Colombia has the highest pay television penetration rate in Latin America, with eight of every 10 households subscribing to cable service due to the variety of offerings and prices available in the market, the Latin American Multichannel Advertising Council, or LAMAC, said in a report.

Pay television grew 23 percent in the past five years in Colombia, reaching 84.4 percent of the country's people, the report, which is based on figures from the IBOPE market research firm, said.

Argentina, the former leader, is now No. 2, with a penetration rate of 83 percent of households; followed by Chile, with 60 percent; Mexico, with 44 percent; and Brazil, with a 40 percent penetration rate, LAMAC president Gary McBride told reporters.

The pay television penetration rate in Latin America as a whole is around 50 percent, McBride said.

Cable television customers have been growing in Latin America due to competition between cable providers, opening the way for more offerings and affordable pricing, the LAMAC chief said.

Colombia has experienced its highest growth in pay television subscribers in the middle and lower socioeconomic segments of the market, with 16 percent and 36 percent growth, respectively, compared to just 9 percent growth in the high-income segment, LAMAC said. 

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