The report found that SVOD subscriptions will more than double between 2017 and 2023, but traditional pay-TV will only add 94 million subscribers. While it noted that despite the fact that cord-cutting will likely see traditional pay-TV subscriptions fall by 10 million to 80 million, multiple subscriptions are forecast to push the SVOD total from 132 million to 208 million.

Regionally, the US is set to have 289 million subscriptions by 2023 up from 222 million at the end of 2017. However, the country will be outpaced by China which will likely see the addition of 171 million subscriptions during this period to take its total to 610 million. While its pay-TV universe will grow by 32 million to 375 million, its SVOD market is due to soar by 138 million to 235 million subscriptions. India will add a further 49 million pay-TV and SVOD subscriptions to take its total to 210 million in 2023.

On the back of this, subscription revenues will only increase by 11% ($25.2 billion) to total $251 billion between 2017 and 2023. Traditional pay-TV revenues will also drop by $18.5 billion to $183 billion. However, SVOD revenues will climb by $43.7 billion to $69 billion. SVOD’s share of the total will increase from 11% in 2017 to 27% in 2023.

Digital TV Research’s The TV Forecasts report expects the US to remain the subscription revenue leader despite its total falling from $108 billion in 2017 to $105 billion in 2023. Pay-TV subscription revenues are forecast to drop by $20 billion.