U.S. consumers are expected to spend a combined $26 billion total on music and video subscription services in 2019.
That estimate hails from the Consumer Technology Association who revealed that it is a big jump from the $20.4 billion spent in 2018, nearly twice the amount spent in 2017. In fact, projections are it will rise to $32.3 billion in revenue in 2020.
The success of Apple Music and Spotify has pushed domestic music streaming revenue alone to $8.4 billion this year (up 33%). Paid SVOD services are up 25% to $17.7 billion in 2019.
The total numbers are still dwarfed by video game spending which is estimated to hit $39 billion this year and $42 billion in 2020.
The figures come in as a new Moffett Nathanson-commissioned poll of over 11,000 U.S. subscription-video service users in the past two months asked them to pick their favorite shows on Netflix.
“Orange is the New Black” came in first followed by “Stranger Things,” “Ozark,” “Grace and Frankie,” “Black Mirror,” “Lucifer” and “The Crown”. All these Netflix originals topped licensed shows like “The Office” and “Friends” which draw bigger numbers of viewers in some cases.