LONDON—Cord cutting will continue to hit the pockets of the pay-TV industry over the new few years, as new projections from GlobalData indicated that pay-TV revenue is expected to drop from $94.4 billion in 2019 to $84 billion by 2024.

This comes from a new report published by GlobalData that looks at U.S. telecom and pay-TV service revenue. However, despite the $10 billion loss of pay-TV revenue, GlobalData still projects that there will be overall growth, with total service revenue reaching $419.4 billion by 2024.

As projections stand now for the telecommunications and pay-TV industry, revenue in 2019 will reach $404.5 billion, which would represent a 0.5% decline from 2018’s results. This loss is mainly attributed to declining revenues from mobile and fixed-voice data communications. However, the compound annual growth rate of the total service revenue is expected to be 0.7%, which would get the industry to the $419 billion mark.

Mobile data is expected to be the chief driver for this growth for telecom service revenue, going from $131.2 billion in 2019 to $194.6 billion in 2024 as smartphone subscriptions increase, there’s more demand for mobile services and adoption of 5G services.

Fixed broadband is also expected to see a CAGR of 4% in the next five years thanks to the adoption of ultrafast broadband service connections.

GlobalData has more information on the report on its website.