02 Feb UK Home Entertainment Sector Up 14.3% in Value Across 2022, Led by SVoD Growth [Screen Daily]
BY BEN DALTON
February 2, 2023 | The UK home entertainment sector grew 14.3% in value across 2022, reaching £4.43bn; while the total value of the UK screen industries rose 12% to £11bn.
According to figures released by the British Association for Screen Entertainment, provided by Futuresource Consulting, streaming video on demand (SVoD) was the main driver for this increase, growing 17.6% year-on-year.
At a sector value of £2.8bn, UK consumers held almost 50 million streaming subscriptions in 2022. This represents a 6.4% growth, indicating that the rate of growth is slowing after increases of 44% in 2020 and 28% in 2021.
It averages out at 2.7 subscriptions per household, compared to 2.3 in 2021. 56% of UK households use at least one online video service; and one in 20 UK households took out a new online video subscription in the last three months of 2022.
In the year when Netflix rolled out its ad-tiered options to more consumers and Disney+ announced plans to do the same, Free Ad Supporting Streaming TV (FAST) continued to grow. Figures from research firm Omdia indicating that the UK FAST market will be the second-biggest in the world by 2027, with a $500m value. The US currently leads the global FAST market with nearly $4bn of value, representing 90% of the worldwide total.