According to Digital TV Research, worldwide paying SVOD subscriptions will increase by 409 million between 2017 and 2023 to a total of 777 million.
The Global SVOD Forecasts report finds that 11 countries will have more than 10 million SVOD subscriptions by 2023. China and the U.S. combined will account for more than half the world’s SVOD subscriptions by 2023. China will have the most SVOD subs from 2019, despite multiple subscriptions being commonplace in the U.S. China will have 235 million SVOD subscribers by 2023, up from 97 million in 2017.
Simon Murray, principal analyst at Digital TV Research, said: “The U.S. will have 208 million SVOD subscriptions by 2023; up by an impressive 76 million on 2017 despite its relative maturity. Its share of the global market will fall from 36 percent in 2017 to 27 percent by 2023.”
By 2023, Netflix will account for 192 million subscriptions (25 percent of the total subscriptions) and Amazon Prime Video 120 million (15 percent). It’s important to note that neither Netflix or Amazon Prime Video operate in China.
SVOD revenues will reach $69 billion by 2023, up by nearly $44 billion since 2017. The U.S. will remain the SVOD revenue leader by a considerable distance, adding $17 billion between 2017 and 2023 to take its total to $29 billion.