Omdia: Online video subscription services will reach 1.7B in 2023

LONDON – Despite the economic uncertainty, cost of living crisis and saturation of video services in some countries, 2023 is on track to be a good year for subscription video on demand (SVOD) services according to newly released figures from Omdia.

As Omdia predicted, all industries and economies tend to move between waves of growth and pools of stagnation and SVOD is no exception. While 2020 was a year for the records, 2023 will be a year of industry-wide cooling despite the myriad of services coming from big Hollywood players. The launch of advertising tiers does mean that for many of these players 2023 would still be a year of growth and SVOD players will add new 143m subscriptions – these figures represent 50% of what was achieved in 2020 the record year.

Even in countries like the USA where subscription video services have reached maturity, Omdia expects almost 40m new SVOD subscriptions.

Read the full press release here.

Omdia