Global SVOD revenues will reach $124 billion by 2028; up from $99 billion in 2022. The US will add $5 billion of the $25 billion additional revenues between 2022 and 2028. Second-placed China will gain an extra $1 billion.

Simon Murray, Principal Analyst at Digital TV Research, said: “This growth comes despite most of the major platforms scaling back their content spend, which makes them less attractive to new subscribers. There is still plenty of growth left in the sector – both from international expansion and as US pay TV subscribers continue to convert to OTT.”

Netflix will remain the SVOD revenue winner, with $32 billion expected by 2028 – more than Disney+, HBO and Paramount+ combined. However, the Netflix 2028 total will be flat on 2022 – with expected falls in North America and Latin America and growth in Asia. Disney+ will reap the most additional SVOD revenues – climbing by nearly $7 billion between 2022 and 2028.