Video streaming subscriptions surpass cable customers for first time
The number of video streaming subscribers worldwide overtook cable customers for the first time in 2018, according to The Motion Picture Association of America.
Subscriptions to streaming services like Netflix overtook cable in 2018
Its newly released data shows that subscriptions to online video services hit 613m last year, an increase of 27% on 2017. This was enough to leapfrog cable custom which dropped by 2% to 556m, according to the report.
Cable, however, remains the highest revenue video platform, seeing an increase of $6.2bn to $118bn in 2018 despite its decline in subscriptions.
Satellite TV brings in the next highest income, followed by streaming services like Netflix, Amazon Prime and Hulu.
Overall, the combined theatrical and home entertainment market grew to $96.8bn, a 9% increase over 2017 and a 25% rise in five years.
“In today’s dynamic marketplace, stories come to life for audiences in theaters, at home, and on the go,” said Charles Rivkin, chairman and chief executive of the association “Our companies continue to deliver content where, when, and how audiences want it – and the numbers released today speak volumes.”
In cinema, the US/Canada box office grew by 7% to $11.9bn last year, a record high. Three-quarters of the US/Canada population, 263 million people, went to the cinema at least once in 2018.