Spending on Streaming Services Could Reach $112 Billion in 2021
Total spending on streaming services and software is projected to reach a record $112 billion in 2021, an 11% growth over 2020, according to Consumer Technology Association projections announced on Monday. This follows 31% growth in 2020 from 2019, reports CTA.
Noting that Disney+ hit 50 million subscribers in five months, CTA execs forecast that 2021 spending on streaming subscriptions could reach $41 billion. Additionally music, audio book and podcast listening could top $10 billion; while video game software and services could exceed $47 billion. The newest game consoles from Microsoft and Sony could push console shipments to 18 million units, according to CTA projections.
In the television product category, CTA cited a trend toward households upgrading TVs during 2020. In 2021, its research suggests a continued demand though TV shipments are expected to drop 8 percent to 43 million units in 2021. Growth areas for the TV category in 2021 may include large displays over 70-inches.
Courtesy of The Hollywood Report and Consumer Technology Association.