The video streaming market in the UK is now worth almost half a billion pounds, according to a Mintel research report.

Mintel says video streaming sales, for services from the likes of Netflix and Amazon, grew by 56 percent last year to £437 million. Spending is now expected to smash the £500 million mark this year, said Mintel.

In terms of viewers, not revenue, Netflix is leading the UK paid for video streaming market. Image credit: Netflix

Ten years ago, the video streaming market was only worth around £30 million, not helped by the fact that most homes had limited broadband connections, which did not properly serve the “triple play” consumer needs of voice, data and video.

Mintel has now forecast that spending on video streaming in the UK will pass the £1 billion mark in 2019.

Mintel points out that two-thirds of the video market's sales still come from physical DVDs and Blu-ray discs. But that income fell 6.5 percent in 2013 alone, and the momentum for a continuing fall has not stopped, as the likes of Netflix and Amazon continue to sign up large numbers of subscribers.

In terms of viewers, not revenue, Netflix is leading the UK paid for video streaming market. Of the Brits who paid to stream video last year, 20 percent of them used Netflix, said Mintel. That's more than double the 9 percent who used Amazon.

There could be a shake up in the market in the future though, as a new service is expected to be built around Apple TV, and Google could offer a subscription service via its YouTube platform.

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