U.S. viewers will spend more on streaming video than pay TV for the first time in 2024, according to the latest research from Strategy Analytics. According to the report, U.S. Subscription TV Forecast, consumer spending on traditional pay TV services fell by 8% to $90.7B in 2020 and will decline further to $74.5B in 2023.

Parks Associates, ahead of the third annual Future of Video conference, today\ released its updated list of the top 10 US subscription over-the-top (OTT) video services, based on estimated number of subscribers through September 2020 from the firm’s OTT Video Market Tracker.

The global pro AV industry took a $20 billion hit thanks to the Covid-19 pandemic but will grow $56 billion from its 2019 peak by 2025, according to the latest research from AVIXA and Omdia. In its 2020 AV Industry Outlook and Trends Analysis (IOTA), industry association AVIXA in conjunction with Omdia, said the global market would not return to its 2019 peak of $259 billion until 2022.

A new data base released by Parks Associates found that the number of hours consumers spend watching online video per week has nearly doubled from 3.6 hours in 2017 to almost 7 hours in 2020 . Dallas-based Parks said at the same time traditional pay-TV service has declined from an adoption rate of 75% to 62% in U.S. broadband households between Q1 2017 and Q1 2020, which led a subsequent decline in set-top box adoption.

TV viewing habits are shifting from linear TV to online TV, which is accelerating the video streaming market. While subscriptions are dominating the OTT market, the live streaming market is advancing as the demand for sports and other live programming continues to grow. For superior user experience, especially in the live streaming segment, low latency streaming is becoming essential. ABI Research forecasts that live video streaming is expected to grow at a combined annual growth rate (CAGR) of 10% to a 91 million subscriber base in 2024.