Report: Nordic video market approaching €10bn in revenue
December 19, 2023
The total Nordic video market is expected to reach €9.8 billion for the full year of 2023. The total market has grown two per cent yearly over the past four years, excluding currency effects (fixed to 2019). If this growth rate remains, the market will surpass €10 billion in 2024, forecasts Mediavision. The Nordic video market includes both advertising and paid subscriptions for broadcast and online, as well as cinema and public service.Digital video services such as SVoD, TVoD and AVoD have all grown 10 per cent yearly over the past four years. Growth has more than compensated for the two per cent yearly decline in traditional broadcast TV revenues during the same period. The findings from Mediavision are based on consumer research, market data and company reports.
The transformation to digital is also reflected in the development of revenue shares. The total broadcast revenue has declined from 50 per cent in 2019, to 44 per cent 2023. Cinema’s drop is explained by the significant decline during the pandemic.“The Nordic video market is still going strong, mainly driven by consumers’ great interest in new digital services,” commented Fredrik Liljeqvist, senior analyst at Mediavision. “Despite a weakened general economy and a feeble advertising market, revenues are increasing. The number of paid streaming subscriptions is increasing and is now approaching a total of 20 million in the Nordics. Also, for the first time, we can now see that online viewing exceeds viewing of traditional TV on a Nordic aggregated level.”