A new report showed that the global social TV market will be worth $256 billion by the end of 2017, TechCrunch reported.

The report, released by research firm MarketsandMarkets, predicted that the social TV market, which currently sits at $151 billion, will have an annual growth rate of 11.2% over the next five years.

Social TV is generally characterized as a second screen (like a smart phone or tablet) service that enhances a normal television experience with social media or a uniquely designed app. 

According to the report: "Social is truly emerging as a coalition of television and social media, wherein newer formats are being developed to enhance viewer engagement and encourage paid transactions." 

Europe is reportedly set to gross the highest amount of TV revenue within the global market, with a projected revenue of $55.8 billion by the end of the year. That revenue is expected to reach $77.74 billion by the end of the year.

And the big TV networks seem to be catching on.

Just last week, Viacom (which owns MTV, Comedy Central, and Nickelodeon) signed on with Zeebox, a start-up company that develops second screen apps, TechCrunch reported. In addition to Viacom, Zeebox also has strategic partnerships with NBC and HBO.  Google also teased their latest version of Google TV today, which will include a voice controlled second screen app for tablets, AOL Tech reported.