Emarketer, which measured Netflix's global penetration in a new study, predicted that almost 765 million people worldwide will use a subscription over-the-top (OTT) video service, such as Netflix or Amazon Prime, at least once per month in 2018.
Both services have seen price increases recently as well-Netflix raised the price of its top-tier 4K streaming plan by $2 and its mid-tier plan by $1 at the end of a year ago, while an Amazon Prime annual subscription jumped to $119 in May (Prime Video is included in a Prime membership). In 2010, Walmart acquired Vudu, which sells on-demand movie rentals, and has since added free videos with ads to the service, but those efforts haven't become popular.
After several years of attractive growth, pay TV providers saw a 2.7% decrease in total revenue last year to £6.4 billion, while the spending on original programming is also declining.
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The findings come from Ofcom's Media Nations Report which also reveals that people are watching less TV, down an average of nine minutes in the previous year. In 2017, the average daily viewing time was recorded to be three hours, 22 minutes.
But UK broadcasters have a history of adapting to change.
More content is being watched on mobile devices, with 16-34 year olds leading the charge, Ofcom said. While not able to compete with the industry's big hitters, it offers thousands of movies to buy and rent, and the ad-supported "Movies on Us" lets users watch certain titles for free. Of those who watch public service channels, 75% say they are satisfied, and 84% of people considered trusted news to be the most important feature of their output.
The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017.