Written by: jyoti
The growth of streaming exhibits a tough competition with traditional Pay TV. By 2024, the cost of video streaming services is expected to hit $76 billion whereas for traditional Pay-TV services, the latter will reach its lowest, $74.5 billion by 2023. In 2020, Pay TV also witnessed an 8% drop in their subscriptions clearly signifying TV streaming surpassing them.
Michael Goodman, Director of TV and Media at Strategic Analytics stated, ‘’The fact that viewers are willing to divert an increasing portion of their pay-TV entertainment portfolio to new web-based services proves that streaming services are the future rather than the payoff of traditional TV players.’’