The Nordic TV and video market has shown steady growth since 2021, following the pandemic. Growth is projected to have continued also this year, with total Nordic revenues expected to reach EUR 9.8 billion for 2023. The video market has grown by two percent yearly over the past four years and according to estimates made by Mediavision, the revenues will exceed EUR 10 billion in 2024. The Nordic video market is resilient and has gone through a strong digital transformation. Growth in digital revenues has counterbalanced a weakened broadcast TV market.

The total Nordic video market is expected to reach EUR 9.8 billion for the full year of 2023. The total market has grown two percent yearly over the past four years, excluding currency effects (fixed to 2019). If this growth rate remains, the market will surpass EUR 10 bill in 2024. The Nordic video market includes both advertising and paid subscriptions for broadcast and online, as well as cinema and public service.

Digital video services such as SVOD (subscription video on demand), TVOD (digital rental video) and AVOD (advertising-based video on demand) have all grown 10 percent yearly over the past four years. Growth has more than compensated for the two percent yearly decline in traditional broadcast TV revenues during the same period. The findings are presented by Mediavision and based on consumer research, market data and company reports.

The transformation to digital is also reflected in the development of revenue shares. The total broadcast revenue has declined from 50 percent in 2019, to 44 percent 2023. Cinema’s drop is explained by the significant decline during the pandemic.

– The Nordic video market is still going strong, mainly driven by consumers’ great interest in new digital services, comments Fredrik Liljeqvist, senior analyst at Mediavision. Despite a weakened general economy and a feeble advertising market, revenues are increasing. The number of paid streaming subscriptions is increasing and is now approaching a total of 20 million in the Nordics. Also, for the first time, we can now see that online viewing exceeds viewing of traditional TV on a Nordic aggregated level.