Major Consumer Tech Trends for Entertainment
With technological advancement, the entertainment sector continues its upward growth journey. Television, films, live streaming and casino games have now become the primary source of entertainment for people. Older systems used for entertainment are being replaced by new ones, but some previous generation systems are still surviving, even if on the decline. With so many elements changing in the entertainment industry, users haven’t stopped wanting to be entertained. This blog post highlights the key consumer tech trends for entertainment.
Streaming Video Services Continue to Grow
According to a recent report by Future Market Insights (FMI), the global video market stood at $138.99 billion in 2018 and is expected to grow to $599.11 billion over the next 10 years. Live demand and on-demand are the two segments of video streaming. Between these two, live streaming is expected to be a major force, growing from a market share of 32.5% in 2018 to a market share of 43.3% in 2028.
Subscriptions are the favoured methods when it comes to the revenue model. The growth of subscription video has many different aspects and not only credited to the rise of the original big services, such as Netflix, Amazon, and Hulu. A number of high-profile streaming services like Disney+, HBO Max and Apple TV will be debuting in 2020.
Smart TVs Continues to Grow
As smart TV offers a wide array of online features, it’s market size reached $157 billion in 2018. It is further estimated to reach $278 billion by 2024, exhibiting a CAGR of around 10% during 2019-2024. CTA predicts smart TVs will make up 74% of all TV sets sold in 2020, up 4% from the expected total for 2019. Moreover, there has also been a significant drop in the prices of smart TVs increasing their affordability among the masses. Other major factors driving the demand include technological advancements, rising disposable incomes, etc.
4k Is on the Rise
The 4K format offers outstanding picture quality, at four times the pixel density of standard HD. According to a new report from BI Intelligence, 4K will roll out much faster than most industry analysts are predicting. The dropping price of 4K-capable TVs and the fast availability of 4K content on streaming services will speed the rollout. CTA predicts 4K TVs will make almost 50% of new TVs sold in 2020, up 10% from the estimated total for 2019.
Virtual Reality Is Beginning to Get Big
According to a report published by MarketsandMarkets, the virtual reality market is expected to grow from $7.9 billion in 2018 to $44.7 billion by 2024, at a CAGR of 33.47% during the forecasted period. The VR market for software will witness higher CAGR during the forecast period. It includes apps, platforms and content providers in the VR space. There would be a need to create content for VR devices in this future. While VR headsets remain expensive, the real growth may be seen in Augmented Reality. Increased internet speed with 5G means post-2020 may see a real boost in AR adoption.