Data from eMarketer's new report "IPTV: The Global Picture" shows that IPTV subscribers in the U.S. will reach 8.7 million in 2010, up from 300,000 in 2005. In countries such as France, Spain and Italy, IPTV has the potential to be a genuine revenue-generating service as it fills a gap in the Pay-TV market. For countries like the U.S. and the U.K., however, the revenue potential for stand-alone IPTV services will be limited at best. Its value, at least in the short term, will primarily be as a churn reducer. But this fact should not undermine the potentially disruptive long-term effects that the convergence of the TV and the Internet will bring to both platforms and its end-users. 2006 marks an important stepping-stone in this evolution.