In 2023, the television services market is projected to reach a value of US$ 3.4 billion. From 2023 to 2033, the market is forecast to rise at a CAGR of 5%, reaching US$ 6.41 billion.
The market has been changing dynamically from broadcasting to broadband because customer’s preference is shifting from audio and video content. The inclination of customers are more in internet protocol television services (IPTV) and over-the-top (OTT) as compared to satellites television and cable television. This change is attributed to the growth of the digitalization of the entertainment and media industry.
What is Driving Demand for TV service?
The service market of the television is anticipated to the development because of the rise in the demand for high-quality audio and video content and the advancement of technology like Internet of Things, over the top services and Internet Protocol Television, which helps in the bringing of HD content.
The regular improvement and advancement in the media industry and TV service and players are also trying to provide a facility like the on-demand playing of video are expected to substantial growth for the TV service market.
Furthermore, expanding digitization, increasing the rate of transition from analogue to digital, and improving the existing system are some of the reasons that contribute to the growth of the TV service market.
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Factors that Likely to Augment TV Service Market
The development in utility of modern internet-connected televisions, as well as innovation in television technology, has produced a great demand for linked television and smart TVs. Furthermore, the service industry is being driven by a growth in the use of television in individual houses as well as an increase in TV subscriptions.
Advertisement is the major key factor in the corporate and the business organization. The desire for commercial TVs is dependent on advertisements because this service is getting funds from revenue generated by the advertisement.
This service is an ideal way to market the service, as these TV channels are supplying on-demand channels and content, series of episodes, which are selected or subscribed by the individuals as per their interest. Furthermore, this commercial television provides more in-demand high-definition channels.
These factors boost the television rating point (TRP), which attracts television commercials. As a result, the rise in cable television advertising helps to the expansion of the media services sector.
Also with the advancement in the technologies, players allowed the customers to access their favorite TV shows, channels; subtitles are also available as on-demand; pay-per-view facility and cost-effectiveness. In pay per view facility, customers need to pay decrypted for viewing. This helps the players to adopt new technology in the service market and strengthen their presence in the competitive environment.
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US and Canada TV Service Outlook
Because of the rapid adoption of new technologies and the strong availability of entrenched players in this region, the United States and Canada lead the television services market. For example, DirecTV, a direct broadcast satellite service provider established in the United States.
Customers can get TV service from the company, which includes a genie high definition DVR that can store 200 hours of TV shows and the greatest satellite signal dependability. This aids the organization in gaining a competitive advantage in the United States and the surrounding area.
Xfinity, Spectrum, Netflix, Philo, Amazon prime and Disney plus are some of the popular TV service company in the US and Canada which have developed a successful business by leveraging the extension potential of subscription.
The TV service provider is getting more popular by the subscription revenue model. This helps the company to increase in return on user acquisition costs, generate more revenue and a large scope for cross-selling and upselling.
Europe Demand Outlook for Television Service
Many countries in the EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, the TV services market is not much affected by the outbreak, because of the increase in the number of viewer for audio and video content, and support to deal with the challenges caused by the ongoing pandemic.
Despite the COVID-19 challenges, the market of TV service remains resistant and buoyant as the good spike in the overall TRP during the lockdown period. During the lockdown majority of people were spending time watching TV shows that rise in television rating point of commercials channels, as well as news channels. They encourage players to spend more on commercial channels, which would trigger the growth of the TV service market.
With the trend of work from home or study from home and closing of tourism and leisure venues, people of Europe have planned to watch TV shows, movies and entrainment comedy at home and bring joy, happiness to the house. And this plan increases the TRP and attracting more players to invest in the market of the European countries.
Furthermore, the popularity of over-the-top (OTT) media services and the adoption of smart TVs help the players in the growth of the TV services in the market of Europe.
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Who are the Key Players of Television Service?
Some of the leading service providers of TV service are
- communications Inc.
- Warner Media, LLC.
- Jupiter Telecommination.Co. Ltd.
- Vivendi, Apple Inc.
- KDDI CORPORATION, ALL
- BBC.
- Philo, ViacomCBS Inc.
- China Television Service Co., Ltd.
- Channel Four Television Corporation
- Viacom International, Inc.
- Heartland Media LLC
- CenturyLink.
- A&E Television Networks, LLC.
- DTH service
- Comcast
- Tata Communications., and Spectrum.
China Television Service Co., Ltd. (CTVS), a professional technical solution and media production company in China, providing its service to the user as well as corporate clients. The company specialize in corporate productions, news ENG, TV commercials, TV production, live broadcasts as well as digital content.
To gain a competitive advantage in the market and gain consumer attention company provide the best quality graphic design, technical solutions and digital production to their customers and businesses all around the globe.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Service:
- Public Service
- Commercial Service
By Delivery Platform:
- Digital Terrestrial Broadcast
- Satellite Broadcast
- Cable Television Broadcasting
- Internet Protocol Television (IPTV)
- Other (Over-the-top television (OTT)
By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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