Global pay TV penetration is anticipated to decline for the first time in 2024, according to Ampere Analysis projections. Pay TV subscriptions relative to households are expected to peak at 60.3% in Q4 2023, then drop nearly four percentage points by 2028. This shift is predominantly driven by North America and Latin America, with all regions expected to experience pay TV penetration decline by 2025. In North America, pay TV penetration has halved since 2009, reaching 45% in 2023 due to high costs and competition from streaming services. Despite this, North America is projected to have the highest annual revenue per user at over $1,100 in 2023. Despite the decline, cable and satellite platforms are expected to remain influential and essential distribution partners for streaming services.