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Latin America’s subscription video-on-demand (SVOD) market is growing rapidly and is set to double through to 2020, Business Bureau has revealed.

According to the BB-New Media Essentials, LATAM’s SVOD industry is currently worth more than $2.4 billion, 80% more than in 2015. The market analysis firm forecasts that total SVOD revenue will reach $3.1 billion by 2020.

Along with growing revenue, over-the-top (OTT) and VOD offerings have multiplied across the region. According to Business Bureau, there are over 230 platforms in Latin America, available through different packages and subscription options, targeting cord-cutters, cord-shavers and cord-nevers.

“We are going through an absolute disruption,” pointed out Horacio Gennari, founder and president, Business Bureau. “We are seeing the end of the metrics and analysis we have known since the 1960s.”

The Latin American trend follows the worldwide forecasts. Earlier this week, Digital TV Research pointed out that online TV episode and movie revenues for the leading 138 countries will reach $83 billion in 2022, more than double than in 2016.