To paraphrase Arrested Development, "There's always money in the social television."
Social TV will boom to a $256.44 billion market by 2017, according to a new report by MarketsandMarkets. That represents a 11.2 percent year-over-year growth rate from 2012's anticipated $151.14 billion in revenue. According to the report:
The future for the television is social through integration of social interaction on the television. Broadcasters are developing and enriching social TV integration; they are targeting the tune-in customer, engagement and their loyalty to boost the rating and they are also discovering the social TV challenge.
Europe leads in social TV revenue, and is expected to reap $55.48 billion this year. By 2017, it's expected to grow that top line to $77.74 billion.
TV manufacturers and broadcasters have already made large investments in social TV. But since it's still an emerging field, the industry is experimenting to find out what works. The report notes that some industry players, such as BBC and CNN, have signed deals with Facebook and other social networks to aggressively venture into the space. Meanwhile, Hearst, Time Warner, BSkyB and Google have backed social TV startups with hefty investments.
A variety of social TV startups have entered the field recently, including Miso, GetGlue and NextGuide. With a quarter-trillion dollar market, expect more companies, brands and broadcasters to jump in the social TV arena.