Streaming and ad growth boosted global TV revenues by £12bn last year
Global TV revenues grew by five per cent in 2014 to reach £244bn, according to new figures from Ofcom.
The annual International Communications Market Report put the boost down to a growth in advertising and an increasing demand for subscription services.
Subscriptions were found to be the key driver of growth, rising by 5.4 per cent to reach £125bn. Following close behind at 5.3 per cent was ad revenue which clocked up £99bn globally, while income from public sources (such as the BBC licence fee) grew at a more modest 1.7 per cent.
Global advertising spend grew overall to £283bn in 2014 and Ofcom noted that between 2010 and 2014, expenditure on internet advertising grew at an average annual rate of 17.9 per cent, reaching £80bn in 2014.
The study provides international data on the communications sector with the aim of benchmarking the UK's industry against comparable countries.
When it came to online TV in 2014, UK revenues from both short and long-form services such as Amazon Prime, Netflix and YouTube continued to grow, noting an increase of £278m up to £908m.
Despite the rise, the UK market remains small in comparison to the US which took in close to £7bn last year.