The Consumer Technology Association (CTA) is the industry body that runs the annual CES show in Las Vegas, where tech companies big and small show off their latest products and services. It also produces an annual report of predictions for the tech industry, including some that are relevant to our sector.
This year, for example, the CTA is predicting that Americans will spend $12.9bn on audio streaming services in 2022, up 15% year-on-year. That includes music streaming, but also audiobooks and podcasts.
The predicted growth outstrips both video-streaming spending (forecast to rise 7%) and gaming spending (5%) although with predicted spending of $47bn and $53.6bn respectively, both those sectors are still much larger than audio streaming. Note, these figures cover spending, so ad revenues are not included.
Another relevant sector to music is fitness tech: the CTA expects sales of ‘connected exercise equipment’ to grow by 17% to nearly $4.5bn in the US this year.