Pershing Square Activist Presentation Deck
Subscription Video Streaming is Growing Rapidly
Subscription video streaming has consistently gained share from the declining
Pay TV ecosystem, with revenues in the U.S. more than doubling since 2017
U.S. Subscription Video Streaming Revenue ($ in billions):
% of Total TV &
Video Revenue (¹)
$1
2011
1%
$2
2012
2%
$3
$4
2013 2014
3%
4%
$6
2015
5%
$8
2016
7%
$10
'17-'21E CAGR: 31%
9%
$13
2017 2018 2019
$17
12%
15%
$22
2020
20%
$28
2021 E
25%
(1) Total TV and video revenue consists of total traditional Pay TV, over-the-top linear TV and subscription video streaming revenue.
Source: Digital TV Research. Subscription video streaming revenue excludes any contribution from Prime Video as the vast majority of Prime Video subscribers are not monetized on
a standalone basis.
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