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Password sharing, piracy will cost $12.5 billion by 2024

Impact on revenues will grow by 38 per cent from its current $9.1 billion

A new report from Parks Associates suggests the cost to pay-TV and OTT companies of users sharing their passwords as well as piracy will hit $12.5 billion by 2024.

The analysts suggest the impact on revenues will grow by 38 per cent from its current $9.1 billion.

The report, which mostly focuses on the US market, also found 13 per cent of consumers admitted using a piracy website or app.

“Piracy is a complex issue that cannot be addressed with a single solution or by targeting a single use case,” said Brett Sappington, senior research director and principal analyst, Parks Associates.

“Most pirates also subscribe to at least one OTT service. They are not simply thieves looking to steal content but are video enthusiasts who engage with many different services. OTT services could better reach these consumers through ad-based content, which also aligns with these users’ general belief that ‘movies/music should be given away for free.'”