Digital TV Research: SVOD Revenue to Reach $124 Billion by 2028

Global subscription revenue from SVOD services will reach $124 billion by 2028, up from $99 billion at the end of 2022, according to analysis from Digital TV Research. The United States would add $5 billion of the $25 billion in additional revenue through 2028, followed by China with about $1 billion in revenue growth.


The revenue projection does not factor in advertising revenue as Netflix, Disney+, Peacock, Paramount+ and HBO Max incorporate lower-priced, ad-supported subscription tiers.

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Notably, Netflix would remain No. 1 in SVOD revenue, with $32 billion expected by 2028 — more than Disney+, HBO Max and Paramount+ combined. However, the Netflix 2028 total will be comparable with 2022 due to expected subscriber declines in North America and Latin America and growth in Asia. Disney+ will add the most additional SVOD revenue, increasing nearly $7 billion through 2028.

“This growth comes despite most of the major platforms scaling back their content spend, which makes them less attractive to new subscribers,” analyst Simon Murray said in a statement. “There is still plenty of growth left in the sector — both from international expansion and as U.S. pay-TV subscribers continue to convert to over-the-top video distribution.”

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