New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Pay TV is a subscription-based television service provided by cable, satellite, or phone companies. The company offers both residential and commercial television content. Pay television is often known as premium or subscription television. The programming available on pay television includes movies, sporting events, news channels, and others. In recent years, pay television technology has significantly evolved. Pay TV, also called subscription television, is a mechanism wherein encrypted television broadcasts are transmitted to those who have paid. Local and exclusive material is accessible via pay television. Pay TV equipment suppliers are presenting use cases that increase workplace performance, productivity, and compliance, which is expected to be profitable once the technology matures.
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Rise in Subscribers and Lower Subscription Cost to Drive the Global Pay TV Market
According to Straits Research, “The global pay TV market size was valued at USD 183 billion in 2021. It is expected to reach USD 210 billion by 2030, growing at a CAGR of 1.53% during the forecast period (2022-2030).” The pay-TV market is experiencing increased demand due to developing trends and technological advancements like IPTV. The pay-TV market is driven by the growing technological advances in television, such as data analytics, to obtain insights into consumer preferences. As a result, people now want high-quality devices. Due to the continual shift to digital television, the advent of High-Definition picture format, internet usage, and rising subscription fees, the demand for pay television is increasing. NDS, a notable provider of digital pay TV solutions and conditional access solutions, recently announced the acquisition of Israel's Jungo, which will surely increase the number of subscribers.
The inexpensive availability of value-added services and 5G internet connectivity, as well as the fact that pay-TV broadcasting is dependent on user subscriptions and preferences, are further factors that are anticipated to grow the pay-TV market. In addition, these characteristics considerably lower the cost of broadcasting on pay television. In 2019, the Telecom Regulatory Authority (TRAI) imposed a rate cap on both individual channels and channel packages to cut the cost of television subscriptions for consumers. Additionally, the sector is being aided by the expanding usage of online streaming services.
Growing OTT Platforms to Create Global Pay TV Market Opportunities
Increasing data connectivity and fast Internet are two of the most significant elements. As internet usage increases globally, a new opportunity has emerged for the pay television industry. Due to OTT services like Amazon Prime and Netflix, the IPTV industry has seen a spike in revenue. OTT platforms are currently highly favored for their wireless network and content, contributing to the pay-TV market's growth. The increasing need for tailored content has had a significant impact on the development of the pay-TV business, which has resulted in a dramatic surge in the adoption rates of OTT platforms. Several OTT services compete directly with traditional TV services, such as cable, by providing more content at lower pricing.
Regional Insights
North Americas pay tv industry share is expanding at a CAGR of 1.53%. Because of the rise of OTT platforms, the region is increasing steadily. Due to the availability of cutting-edge technology and large companies operating in the field, North America today holds a prominent place in the global pay TV business. Because Americans are the quickest consumers of new technology in the world, the market for consumer electronics can expand. Pay television is a part of the growing media and entertainment industry in the United States. Historically, television has been the most popular source of home entertainment. This region continues to have some of the world's highest penetration rates for pay television.
Even though the regional market has a larger revenue share, it is declining due to the rapid adoption of internet-enabled mediums and the emergence of OTT platforms. Service providers are under pressure to alter their business models to capture a larger share of the market's potential customers due to the sharp increase in the number of people canceling their cable television subscriptions. The use of cutting-edge technology such as artificial intelligence (AI) and machine learning (ML) to extensively investigate the viewing patterns of users and deliver personalized suggestions is another element that is luring viewers to over-the-top (OTT) platforms. In addition, over time, the profit margins of service providers who supply bundled products have decreased. As a result, they ceased employing these commercial tactics, which has hampered the development of the sector as a whole.
Competitive Players in the Market
- Airtel Digital TV
- DirecTV
- DISH Network Corporation
- Dish TV India Limited
- Foxtel
- Rostelecom
- Charter Communications
- Tata Sky
- Xfinity
Market News
- In 2022, Amazon and DIRECTV agreed to a multi-year partnership to offer Prime Video's exclusive Thursday Night Football roster to NFL fans at over 300,000 sports bars, restaurants, hotel lounges, casinos and sports books, retail stores and services, and many more locations around the country.
Global Pay TV Market: Segmentation
By Type
- Cable TV
- Satellite TV
- IPTV
By Application
- Residential
- Commercial
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
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