July 2017

Table of contents:
• Global pay TV subs to reach 1.09 billion
• Netflix to reach 128 million subscribers by 2022
• Top 50 operators take three-quarters of global pay TV revs
• Western Europe exceeds 100 million pay TV subs
• Global pay TV revenues to peak in 2017
• Eastern Europe to lose 1 million pay TV subs
• Global pay TV subscribers reach 969 million
• Non-pay TV homes to double in North America
• Top 50 operators supply two-thirds of global pay TV subs
• Global pay TV revenues climb by $32 billion

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 Digital TV Research publication schedule for 2017
Title Publication Price
1 Sub-Saharan Africa Pay TV Forecasts January £1200/€1440/$1560
2 Middle East & North Africa Pay TV February £1200/€1440/$1560
Forecasts
3 Asia Pacific Pay TV Forecasts March £1200/€1440/$1560
4 Latin America Pay TV Forecasts March £1200/€1440/$1560
5 North America Pay TV Forecasts April £750/€900/$975
6 Eastern Europe Pay TV Forecasts April £1200/€1440/$1560
7 Western Europe Pay TV Forecasts May £1200/€1440/$1560
8 Global Pay TV Subscriber Forecasts May £1800/€2160/$2340
9 Global Pay TV Revenue Forecasts May £1800/€2160/$2340
10 Global Pay TV Operator Forecasts May £1800/€2160/$2340
11 Pay TV Country Forecasts May £300/€360/$390
12 Netflix Forecasts June £750/€900/$975
13 Global Pay TV Subscriber Databook June £750/€900/$975
14 Global Pay TV Revenue Databook June £750/€900/$975
15 Global Pay TV Operator Databook June £750/€900/$975
16 Sub-Saharan Africa OTT TV & Video £1000/€1200/$1300
Forecasts July
17 Middle East & North Africa OTT TV & £1000/€1200/$1300
Video Forecasts July
18 Asia Pacific OTT TV & Video Forecasts August £1000/€1200/$1300
19 Latin America OTT TV & Video £1000/€1200/$1300
Forecasts August
20 North America OTT TV & Video September £750/€900/$975
Forecasts
21 Eastern Europe OTT TV & Video September £1000/€1200/$1300
Forecasts
22 Western Europe OTT TV & Video October £1000/€1200/$1300
Forecasts
23 Global OTT TV & Video Forecasts October £1800/€2160/$2340
24 Global AVOD Forecasts November £1500/€1800/$1950
25 Global SVOD Forecasts November £1500/€1800/$1950
26 OTT TV & Video Country Forecasts November £300/€360/$390
27 Mobile OTT TV & Video Forecasts December £1500/€1800/$1950
28 Online TV & Video Sports Forecasts December £1500/€1800/$1950
Please note that the regional Pay TV reports (1-7 above) contain the content from last year’s
Digital TV series and the Pay TV Operator series – so two reports in one for 2017. Likewise, the
regional OTT reports (16-22 above) contain the content from 2016’s OTT series as well as the
content from 2016’s SVOD series.

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July 2017
 Global pay TV subs to reach 1.09 billion
Digital TV Research forecasts 134 million additional pay TV subscribers between
2016 and 2022 to take the total 1.09 billion. Based on forecasts for 138 countries,
the number of pay TV subscribers will pass the 1 billion mark in early 2018.

Simon Murray, Principal Analyst at Digital TV Research, said: “Doom mongers in

the US have been predicting the demise of pay TV for some time. Although the US
is losing pay TV subs, there is still a lot of life left in the sector. Furthermore, they
are ignoring the rest of the world. Asia Pacific will add 92 million subs between 2016
and 2022 – and Sub-Saharan Africa will double its total.”

Source: Digital TV Research Ltd

Excluding analog cable TV, the Global Pay TV Subscriber Forecasts report
concludes that digital pay TV growth is really impressive – rocketing from 380
million subscribers in 2010 onto 852 million at end-2016 and 1,088 million by 2022.

July 2017
 Global pay TV subscribers by region (million)
1200.0

1000.0

800.0

600.0

400.0

200.0

0.0
2010 2016 2022
Latin America 41.5 73.0 83.5
North America 111.6 107.0 102.0
Sub-Saharan Africa 5.6 19.5 36.7
MENA 10.7 15.0 19.5
Western Europe 92.4 99.1 105.8
Eastern Europe 60.2 81.0 80.0
Asia Pacific 393.4 574.4 666.0

Source: Digital TV Research Ltd

China will continue to supply about a third of the world’s pay TV subscribers. India
will bring in another 16% of the total by 2022. Therefore, China and India together
will provide nearly half the world’s pay TV subscribers.

Pay TV subscriber counts will double in 26 countries between 2016 and 2022.
However, pay TV subscriber numbers will fall a further 18 countries.

Murray added: “We believe that the worst of the losses in now over for North
America, with “only” 5 million fewer subscribers forecast between 2016 and 2022.”

July 2017
 Netflix to reach 128 million subs by 2022
Digital TV Research forecasts that Netflix will have 128 million subscribers by
2022, up by 44% from 89 million at end-2016. The Netflix Forecasts report
estimates that the number of international subscribers will exceed US ones by
early 2018.

Simon Murray, Principal Analyst at Digital TV Research, said: “This impressive

growth comes despite Netflix not having direct access to subscribers in the world’s
largest country: China. Furthermore, Digital TV Research believes that Netflix will
fall foul of Russian legislation. Due to be introduced in July 2017 this restricts
foreign companies to only 20% of digital platforms’ equity.”

Netflix subscriber forecasts by region (million)

140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2015 2016 2017 2018 2022
Other 74 492 619 654 773
North Am 48,059 53,564 57,658 59,391 63,285
LatAm 8,981 10,901 12,256 13,440 16,345
Africa 0 172 375 577 1,426
MENA 0 655 1,321 1,879 3,463
West Euro 12,251 18,606 22,677 24,800 28,978
East Euro 0 1,122 1,673 2,210 3,537
Asia Pac 1,473 3,579 4,854 6,123 10,165
Old 60 70,839 85,963 96,192 101,781 115,581

Source: Digital TV Research. Note: Old 60 refers to the 60 countries where Netflix was
operational before January 2016.

North America and Western Europe will together supply 72% of Netflix’s total
subscriber base by 2022 - down from 81% in 2016. The Asia Pacific region will
boast more than 10 million subscribers by 2022; nearly triple the 2016 total.

Netflix expanded to 130 more countries in January 2016 to bring its total to 190
countries. The 130 new countries will have 14 million subscribers combined by
2022, up from 3 million at end-2016. The 2022 figure corresponds to 11% of
Netflix’s global total.

July 2017
The top five countries will supply two-thirds of Netflix’s subscribers by 2022. The
US will still contribute 44% of subscribers by 2022. By 2022, 17 countries will have
more than 1 million subs, up from 10 countries at end-2016.

Subscription revenues for Netflix will climb from $8.29 billion in 2016 to $14.86
billion in 2022. The 60 countries that started before January 2016 will provide 90%
of revenues in 2022. However, Asia Pacific will quadruple its revenues to more
than $1 billion.

The top five countries will generate revenues of $10 billion in 2022. The US will
contribute 48% of Netflix’s subscription revenues by 2022, down from 61% in 2016.

Digital TV Research also forecasts that Netflix’s content spend will climb to $8.5
billion by 2022 – or 57% of subscription revenues.

July 2017
Top 50 operators take three-quarters of global pay
TV revenues
Despite adding 120 million subs between 2016 and 2022, subscription and PPV
revenues for 522 operators will remain flat at around $185 billion. From this total,
the Global Pay TV Operator Forecasts report estimates 30 pay TV operators
earned more than $1 billion in 2016.

Share of pay TV revenues by operator ranking

(%)
100%
9 6
90% 2 4
6 7
80% 8 10
70%
20 22
60%
50%
40%
30% 55 51
20%
10%
0%
2016 2022

Top 10 11-50 51-100 101-200 201-400 Others

Source: Digital TV Research. Note: This chart shows the concentration of pay TV revenues by
operator, so the top 10 operators accounted for 55% of global pay TV revenues by end-2016.

The revenue share for the top 10 operators will fall from 55% in 2016 to 51% in
2022. The share of the top 50 operators will fall from 75% in 2016 to 73% in 2022.
The US dominates the top 10.

Simon Murray, Principal Analyst at Digital TV Research, said: “As global revenues
are flat this can mean only one thing: the top operators will lose revenues. In fact,
114 of the 522 operators will lose TV revenues between 2016 and 2022.”

July 2017
 Top 10 operators by revenues ($ million)
Ranking Operator Country 2016 Ranking Operator Country 2022
1 AT&T (total) USA 30,730 1 AT&T (total) USA 29,469
2 Comcast (total) USA 21,730 2 Comcast (total) USA 17,470
3 Charter merged (total cable) USA 16,312 3 DISH Network (satellite) USA 14,152
4 DISH Network (satellite) USA 13,614 4 Charter merged (total cable) USA 13,093
5 China Radio & TV (total) China 9,060 5 China Radio & TV (total) China 8,297
6 BSkyB (satellite) UK 5,704 6 BSkyB (satellite) UK 5,580
7 Verizon Fios (IPTV) USA 4,300 7 Sky (satellite) Brazil 3,703
8 Cox (total) USA 3,923 8 Verizon Fios (IPTV) USA 3,392
9 Sky (satellite) Brazil 3,680 9 Cox (total) USA 3,133
10 Sky Italia (satellite) Italy 2,479 10 Altice USA (total cable) USA 2,651
Source: Digital TV Research

Pay TV subscriptions for the 522 operators will increase from a collective 839
million in 2016 to 963 million by 2022. These operators took 87% of the 959 million
global subscribers by end-2016, with this level expected to inch up to 88% of the
1,093 million total by 2022.

The top 50 operators accounted for two-thirds of the world’s pay TV subscribers by
end-2016, with this proportion not expected to change over the next five years.

By end-2016, 15 operators had more than 10 million paying subscribers, and this
will climb to 18 operators by 2022.

China Radio & TV is the world’s largest pay TV operator by a long, long way.
Government policy to consolidate cable TV means that China Radio & TV quickly
became the world’s largest pay TV operator, with 227 million subs by end-2016 –
more than the next 11 operators combined.

A total of 28 operators will add more than 1 million subscribers. The Asia Pacific
region will dominate the ranking of operators by subscriber gains between 2016
and 2022 – taking 13 of the top 15 places. Only 93 of the 522 operators will lose
subscribers between 2016 and 2022.

July 2017
 Western Europe exceeds 100 million pay TV subs
Western Europe will avoid the curse of cord-cutting – at least for the next five years,
according to the Western Europe Pay TV Forecasts report. The Western
European pay TV market is mature, but, unlike North America, it will still gain
subscribers between 2016 and 2022. Although this only represents a 6.7%
increase, it means nearly 7 million more subs to take the total to 106 million.
Western Europe will cross the 100 million pay TV subs mark in June this year.

Western European TV homes by platform (mil.)

200.00 61.0
180.00 60.5
4.23 4.02 3.66
160.00 60.3 60.0
47.00 45.68 43.44
140.00 59.5
120.00 0.00 59.0
26.18 26.09
25.99
100.00 58.5
58.4 22.32
80.00 23.27 22.92 58.0
60.00 28.06 57.6 30.57 36.41 57.5
40.00 57.0
20.00 35.50 39.12 42.91 56.5
0.00 8.09 4.19 0.46 56.0
2016 2017 2022

Analog cable TV Digital cable TV Pay IPTV

Pay Satellite FTA satellite Analog DTH
FTA DTT Pay DTT Analog terres
Digital pay %

Source: Digital TV Research

Simon Murray, Principal Analyst at Digital TV Research, said: “Better news is that
the number of digital pay TV subscribers will increase by 15.6% (14 million) over
the same period. Analog cable subs will fall from 8.0 million in 2016 to 0.5 million
in 2022.”

Much of the subscriber growth will come from countries with traditionally low pay
TV penetration: Two-thirds of the region’s net additions will come from Italy (up by
1.47 million or 20% between 2016 and 2022), Spain (up by 1.36 million or 23%)
and France (up 1.41 million or 11%). However, subscriber growth will be lower than
3% for eight of the 18 countries covered in the report.

July 2017
IPTV will add more than 8 million subscribers between 2016 and 2022, but pay
satellite TV will lose nearly 1 million subs. Digital cable TV will gain 7.4 million subs,
but analog cable will shed almost exactly the same number. Pay DTT will drop by
567,000 subscribers.

Despite the number of pay TV homes increasing, pay TV revenues will remain flat
at around $28 billion. Satellite TV will remain the most lucrative pay TV platform,
but its revenues will decline by nearly $1 billion between 2016 and 2022. Mirroring
its subscriber increases, IPTV revenues will climb by 27.6% between 2016 and
2022 to $5.87 billion – or up by $1.27 billion. Digital cable TV revenues will grow
by $0.71 billion, but analog cable revenues will decline by $1.13 billion.

Liberty Global, Sky and Vodafone will together account for 42% of the region’s pay
TV subscribers by 2022. The same companies will take 53% of pay TV revenues.

July 2017
 Global pay TV revenues to peak in 2017
Global pay TV revenues will peak in 2017 at $202 billion. However, no rapid decline
will take place after 2017 as revenues will still be as high as $200 billion in 2022.

Source: Digital TV Research Ltd

The Global Pay TV Revenue Forecasts report [covering 138 countries] concludes
that revenues will fall in North America (by a huge $12 billion), Western Europe
(down $566 million) and Eastern Europe (but only by $28 million) between 2016
and 2022. Revenues will decline in 33 countries between 2016 and 2022.

Despite its rapidly falling revenues, North America will still command 47.5% of
global pay TV revenues – or $94.82 billion - in 2022, although this is way down from
the 58.3% recorded in 2010.

However, Asia Pacific will record a $5.75 billion increase to $40 billion in 2022. Asia
Pacific overtook Western Europe in 2013, and will be larger than the whole of
Europe in 2017.

Revenues will rocket by 57% in Sub-Saharan Africa (up by $2.40 billion to $6.59
billion) and by 17% in Middle East & North Africa (up by $0.59 billion to $4.12 billion)
between 2016 and 2022. Sub-Saharan Africa passed MENA in 2016 and will
overtake Eastern Europe in 2021.

Simon Murray, Principal Analyst at Digital TV Research, said: “Revenues will more
than double for 13 countries between 2016 and 2022. India will add the most
revenues by some distance, with China also recording impressive gains. Asia will
account for seven of the top 10 gainers.”

July 2017
Global analog cable revenues will fall by $8.77 billion between 2016 and 2022 - not
surprising given the switch-off of most of the remaining subscribers. However,
digital cable TV revenues will also fall – by $3.14 billion. This is due mainly to
subscribers converting from standalone status to bundles, which provide higher
overall revenues for operators but lower TV ones. IPTV revenues will climb by $2.34
billion.

Satellite TV will add more than any other platform - $6.66 billion – to reach $89
billion. Satellite TV [DTH or DBS] revenues will overtake total cable TV revenues in
2020, having passed digital cable a year earlier.

July 2017
 Eastern Europe to lose 1 million pay TV subs
Tough times continue in Eastern Europe, with poor job prospects forcing many to
seek work abroad. This migration married with low birth rates mean that
populations will fall in 15 of the 22 countries covered in the Eastern Europe Pay
TV Forecasts report between 2016 and 2022.

Simon Murray, Principal Analyst at Digital TV Research, said: “There will be a

knock-on effect for the TV sector. The number of TV households will fall in 18
countries between 2016 and 2022 – with the region’s total declining by almost 2
million. Pay TV will struggle, losing 1 million subscribers over the same period.”

Eastern Europe pay TV homes by technology (000)

90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2010 2016 2017 2022
Analog 34,738 22,575 19,308 3,090
Digital 25,492 58,416 61,750 76,885

Source: Digital TV Research Ltd

Murray continued: “Eastern Europe is slowly ridding itself of the legacy of analog
cable TV. Belated DTT launches in some countries have resulted in some analog
cable TV laggards converting to FTA DTT rather than the (more expensive) digital
pay TV platforms.”

The number of digital pay TV subscribers will increase from 25 million (20.2% of
TV households) in 2010 to 58 million (45.8%) in 2016 and onto 77 million (61.0%)
by 2022.

2017 will be the peak year for pay TV in Eastern Europe. Analog cable represented
28% of the 81 million pay TV subscribers at end-2016, so some of these 23 million
subscribers will choose to convert to FTA DTT rather than to a digital pay platform.

Russia will account for nearly half of the region’s pay TV subscribers in 2022.
However, the number of pay TV subs will fall in 10 countries between 2016 and
2022.

July 2017
Pay TV revenues in Eastern Europe will peak at $6.11 billion in 2017 before settling
at the $6 billion mark. Analog cable will contribute $1 billion to the 2017 total, falling
to $184 million in 2022.

Russia’s low pay TV fees for analog cable subscribers was continued by most
satellite TV platforms. This means that Poland generates higher pay TV revenues
than Russia, despite having far fewer subscribers.

Pay TV revenues will fall in half of the 22 countries between 2016 and 2022.
Revenues for market leader Poland will be lower in 2022 than they were in 2010.

July 2017
 Global pay TV subscribers reach 969 million
Based on 138 countries, Digital TV Research estimated 254 million additional pay
TV subscribers (up by 35%) between 2010 and 2016 to take the global total to 969
million.

Source: Digital TV Research Ltd

According to the Global Pay TV Subscriber Databook, digital cable TV created

the most additions by platform – at 256 million between 2010 and 2016. However,
analog cable TV lost 218 million subscribers; dampening overall cable gains. There
were 76 million extra subs for IPTV to nearly quintuple its total. Satellite TV added
77 million and pay DTT 5 million.

Excluding analog cable TV, digital pay TV rocketed from 380 million subscribers in
2010 onto 852 million at end-2016.

July 2017
 Global TV households by platform (million)
1800

1600
184.1
251.6
1400 13.4
12.0
258.5
1200 519.9 223.5

192.4
1000 184.4
8.3 82.9 969.0
922.1 219.0
800 135.9 207.1
715.4
142.4 123.2 170.8
600
36.3

400 193.1
415.1 448.8

200
335.3
164.8 117.1
0
2010 2015 2016

Analog cable TV Digital cable TV Pay IPTV

Pay satellite FTA satellite FTA DTT
Pay DTT Analog Terres. Pay TV subs

Source: Digital TV Research Ltd

Asia Pacific is the world’s largest pay TV subscriber region; contributing 60% to the
global total. China supplies about a third of the world’s pay TV subscribers, with
313 million by end-2016.

Pay TV subscriber counts doubled in 53 countries between 2010 and 2016.

However, pay TV subscriber numbers fell in nine countries, with the US down by
4.4 million and Italy by 2.3 million.

July 2017
 Non-pay TV homes to double in North America
The number of pay TV subs in North America [Canada and the US] will fall by 10
million from 112 million in the peak year of 2012 to 102 million in 2022. Although
this marks a 9% decline, this does not indicate a massive cord-cutting problem.

However, the number of non-pay homes will climb from 20.69 million to 41.56
million over the same period [the number of total households will increase by 11
million. This includes non-TV households]. To put it another way, pay TV
penetration will drop from the peak of 87.4% in 2013 to 75.2% by 2022.

North America pay TV subscribers by country (000)

120,000
100,000
80,000
60,000
40,000
20,000
0
2010 2015 2016 2017 2022
Canada 11,531 11,575 11,333 11,221 11,305
USA 100,081 97,464 95,697 94,957 90,711

Source: Digital TV Research Ltd

The number of pay TV subscribers declined by 2 million in both 2015 and in 2016.
However, the rate of decline will slow from now on, although the 2022 total will be
5 million lower than the end-2016 total, according to the North America Pay TV
Forecasts report.

Simon Murray, Principal Analyst at Digital TV Research, explained: “Where are the
lost subscribers in the decade to 2022 going? Some analog cable subscribers will
give up paying for TV services rather than convert to an often more expensive
digital platform.”

He continued: “Cord-cutting is also a factor. It has been somewhat exacerbated by

the traditional pay TV operators starting their own OTT platforms: satellite TV
platform Dish provides Sling TV and DirecTV Now has recently started. Other
distractions include Hulu, HBO Now and, of course, Netflix and Amazon Prime
Video.”

Cable has been losing subscribers since 2011. This is partly due to the fact that
not all of the 18 million analog cable subscribers at end-2010 will convert to digital
cable TV platforms – or any digital pay TV platform for that matter.

July 2017
The free-to-air DTT household total will climb by 10 million between 2016 and 2022
to 31 million – presumably many of these sets will gather dust as these homes will
have limited channel choice.

The digital cable TV total will remain flat at about 57 million subs from 2015.
Satellite TV will also stay flat at about 36 million from 2015. However, IPTV will
lose subscribers. Much of the IPTV loss is attributable to AT&T encouraging its U-
Verse subscribers to its DirecTV satellite platform. In Canada, Bell is doing the
opposite: encouraging its satellite TV subs to convert to its IPTV platform.

Pay TV revenues [subscriptions and PPV] in North America peaked in 2015 at

$108.58 billion. Revenues will fall by 12.7% - or by $13.76 billion - to $94.82 billion
in 2022. Cable revenues will decline by $12.13 billion - $2.19 billion less from
analog cable and $9.94 billion lower for digital cable. Satellite TV will grow by $1.93
billion, but IPTV will fall by $3.55 billion – or by a massive 32.5%.

July 2017
 Top 50 operators supply two-thirds of global pay
TV subs
Pay TV subscriptions for 522 operators reached 839 million in 2016 – or 87% of the
959 million global subscribers. The top 50 operators accounted for two-thirds of the
world’s pay TV subscribers by end-2016. At that time, 15 operators had more than
10 million paying subscribers, according to the Global Pay TV Operator
Databook.

Top 10 operators by subscribers (000)

Ranking Operator Country 2016
1 China Radio & TV (total) China 226,535
2 China Telecom (IPTV) China 52,038
3 BesTV (IPTV) China 26,019
4 AT&T (total) USA 25,065
5 Comcast (total) USA 22,508
6 Charter merged (total cable) USA 16,836
7 Dish TV (satellite) India 13,582
8 Hathway (total) India 13,300
9 Den Networks (total) India 13,000
10 DISH Network (satellite) USA 12,521
Source: Digital TV Research

China Radio & TV is the world’s largest pay TV operator by a long, long way.
Government policy to consolidate cable TV means that China Radio & TV quickly
became the world’s largest pay TV operator, with 227 million subs by end-2016 –
more than the next 11 operators combined.

Simon Murray, Principal Analyst at Digital TV Research, said: “China’s and India’s
dominance of the top pay TV operator rankings is increasing, partly as their subs
bases climb but also due to US operators losing subscribers.”

Subscription and PPV revenues for the 522 operators were $185 billion in 2016.
From the total, 30 pay TV operators earned more than $1 billion in revenues in
2016. The global TV revenue share for the top 10 operators was 55% in 2016, with
the top 50 operators taking three-quarters of the total.

With low ARPUs and despite high subs numbers, Asia Pacific’s top operators are
much less prominent in the subscription and PPV revenue rankings. This is where
the US companies come to the fore – with six of the top 10 in 2016.

July 2017
 Global pay TV revenues climb by $32 billion
Pay TV revenues for 138 countries increased by $32 billion between 2010 and 2016
to reach $202 billion. However, only $1.23 billion was added in 2016, according to
the Global Pay TV Revenue Databook.

Source: Digital TV Research Ltd

Simon Murray, Principal Analyst at Digital TV Research, said: “Despite its pay TV
revenues being higher in 2016 than in 2010, North America peaked in 2015. Its
2016 total was $1.77 billion down on 2015. Although no decline was recorded,
European pay TV revenue growth has slowed down considerably.”

More positively, the Asia Pacific region added $10.21 billion between 2010 and
2016 – up by 42% to $34.38 billion. Latin America increased by 78% to $18.44
billion. Sub-Saharan Africa more than doubled its total to $4.20 billion.

The US accounted for 49.5% global pay TV revenues in 2016; slipping below the
halfway point for the first time. The 2016 total is down from 54.5% in 2010. The US
is followed (a long way behind) by China, the UK, Japan, and Canada. These five
countries generated two-thirds of global pay TV revenues in 2016.

July 2017
 Global pay TV revenues by region ($ billion)
250.00

200.00

150.00

100.00

50.00

0.00
2010 2015 2016
Sub-Saharan Africa 1.65 3.83 4.20
MENA 2.51 3.53 3.52
Asia Pacific 24.16 32.64 34.38
Eastern Europe 4.74 5.94 6.05
Western Europe 27.45 28.63 28.75
Latin America 10.37 17.79 18.44
North America 99.29 108.58 106.81

Source: Digital TV Research Ltd

Half of the $32 billion extra revenues generated between 2010 and 2016 came from
four countries: the US provided $7 billion, China $4 billion, Brazil $3 billion and India
$2 billion. However, revenues declined in nine countries, mainly due to subscribers
converting from standalone TV to bundles (which are less lucrative for TV). Pay TV
revenues more than doubled in 59 countries between 2010 and 2016.

July 2017