According to Convergence Research’s most recent Couch Potato Report, subscription income for streaming TV services is predicted to increase 17% to $69 billion by 2024.
The research predicts double-digit increase in subscription income until at least 2026. However, while revenue is increasing, the number of net subscribers signing up for service is decreasing.
The analysis predicts that subscriptions gained per year will be 40% lower from 2024 to 2026 than from 2021 to 2023, with growth rates in the single digits.
READ MORE: VLC Is Preparing To Launch An Ad-Supported Streaming Service
As media businesses focus on lowering streaming losses and increasing revenues, subscription fees have risen.
The average price increase across the top ten OTT providers was 11% in 2023, and the research predicts a similar increase in 2024.
Accepting a streaming bundle with advertisements can save a consumer up to 45% on expenses, according to the survey.
READ MORE: The TikTokification Of YouTube And Vice Versa: How Streaming Is Converging
According to the research, pay TV lost 7.76 million members in 2023, with another 7.1 million expected to leave in 2024. The rate of loss is increasing, from 12% in 2023 to 13% in 2024 and 15% in 2026.
Pay TV revenue declined 10% to $77.6 billion in 2023. The research predicts an 11% reduction in 2024 and a 13% loss in 2026.
In 2023, the number of broadband-connected houses climbed by 3.7 million, with revenue rising 6% to $90 billion.
“While cable continues to maintain the lion’s share of residential broadband subs, cable’s annual share of net additions has fallen precipitously due primarily to T-Mobile and Verizon,” according to the report.
Radiant TV, offering to elevate your entertainment game! Movies, TV series, exclusive interviews, music, and more—download now on various devices, including iPhones, Androids, smart TVs, Apple TV, Fire Stick, and more.
