New media-based services such as SVOD services or Music Streaming Platforms aren’t just reshaping content consumption pattern, but also impact the device sales and tech adoption of consumers, as confirmed by 2 reports released by CES recently.
As the media streaming service providers continue to increase in popularity, the consumers are most likely to adopt the emerging technology for a consumer that augments or supports the services. For the year 2019, music and video subscription-based streaming services have been projected to bring in revenue of $25.7 Billion in the United States. This is a whopping 25 percent increase when compared to the previous year as confirmed by a report acquired from CTA (Consumer Technology Association).
From this overall figure, SVOD shall account for at least $18 Billion sales which are 27 percent above the YoY sales. Now, $7.7 Billion revenue goes for the music streaming services which is 22 percent the YoY. In the meantime, a good chunk of the smart home-based device adoption all over the world is now being driven by devices that can support the new media such as voice and video.
Smart video tech for entertainment like the Smart TVs & connected sticks and set-top boxes shall account for $201 Billion revenue by the year 2022. This is up from the $133 Billion mark of 2017. Smart speakers are poised to take the market share of $17 Billion as we approach the year 2022 which is up from 2017’s $4 Billion mark. Now, to drive a context, the upcoming 3 smart devices for home-based categories which include security/home monitoring, lighting, and thermostats are now projected to flaunt a total revenue value of mere $20.5 Billion by the year 2022.
As the consumers look for versatile interfaces for accessing diverse range when it comes to media streaming services, the tech-industries expect the households to opt for continued gravitation towards connected-TV devices. The smart speakers come with their own entertainment use given the fact that smart device owners are excited with the idea of listening to audiobooks, stories, etc. This means that connected-TV devices can be the ultimate cream for media consumption cake.
The sales for TV units are most likely poised to continue towards a slow growth pattern given the increase of smart TVs in the market with a versatile form of media interfaces that are capable of multiple ranges of entertaining functionalities.