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OTT is emerging as a promising business model surpassing the traditional structure. Websites like Netflix, Amazon Prime, and YouTube are responsible for the declining demand for the cable industry. OTT gives the à la carte benefit; one can choose according to their need, they are no longer required to purchase a bundle of channels, they can choose each channel according to their preference. Thus, OTT is becoming a cheaper option as compared to cable. However, regular subscribers of cable channels still find it worthy to use cable TV subscriptions regularly and simply enjoy channel flipping. With the rising population of internet users and mobile devices getting better by leaps and bounds, leading to more traffic, the possibility of growth in the industry is endless. Due to the technological advancements, many media outlets deliver accurate, local, and up-to-the-minute updates and broadcasters, pumping out more content in both volume and variety. As a result, the demand for television services is fueling. The COVID-19 pandemic has significantly propelled the growth of the television services industry in the historical period, especially since the onset of the pandemic. As a result, the number of viewers has significantly increased. Lockdowns have given people the luxury of leisure time, resulting in more subscriptions. Revenue from advertisements is also increasing as corporate houses spend more on advertisements, especially those in the FMCG industry.
The rising competition among the key players also provides an impetus to market growth. For example, in August 2021, Viacom CBS Inc. (NASDAQ: VIAC) partnered with Comcast Corporation to launch a new subscription video on demand (SVOD) service across the European regions SkyShowtime will bring together decades of direct-to-consumer experience. It would include the best entertainment, movies, and original content from different channels, including all genres.
Market Analysis by Delivery Platform, Revenue Model, Broadcaster Type, and Regions:
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The major players in the global television services industry are Canal+ Group, Time Warner, Inc., Viacom CBS Inc., Channel Four Television Corporation, Centurylink, Inc., and 21st Century Fox, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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