Lucrative future for content creation despite post-Covid slow-down
The Covid-19-induced explosion of the content creation space continues to offer lucrative opportunities, as related technologies evolve and the Covid-19 user base becomes solidified. Intel from Futuresource Consulting’s recent survey shows double-digit growth in market value to over $2 billion in 2021, accounting for over 30% of total professional audio market revenues. This positive outlook comes despite the industry wide post-Covid jetlag.
With InfoComm fast approaching, the Futuresource Consulting team is geared to uncover emerging leads and developments in the content creator space. But first, let’s pin down the current and future picture for the industry.
The industry navigates post-Covid fatigue
“The pandemic was a hugely pivotal driver for the market. New users entered the space in droves, while existing creators traded up their equipment, driving huge replacement demand. Naturally, this isn’t a level of growth that can be sustained,” says Paul Wylie, analyst at Futuresource Consulting.
“Despite a fall-off during 2022, our recent survey of over 16,000 creators demonstrates a strong outlook for the industry. Over 60% of content creators who own audio video equipment anticipate their time creating content to increase over the next twelve months.”
Other headwinds like the global economic situation and professional audio price hikes pay testament to content creation’s continued resilience.
New niches drive more opportunities
Plus, 2020’s glut of new end users is now becoming deeply entrenched in the content creation landscape. This is driving new opportunities as those now-established creators explore trade-ups and expand into new horizons on their content creation journey.
“The technology that supports content creation is coming along in leaps and bounds,” says Wylie. “Improved quality and innovations are also encouraging more creators to take the plunge and invest in new equipment. It will be interesting to see what technology is on offer at InfoComm supporting this.”
Wireless hardware capabilities are becoming more widespread, with Rode, DJI and Nomono recently incorporating wireless technology in lapel microphones. Developments such as these are carving out new areas in the market, while the continued emergence of tailored and specific content creation equipment proves enormously valuable for end users.
Easing of Covid restrictions bears positives
While 2022 brought about some decline for the market, the end of Covid-19 restrictions bears many positives. The return of live events and broadcasting is hastening the recovery of the professional studio and broadcast bracket, with more creators able to return firmly to their place of work.
Similarly, Covid-era issues surrounding the supply chain and flow of raw materials are beginning to ease. “Although the impact of the constraints on neon gas and palladium is still uncertain, lots of manufacturers are seeing more positivity with supply,” says Wylie.
The journey won’t be without its turbulence, but Futuresource anticipates these seeds to yield strong growth in the long term. Learning, income, potential audiences, creator types and technological improvements are all expected to encourage positive activity. While the legacy of the YouTube era dims, there’s still plenty of momentum among aspiring creators to drive more opportunities.
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Futuresource Consulting’s survey offers a clear view on the prevalence of content creation, diving into the various applications and end-users within this market, ultimately evaluating the opportunity of the technology supporting the market. For more information, please get in touch with Ben at ben.thrussell@futuresource-hq.com.
About the author
Paul Wylie joined Futuresource as a Research Analyst in 2022, where he is responsible for covering research and projects within the Professional Audio space, spanning a range of hardware and software. (His main areas of expertise are the Content Creation and Professional Headphone markets, and he boasts a broad range of knowledge across the wider market.) Before joining Futuresource, he graduated with a BA in Finance, Accounting and Management from the University of Nottingham. (His passion for the audio space is only demonstrated by a deep appreciation for music across a variety of genres and great respect for the expression it brings, whereby he enjoys hobbies in Drumming and DJing.)
About the author
Olivia Lowden is responsible for the long-form content, press, and partnerships at Futuresource. Prior to her career at Futuresource, she completed an MA in Creative Writing at the University of East Anglia, demonstrative of her lifelong love of words.
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