Cord-cutting is increasingly becoming more and more popular across the globe, which leads to no surprise that revenue from Pay TV subscriptions is drastically declining. According to new reports, revenue from Pay TV worldwide will fall from its peak of $202 in 2016 to $156 by 2025. Revenues fell by $9 billion each year in 2018 and 2019 alone.
In the US alone, pay TV revenues will drop to $56 billion in the next 5 years, down from the peak in 2015 at $105 billion.
The US, China, India, the UK and Canada are the leading countries in terms of generating revenue. These top five countries will account for 54% of global pay TV revenues by 2025, down from 62% in 2019.
With cord cutting seeing an all-time high in 2020, more than 6 million households will cancel their pay TV subscriptions this year, according to data from eMarketer. While the global Coronavirus pandemic has accelerated media consumption around the world, traditional pay TV has actually seen a decline in subs who ditch their cable plan for a more streamlined and cost-efficient experience with streaming services.
By the end of this year, a total of 31.2 million US households will have cut the cord. And by 2024, more than one-third of US households will have dropped pay-TV all together.
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Source: Cord Cutters News