Global spending on media content and consumer technology grew 6.7% to $2.14 billion in 2021, the fastest growth in 5 years, driven by digital audio, video, games and the rebound in movie ticket sales | News
STAMFORD, Conn., February 23, 2022 /PRNewswire-PRWeb/ — Global consumer spending on media content and technology grew at an accelerated rate of 6.7% in 2021 to $2.139 billion, the second consecutive year of fastest annual growth and the strongest growth in consumer media and technology spending in five years, according to a new report from PQ Media, the leading provider of media econometrics. The accelerated expansion was fueled by double-digit increases in spending on digital audio, streaming video, digital news, online gaming services and in-theatre tickets, which rebounded strongly after the 2020 record drop caused by pandemic shutdowns.
The strong gain in 2021 was an unexpected surge in growth of 4.7% fueled by the pandemic in overall consumer spending on media and technology in 2020, which ended a four-year streak of slowing growth. growth, according to PQ Media Forecast 2021 -2025 Global Media Consumption Spend. The 2020 expansion was driven by increased spending on digital media content and technology, particularly streaming video, digital audio, and digital and console-based video game software and hardware, as lockdowns forced consumers to stay at home where they flocked to various digital entertainment media.
The double-digit rebound in movie ticket sales in 2021, combined with a full year of consumer spending on Microsoft’s new Xbox Series X/S, Sony’s PlayStation 5 and related slate of new video game releases on console, have been key drivers for the accelerated growth of the global market. end-user spending on media and technology. Global consumer spending on overall media content increased by 11.6% in 2021 to reach $854.96 billionwhile total media technology spend grew 3.7% to $1.284 trillion.
Global consumer spending on digital media content and technology grew by 8.1% in 2021 to reach $1.549 trillionwhile consumer spending on traditional media and technology increased 3% to $590.55 billionthe main drivers being continued double-digit gains in spending on digital media content, particularly streaming video, digital audio, online games, digital news subscriptions and unit downloads.
Thus, digital media content was the fastest growing overall segment, with a 15.1% increase for $585.49 billion in 2021, while end-user spending on traditional media content made a sharp turnaround from the record low of 2020 to post a 4.6% gain to $269.47 billion last year, fueled by a 17% increase in cinema ticket sales, following the unprecedented 46% drop in 2020.
Nevertheless, while theatrical ticket sales have recovered in 2021 and are expected to show solid growth in 2022, the new report indicates that physical spending on cinema tickets, as well as the entire film and DVD category domestics, will never reach high water again. mark of almost $85 billion in 2019, as CEO of PQ Media patrick quinn explained at a recent media industry conference (click this link to watch the video: https://youtu.be/16zqoWIiAe0).
“While the overall gain in consumer media and technology spending in 2021 was a strong acceleration from the 4.7% increase in 2020, we expect growth to begin to slow in 2022 and lose even more speed over the 2023-2025 period, as many of the pandemic-triggered forces that sparked the consumer spending surge in 2020 began to fade in 2H 2021,” said PQ’s CEO. Media patrick quinn. “Our research indicates that the pandemic briefly interrupted key secular trends in 2020 and the first half of 2021, but was simply a short-term disruption to long-term patterns that resumed in 2022 and will continue. through 2025. Among these are slower growth or decline in key traditional and digital media segments impacted by device penetration reaching saturation in key global markets, such as smartphones, cellphones, wireless access, tablet computers, cable television and high-speed Internet access.”
As streaming video subscriptions continue to post gains of more than 20% in most major global markets, PQ Media expects to see gains decelerate through 2025 as streaming video services streaming services are experiencing rotation for the first time due to price increases and competition for consumers’ discretionary time and budgets. Podcast subscription growth in developed markets and expansion into new markets via voice translation technology, such as iHeartMedia’s deal with Veritone, is driving up digital audio spending, which ranks among media at the fastest growing in all major markets. However, audio streaming growth is expected to slow over the forecast period as it also begins to approach saturation in major markets, Quinn added.
The United States remained the largest media and consumer technology market with total spending of $500.59 billion in 2021, followed by China ($290.44 billion), Japan ($198.72 billion), India ($101.77 billion) and the United Kingdom ($100.09 billion). Russia was the fastest growing market, up 9.1%, followed by South Africa (+9%), South Korea (+8%), India (+7.2%) and the UK (+7.1%), according to the Global Media Consumer Spending Forecast 2021-2025.
Global consumers spent on average $372.08 across all media & tech content in 2021, up 5.9%, driven by average consumption of $269.37 on digital content and technology, a gain of 7.4%. Average spend on traditional content and technology increased 2.3% to $102.71. The United States ranks third in the world with average consumer spending of $1,494.31 in 2021, lagging behind Japan ($1,593.71) and the UK ($1,515.38).
About the report:
The 9th Annual PQ Media Global Media Spending Forecast 2021-2025 provides the most comprehensive and actionable econometric data and analysis covering consumer spending on digital and traditional media content and technology, including 2 global spending areas (media content and technology); 5 segments of total spend (unit purchases, content subscriptions, access, devices and software); and 28 digital and 14 traditional content and technology categories. Click the link above to download FREE sample reports.
About PQ Media:
PQ Media delivers intelligent data and analysis to the world’s leading media and technology organizations through syndicated market intelligence reports and custom in-depth research. PQ Media publishes the annual Global Media Forecast Series, a three-report series that provides in-depth analysis of every key industry performance indicator, including forecasting global consumer spending on media; Global forecasts of advertising and marketing expenditure; and global mainstream media usage forecasts. Click the link above to download FREE samples of each report and special license details for the three-report set.
patrick quinnPQ Media, +1 203-921-5249, [email protected]
Leo KivijarvPQ Media, 203-273-7081, [email protected]
Media SOURCE PQ