SAN FRANCISCO and NEW YORK, Oct. 20, 2021 /PRNewswire/ -- Activate Consulting, the leading management consulting firm for technology, internet, media, entertainment, and sports businesses today released their annual Activate Technology and Media 2022 Outlook, a comprehensive report on the state of the internet, technology, media, and entertainment industries. The report, delivered during the Wall Street Journal Tech Live Conference by Activate Consulting CEO Michael J. Wolf, is available on the WSJ site and app as well as on www.activate.com.
In the seventh annual report, Activate focuses on topics such as the next era of gaming, the fight for the Metaverse, Super Users, Cryptocurrency, NFTs, E-commerce, and more. The report is based on groundbreaking proprietary research.
The results prove the following trends throughout the industry including:
Global technology and media spend surpasses $2T in 2021 and will balloon to $2.5T by 2025.
Super Users, who outspend all other consumers combined, spend more than 17 hrs/day on technology and media, outspending average consumers anywhere from double (video) to 16x (music).
Multi-tasking has led to an average of 13 hrs/day spent on technology and media. This is up nearly an hour from pre-pandemic behavior and has been largely sustained since.
Gaming continues to be the fastest growing sector and should see a CAGR of 8%, topping more than $220B in the next few years.
Expect substantial gaming acquisitions in 2022 as Big Tech realizes it must bolster its gaming strategy and offerings to stay competitive.
Despite the hype around "Metaverse," the only companies that can succeed in the Metaverse are gaming companies. The only viable path to the Metaverse is through gaming platforms. Anyone betting on a Metaverse platform other than gaming is betting on the wrong horse.
Gaming is going to be a significant driver in crypto and NFT innovation and proliferation.
An astonishing 1:6 Americans have already transacted with crypto for investment or speculation.
The surge in shopping club memberships during supply chain shortages is a significant story.
The sale of virtual goods and skins will surge with the continued rise of gaming.
"This year, we decided to not only focus this Outlook report on the year ahead, but also to take a look back at previous predictions and how they shaped the latest and greatest trends, including the boom in Gaming, E-commerce, Betting, and FinTech," said Michael J. Wolf, Activate Consulting CEO and Co-Founder. "The forecasts shared today will profoundly impact technology and media industries as we approach 2022 and beyond."
About Activate Consulting Activate Consulting (Activate) is a next generation management consulting firm focused on technology and media companies. Michael J. Wolf, the former President and COO at MTV Networks, founded the company in 2010. Activate works with CEOs and senior management teams to define strategies, drive innovation, and improve revenue performance in areas such as go-to-market strategy, pricing, consumer insight, and marketing. The firm is known for issuing its annual Activate Technology & Media Outlook report on the state of technology, media, and entertainment industries and is based in New York and San Francisco.