Content creation saw explosive growth across pandemic years, with additional spare time and reduced spending being global trends. Both were extremely beneficial dynamics driving growth in home studios. Looking at 2020 and 2021, these years saw consistent growth continuing across the total market.
Home studio declines in 2022 have continued into 2023, where the residual pandemic demand and delayed purchases from supply constraints, aided in preventing a more dramatic decline. With macroeconomic pressures and reduced consumer confidence, 2023 saw the market continuing to decline overall at 5.9%. Solely driven by the home studio readjusting to its post pandemic levels, whereas the professional market saw slow stability already returning. Moving forward, the overall market will see stable long term growth, with the home studio remaining established at its new level and the professional markets seeing gradual investment and upgrades.