Consumer video streaming spending in the U.S. is forecast to continue at a robust clip, up 24% to $22 billion next year, the Consumer Technology Association reports. In 2019, CTA believes spending will reach $17.7 billion, up 25% from $14.1 billion a year ago.
Meanwhile, further fueling the industry, beginning in November and into next year, four major legacy media companies will launch premium video streaming services: Apple TV+, Disney+, HBO Max and NBCU’s Peacock, according to reporting from Media Post.
CTA also predicts that smart TV sales will rise 4% to 29 million next year from 27.9 million this year, making up 74% of all new TV sets sold in 2020. Streaming media players will see slower growth, increasing 10% to 19.9 million in 2019 (over 2018) and up 4% to 20.7 million in 2020.
The organization notes that growth in video streaming will also come from free ad-supported streaming TV services, such as Pluto TV, Xumo and Tubi.
Meanwhile, the Video Advertising Bureau (VAB) has published data on video that it says debunks a number of commonly held beliefs about viewing, Rapid TV News reports. In its new guide, “A Culture of Extremes: Exposing the Myths About Video Viewing Behavior,” VAB says that the commonly held belief that cord cutting is draining the cable business is highly exaggerated.
In fact, “the vast majority of U.S. households today have a multichannel video programming distributor subscription (82 million) and it’s still by far the leading video distribution access point for consumers, followed by OTA-only delivery (18.4 million); OTT-only (16.4 million); and virtual MVPD delivery (9.3 million).”
VAB also reported that the vast majority of TV viewing across all major demographic groups is watched live (85-89%). Time-shifted TV viewing audiences were significantly smaller than those watching live.