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
Dive Brief:
Amazon Go stores are a fraction of the size of a Walmart Supercenter or Kroger, but 59% of U.S. shoppers see them as a threat to major grocers, according to new survey findings from research platform Piplsay. The nationwide survey, which was conducted between Feb. 19 to Feb. 21, garnered more than 30,000 responses.
While only 28% of respondents said they had gone to an Amazon Go, most of them said their visit was a positive experience, with 54% saying it was excellent and 35% calling it good.
Based on consumer responses, Amazon Go-like cashierless convenience stores are likely to meet strong shopper demand. More than half of those surveyed (57%) said they would like to see an Amazon Go or similar tech-enabled store near them and 54% believe those types of stores will succeed even as grocery e-commerce continues to grow.
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Fabletics introduced its Fabletics Fit app, which has hundreds of on-demand workouts, meditations and other content, the company announced Thursday. Fabletics VIP members can access the app as part of the program, but nonmembers must pay $14.95 per month.
The app offers apparel discounts in exchange for achieving fitness goals and also integrates playlists with Spotify. The activewear brand has also partnered with Hydrow, the company behind the at-home rowing machine, with live and on-demand workouts.
Fabletics has opened 11 new brick-and-mortar stores and plans to open more this year. The company now runs 50 retail locations across the U.S., per the press release.