Subscription video-on-demand (SVOD) revenues in the UK are due to reach around £160 million (€190 million) this year, an increase of 167% compared to 2012, according to new research from Deloitte.
The business advisory firm said that half of the respondents to its study used SVOD services, such as Netflix and Lovefilm, in addition to existing pay TV subscriptions and said that a number of households are substituting spend on physical DVD rentals to downloading films and TV programmes on SVOD services.
However, the ‘What television is: 2013’ report, commissioned by The Royal Television Society to coincide with its biennial RTS Cambridge Convention, also said that growth in pay TV has “slowed considerably.”
In 2012, Deloitte said that year-on-year growth for all forms of pay TV was 1.6% – significantly less than the overall pay TV growth of 8.5% between 2010 and 2011.
Overall, Deloitte found that the television industry generated £17.5 billion in revenues in the UK 2012 – just over 1% of UK GDP.
Indirect sales, such as books and music revenues driven directly by TV, added £500 million to TV’s direct economic impact, it added.
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