The subscription video on demand (SVOD) service revenue in Australia is expected to increase at a compound annual growth rate (CAGR) of 8.2% from $1.9 billion in 2022 to $2.8 billion by 2027, driven by a healthy growth in SVOD subscriptions, and steady rise in the average monthly revenue per unique SVOD household, according to GlobalData, a leading data and analytics company.
GlobalData’s latest Australia Subscription Video on Demand (SVOD) Forecast (Q1 2023), reveals that the SVOD subscriptions in the country will increase at a CAGR of 7.6% over the forecast period, in line with the acceleration in cord cutting trend among the traditional pay-TV viewers and their migration towards on-demand video services.
Srikanth Vaidya, Telecom Analyst at GlobalData, comments: “The widespread availability of high-speed broadband services in the country, and increase in fixed broadband household penetration will also facilitate the widespread adoption of SVOD services in Australia.”
Netflix will lead the Australia’s SVOD market and will account for largest share of SVOD subscriptions through the forecast period.
Vaidya explains: “The profound library of US originals and English language drama and comedy series, movies, documentaries, and kids shows will help the company maintain its leadership position in the market.”
Disney+ and Amazon are the other global SVOD platforms that are quite popular in the country. Unlike most of its competitors, Disney+ has a single pricing plan with all the features available in one subscription price.
Vaidya concludes: “Sports related content plays a big role in Australian media. Hence, most operators maintain sports theme SVOD platforms. For instance, Stan and Optus both maintain sports theme SVOD platforms – Stan Sports and Optus Sport.” Global Data