According to a recent report published by Allied Market Research, titled, “Pay TV Market By Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028”, the global pay TV market size was valued at $182.32 billion in 2020, and is projected to reach $203.13 billion by 2028, registering a CAGR of 1.5% during 2021 to 2028.
Pay TV is subscription based TV services provided by the multichannel television providers. The major types of pay TV includes cable TV, satellite TV and IPTV. The cable TV is widely used by consumers in residential and commercial applications. The satellite TV is a broadcasting TV. It is a wireless service to deliver television programming directly to the viewer’s house. IPTV refers to Internet based Protocol Television where internet is used to deliver TV programs to the viewer’s location. Pay TV offers programs such as movies, sport events, news channel and educational programs.
Factors such as increasing number of subscriptions, launch of new television channels and innovative features in the pay TV drives the pay TV market growth. Recent innovations such as high definition equipment have enabled the pay TV to reach wider audience base. In addition, increase in demand for the subscription based channels and the high penetration of IPTV in the developed countries are expected to drive the market growth. Further, the reduction in the subscription charges and the technologically advanced equipment for the pay TV are estimated to contribute towards the growth of the pay TV market share.
The market players such as DirecTV, Charter Communications and Tata Sky are focusing their investment on technologically advanced products. For instance, AT&T’s DirecTV has launched its new internet TV and it’ll come over the internet rather than a satellite dish. The AT&T has been testing the service in 13 markets and is now making it available to anyone. Charter Communications (Spectrum) added Chromecast compatibility to the Spectrum TV app, to allow its subscribers with even more options for viewing live and on demand content. Also, Tata Sky has launched a new Android-powered set-top box called Tata Sky Binge+ in India that offers a seamless experience of watching TV channels and entertainment apps on one screen.
COVID-19 Impact Analysis
The COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled, which have increased the demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; Moreover, the increase in demand for the pay TV in the COVID-19 situation has contributed toward the growth of the pay TV market trends in 2020.
Key Findings of the Study
- By type, the cable TV segment generated the highest revenue in the pay TV market analysis in 2020.
- By application, the residential generated the highest revenue in the global market.
The key players profiled in this report include Airtel Digital TV, DirecTV, DISH Network Corporation, Dish TV India Limited, Foxtel, Rostelecom, Charter Communications (Spectrum), Tata Sky, Xfinity (Comcast Corporation). These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the pay TV industry during the forecast period.