop detailed strategies for whichever markets they operate in, including broadcast, pay TV, streaming, and telecoms. Interested parties can sign up for more information at [email protected] [2].
Meanwhile, the decline in traditional TV household penetration also has implications for the advertising industry. As consumer spending growth slows, digital advertising revenues supporting streaming services are expected to continue growing [2].
In conclusion, the trend highlights a significant revenue shift from pay TV/broadcast to streaming globally, declining TV set penetration in Europe, the need for broadcasters to pivot towards multi-platform content distribution and cross-promotion deals, and continued growth in digital advertising revenues supporting streaming services. Europe exemplifies the broader global trend of broadcast and pay TV revenue erosion alongside robust streaming growth fueled by broadband expansion and device diversification [1][2].
For the latest news, trends, and product and tech information in the professional video industry, subscribe to the TV Tech Newsletter, the industry's #1 source for such insights [3].
References:
[1] Caretta Research. (n.d.). Market sizing data for broadcast, pay TV, streaming, and telecoms in more than 200 countries. Retrieved from https://www.carettaresearch.com
[2] Caretta Research. (n.d.). The Caretta Portal offers insights into media and telecoms services. Retrieved from https://www.carettaresearch.com
[3] TV Tech Newsletter. (n.d.). The professional video industry's #1 source for news, trends, and product and tech information. Retrieved from https://www.tvtechnewsletter.com
- The media landscape is experiencing a significant transformation, with the global streaming industry projected to grow by $93 billion by 2029, indicating a shift from traditional broadcasting and pay TV.
- By 2030, internet-connected devices like smartphones and tablets could become the primary way audiences consume video content, as the number of households with broadband access surpasses those owning a TV set.
- In light of these trends, broadcasters are increasingly forming partnerships with streaming platforms and adopting multi-platform content distribution strategies to compete in the streaming era.
- The advertising industry is also affected, as digital advertising revenues supporting streaming services are expected to continue growing, despite a slowdown in consumer spending growth.
- To stay informed about the latest news, trends, and technology in the professional video industry, one can subscribe to the TV Tech Newsletter, the industry's number one source for such insights.
