Streaming services and software expected to continue record growth in 2021 

Posted on: January 15, 2021

“Total spending on streaming services and software is projected to reach a record $112 billion in 2021, an 11 percent growth over 2020, according to Consumer Technology Association projections,” writes Carolyn Giardina in Monday’s (1/11) Hollywood Reporter. “This follows 31 percent growth in 2020 over 2019.… The CTA research suggests that overall retail sales revenue for the technology industry will climb to $461 billion in the U.S. in 2021—a 4.3 percent increase year-over-year—with streaming services, 5G connectivity and digital health devices (including health monitoring and sanitizing technology) as leading drivers due to Americans staying home during the pandemic. Noting that Disney+ hit 50 million subscribers in five months, CTA execs forecast that 2021 spending on streaming subscriptions could reach $41 billion. Additionally, music, audio book and podcast listening could top $10 billion, while video game software and services could exceed $47 billion…. CTA cited a trend toward households upgrading TVs during 2020 [although] TV shipments are expected to drop 8 percent to 43 million units in 2021. Growth areas for the TV category in 2021 may include large displays over 70 inches. Underscoring attention on 5G, new 5G-supported smartphones are expected to generate $39 billion.”