US Audio streaming predicted to grow 15% in 2022 according to the CTA (Consumer Technology Association) in their US Consumer Technology One-Year Industry Forecast. Audio streaming services that offer music, audio books and podcasts will see consumers predicted to spend $12.9 Bn in 2022.
Streaming and Cloud-Based Services Grow Entertainment Opportunities
US households continue to purchase more content through online delivery platforms. Total spending on streaming services and software is expected to reach $130 Bn in 2022, up 6% over 2021. An ever-expanding universe of video streaming services, each with their own exclusive TV shows and movies, is drawing a growing audience. Spending on video streaming services is expected to reach $47 Bn in 2022, up 7% over 2021.
Gaming on the Rise
Consumer spending on gaming software, including downloads, game streaming services and in-game purchases, will rise 5% to $53.6 Bn this year. With consumers spending more time at home and major advancements in gaming systems in recent years, the video game industry is poised to have yet another year of revenue growth. Shipment revenues for home gaming consoles rose dramatically from nearly $4.4 Bn in 2020 to nearly $6.1 Bn in 2021, an impressive 40% growth year-over-year driven largely by demand for next-generation consoles and more time spent at home amid the pandemic. CTA projects relatively modest gains in 2022, with home gaming consoles reaching nearly $6.5 Bn, a 6% increase from 2021. Growing interest in the metaverse will contribute to a spike in demand for virtual reality eyewear, with shipment revenues rising from $774 million to nearly $1.3 Bn, a 66% increase.
The report also contains the CTA’s predictions for smartphones, automotive technology, personal EVs such as electric bikes and scooters, wireless earbuds and smartwatches. True wireless earbuds are expected to rise 3% from 2021 to 2022, reaching a projected $9.3 Bn in shipment revenues this year.
The Consumer Technology Association is North America’s largest technology trade association which owns and produces CES arguably the most influential tech event in the world.
