It was only a matter of time before this happened and now it appears that this milestone has indeed been crossed. The Motion Picture Association Of America reported today that the global entertainment market which covers both theatrical and home releases hit a new high of $96.8 billion last year. The report adds that streaming video has now surpassed cable subscriptions globally.

According to the Motion Picture Association of America, streaming video has seen rapid growth over the past year, with 613 million subscriptions worldwide, registering an increase of 27 percent compared to 2017.

Its report points out that the streaming video subscriptions have now surpassed cable TV for the first time. 131.2 million new subscriptions were added in the previous year to hit a new high of 613.3 million global subscriptions. That’s in contrast to cable TV subscriptions which dropped by 2 percent in 2018 to settle at 556 million.

Even though they may have lost the top spot to streaming video, which is increasingly picking up pace due to the flexible nature of plans and lower pricing, cable TV subscriptions still bring in more money. Their intake increased by $6.2 billion in 2018 to a total of $118 billion. Streaming video actually comes in third on the list of highest revenues as the second spot is occupied by satellite TV.

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