RSS feed Get our RSS feed

News by Topic

BizReport : Content Marketing : March 03, 2021

Report: Streaming services push media spending surge

Consumers may have cut back on eating out and even typical clothing/apparel purchases in 2020, but they didn't cut back on entertainment. That is a key takeaway from new PQ Media data, which shows a 6% increase in consumer media spending (global) for the year.

by Kristina Knight

Much of that spending increase was focused on audio/video streaming and gaming soft- and hardware. The global spend hit $2.01 trillion for 2020. Prior to 2020, consumer media spending was increasing at a rate of about 3% per year. For 2021, the experts believe growth will continue at about a 6% YoY increase.

"PQ Media expects the growth of consumer spending on media content and technology will begin to decelerate markedly in 2022 and 2023, as many of the pandemic-driven forces that sparked the atypical end-user spending splurge in 2020 begin to fade in the second half of 2021, as the COVID-19 vaccine rolls out worldwide, adult workers begin returning to office buildings and children start repopulating physical schools," said PQ Media CEO Patrick Quinn.

Other interesting findings from the report include:

• Digital content devices were responsible for about $440 billion of the consumer media spend
• Digital content subscriptions increased 20% YoY
• 71% of consumer media spending is now for digital content

The medium that didn't benefit from the increase in spending - traditional film/home video spending. For this category, spending was down about 46% YoY because of the shutdown of movie theatres and the fact that many people weren't willing to spend $30 to 'rent' a new release film at home. According to Quinn, traditional film/video spending will likely never return to it's pre-2020 levels.

"While we expect to see an uptick in the growth of in-theater movie ticket sales in 2021 and 2022, albeit versus extremely deflated comps in 2020 and 2021 - PQ Media believes that physical movie ticket spending, as well as the entire film & home DVD category, will never again reach the high water mark of nearly $85 billion in 2019," Quinn said.

More data from PQ Media's Global Consumer Spending on Media report can be accessed here.

Tags: ecommerce, mobile commerce, mobile marketing, mobile streaming trends, PQ Media, streaming services, streaming video trends

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.