A new report published today by Ampere Analysis says that online streaming services will surpass two billion subscribers by 2029, up from 1.8 billion this year. 

If this five-year milestone is met, research manager Maria Dunleavey says the subscription-based streaming market will be generating in excess of US$190 billion in annual revenue by 2029. More than US$170 billion of this is expected to come from subscription fees, with ad sales accounting for US$22 billion.

Ampere has earmarked the Asia Pacific region as a key driver behind this growth forecast, predicting that more streamers will start to invest in less-developed markets now that the US is oversaturated with competitors. Dunleavey notes that India was Netflix’s second-largest subscription growth region this year, and the company invested in new marketing campaigns and acquired locally relevant programming to hit 12 million paying subscribers there. 

Subscription revenue is also expected to increase by 30% over the next five years, growing at three times the rate of subscribers themselves as platforms focus on profitability and more monetization tactics. Notable strategies to date have seen Netflix create an ad-tier revenue stream and lock down password-sharing, while Disney and Warner Bros. Discovery have explored bundling their streamers with other services/platforms to increase market share.