Video-on-demand (VOD) and TV everywhere services helped pay-TV industry sales, including subscription and advertising, reach about US$49 billion in 2013, a growth of 10%.

Researchers at Media Partners Asia (MPA) now forecast revenues will hit $70.5 billion by 2018 and $86 billion by 2023. Industry turnover will, therefore, grow at a CAGR of 7.6% between 2013 and 2018 and 5.5% between 2013 and 2023.

Although the figure of 26 million net new customers in 2013 was the lowest annual growth since 2007, net additions are expected to grow again during 2015 and 2016. Pay-TV penetration is predicted to rise from 53% of TV homes in 2013 to 60% by 2018 and 63% by 2023.

"Amidst slower, though robust, growth, MPA predicts consolidation and a focus on operating leverage. MPA also sees platforms and broadcasters starting to increasingly focus on non-linear multiscreen consumer offerings that embrace over-the-top (OTT) media distribution with the initial emphasis on legitimate subscription video-on-demand (SVOD) platforms," said the consultancy.

"Piracy and illegal streaming video services are a key challenge though anti piracy legislation in Singapore could be a welcome antidote to IP theft," a statement added.

Fixed and mobile broadband subscriptions will reach a combined total of 1.24 billion by 2023, up from 565 million in 2013, according to MPA's new report, Asia Pacific Pay-TV and Broadband Markets 2014. Fixed broadband household penetration will rise from 32% to 40% during this period, while mobile broadband per capita penetration will shoot up from 7% to 21%.