While television viewing habits are changing, especially amid the rise of streaming outlets like Netflix (NFLX) and Amazon (AMZN) Prime, people will likely consume more video than ever before in the coming years, according to one expert.
"We are in a battle for people's time and attention," said Russell Sapienza, entertainment and media advisory practice partner at PwC, which released a five-year outlook report on the entertainment and media space on Wednesday. "We see that as one of the shifts occurring over these five years."
He said the major traditional cable providers -- including companies like Comcast (CMCSA) , Charter Communications (CHTR) , Verizon Communications (VZ) and Cablevision (CVC) -- are working on "streaming only" options in an effort to compete with the streaming giants.
"There are about 10 million households with a broadband line coming into the home with no television," he said, adding that these households represent an important opportunity for TV and video providers.
"I think everyone will prevail," he said, adding, "I think you will have this traditional linear option that tends to be shrinking, but not very fast. And you have a demographic of youth who are consuming media at different times on different devices and there are players out there offering TV everywhere."
In order to grow, Sapienza found that cable and streaming companies must tap into overseas markets, many of which are buoyed by a growing middle class and higher disposable income. "We used to monitor about 30 countries and we are now monitoring 54 where media is taking hold," he added.
PwC said total U.S. TV and video revenue will reach $122.09 billion in 2020, compared to $119.77 billion in 2015. The number of U.S. pay TV subscribers will reach 101 million in 2020, from 100 million in 2015.