The landscape of the Smart TV market has undergone a significant transformation, largely propelled by the repercussions of the Covid-19 pandemic CTV is grabbing a growing share of viewing time when it comes to video content, thanks in part to the rapid growth of device sales. In 2023, Smart TVs and streaming devices accounted for 40% of the global TV installed base, marking a significant increase from just 27% in 2018 and demonstrating a considerable increase in the demand for new televisions. Source: https://ourworldindata.org/grapher/price-changes-consumer-goods-services-united-states Concurrently, the increased affordability of electronic products has amplified the market's purchasing power. Over the period from 1997 to 2022, the Consumer Price Index for televisions in the USA shows a distinct trend compared to other categories, starting at 61.7 in 1997 and steadily decreasing to 1.3 in 2022. This decline contrasts with the general upward trend seen in categories like medical care and housing, indicating that household electronic equipment prices have not followed the typical inflation pattern. The decrease of TV hardware prices can be attributed to factors such as technological innovation leading to more efficient production methods, economies of scale in manufacturing, and increased global competition driving prices down. Additionally, advancements in display technology (LCD, LED, and now OLED) might have led to more affordable yet higher-quality televisions over time. With manufacturers subjected to decreasing prices and harsh competition in the TV industry, their margins have been gradually narrowing on product sales, which led them to venture into additional features in the hope of monetizing new types of products and services to their customers. Connected TVs currently account for around 40% of all TV sets worldwide, and this figure is expected to grow to half of the TV installed base within the next 5 years. This surge is fueling a substantial uptick in digital content consumption on the big screen. Neal Mohan, CEO of YouTube, stated at the beginning of the year that "[CTV] platforms have garnered substantial viewership worldwide, showcasing changes in consumer tastes and indicating the changing dynamics of home entertainment". TVs heading towards new horizons Following the uptake in both equipment and usage of Smart TVs, content production also got adjusted to the industry’s latest technological advancements by being specifically tailored for larger screens, incorporating new features like Dolby Digital DTS and Dolby Vision. During CES 2024, Samsung, the world’s leading TV manufacturer, demonstrated its vision of turning the big (home) screen into the central hub for smart homes. The key feature is the SmartThings TV Quick Panel, offering viewers the ability to effortlessly manage smart home devices, monitor security cameras, track devices on a map, and offer a snapshot of the weather and energy consumption for smart home devices. LG...
