A new report published by the Motion Picture Association of America (MPAA) says that the world entertainment market surrounding both theatrical and home releases have seen a major growth of $96.8 billion in 2018 which is 9 per cent more than 2017.
Specifically, the report notes that the booming growth of streaming service counting to 613 million subscriptions worldwide whooping 27 per cent growth from 2017 has surpassed the new cable TV subscriptions which counts to just 131.2 million and the cable subscriptions have been dropped by 2 per cent with 556 million.
The number for streaming services have increased but the cable subscriptions still make more money increasing in 2018 by $6.2 billion to $118 billion, Satellite TV generates more revenue than streaming video service which ranks at third place.
According to the report, in 2014 there were 71 billion TV views and 5.4 billion views for movies and in 2018 that numbers grew to 170.6 billion and 11.5 billion views for TV and film, respectively.
The numbers for theatre isn’t that eye-opening as the theatre industry has seen just a single percent of growth with $41.1 billion in 2018 from $40.5 billion in 2017.