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.
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 a