North America is set to drop below 50% of global subscription revenues generated by subscription OTT services, marking the first time the region will not hold the majority of the market since Netflix launched its streaming service in 2007. Global OTT subscription revenues were around $100bn in 2022, and are set to comfortably exceed that figure in 2023. 

The decline in revenue market share for North America is driven by a slowdown in growth in the North America as OTT households reach saturation. Alongside this, growth in Western Europe is also a driver, with the region set to represent around 20% of global OTT subscription revenues by 2025. Western Europe is set to overtake OTT subscription revenues in the Asia Pacific (APAC) region in 2023; APAC had been the second largest OTT market in subscription revenue terms for more than five years prior to this. OTT subscription revenues in Asia Pacific are primarily driven by China, which surpassed $10bn in annual revenue in 2022, but revenue growth is slowing, primarily due to a decline in Tencent Video subscribers.