On this morning’s WJR Business Beat, Jeff discusses shifts in the media business as a result of the pandemic. PQ Media’s latest update on consumer spending on media content and technology reports that, of the 28 digital media categories, the fastest growing in 2020 was digital audio subscription services, which rocketed to a 40% growth rate worldwide.
Tune in to the WJR Business Beat, below, to learn more about these changing media trends:
“So, what’s the key takeaway? Look, the pandemic is reshaping business sectors in dramatic and accelerated ways, like never seen before. Trying to figure out what business to get into? Look for opportunities in sectors like this one that are growing rapidly as a result of the dramatic shifts in business today.”
– Jeff Sloan
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Good morning, Paul.
How has the pandemic reshaped the media business? Well, one way is that it’s created a sizzling hot category out of one already hot and growing.
That category? Digital audio. That is one of the takeaways from PQ Media’s latest update on consumer spending on media content and technology.
Of the 28 digital media categories, the fastest growing in 2020 was digital audio subscription services, which rocketed to a 40% growth rate worldwide. The growing popularity of podcasts was among the primary drivers behind the sizzling hot growth as Spotify, iHeart and Amazon all increased their focus on podcasting in 2020, striking numerous deals involving new talent, content and ad services, said PQ media.
Consumer spending on all media content and tech worldwide averaged $352 per capita in 2020, that’s up about 6% from 2019. PQ Media also noted that the number of U.S. podcast listeners grew more than 30% last year to more than a hundred million listeners.
So, what’s the key takeaway? Look, the pandemic is reshaping business sectors in dramatic and accelerated ways, like never seen before. Trying to figure out what business to get into? Look for opportunities in sectors like this one that are growing rapidly as a result of the dramatic shifts in business today.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
