The Consumer Technology Association estimates that consumer spending on streaming video will increase by 29% to reach $24.1 billion in 2020, Variety reports.
This jump is due to the growth of existing services like Netflix and Hulu, along with the introduction of new services including Disney+ and Apple TV+, and the soon to launch HBO Max and Peacock. As cable prices continue to rise, more households are cutting costs by cutting the cord.
The report goes on to estimate that TV manufacturers will sell 40.8 million TV units in 2020, up 2% from the previous year, with $23.4 billion in revenue. 4K Ultra HD TVs will make up an estimated 25 million of those units with $17.6 billion in revenue. 8K Ultra HD TVs will account for an estimated 504,000 unites with $1.6 billion in revenue.
The U.S Consumer Technology Sales and Forecasts report is released by the CTA twice a year. In this edition, the CTA noted “Any escalation in the trade dispute with China and expansion of tariffs would likely present significant headwinds to CTA’s forecast.”
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