The purpose of this study is to provide relevant directions of media industry regulation and policy by analyzing the relationship between market concentration and performance in global pay TV markets. The market concentration has long been regulated in the media industry under the belief that it harms market efficiency and cultural diversity. As the global media market is undergoing significant chance accelerated by the advance of technology, it is necessary to examine the feasibility of this long myth. The data are collected from global 17 pay TV markets and analyzed to see whether the highly concentrated markets by a single player result in higher price and slower service penetration. The result indicates that the price is not escalated and the penetration is not limited even in the markets where a dominant player takes high market share. It implies that more diverse factors other than the market concentration affect the market performance and that maintaining strict regulation of the market concentration is likely to have negative effect on technology innovation.