Sales of broadcast and professional video equipment are projected to top $8 billion in 2003, a 13 percent rate of growth over the previous year, according to a new report by market research firm SCRI.
According to the 2003-2004 Broadcast/Pro Video Product Report by SCRI, a “recovery” in the broadcast/professional video markets will likely mirror that of the rest of the U.S. economy, the researchers found.
“In 2001, $6.1 billion was spent by all six vertical markets for the 26 product categories tracked by SCRI. This was dismally lower than the $8.5 billion spent by all vertical markets in 2000,” the researchers said. “The good news is this retraction is on the cusp of reversal. These figures are in concert with the better than expected revenues, that many broadcast/production firms are already reporting in 2003.”
The report said Fox Entertainment, News Corp., MGM, Granite Broadcasting, and Cox Communications have reported the most notable numbers.
SCRI projected healthy growth for both 2003 and 2004 that will total more than $16.96 billion in combined market values. Actual projected sales may be higher than the original $8.66 billion projected for 2004, the report said. This is due to the fact that many vertical markets are uncertain what next year may hold and are giving conservative estimates of their spending levels.
In 2003, more than $8.3 billion is expected to be spent by all six vertical markets on all 26 product categories tracked by SCRI, up significantly from the $7.4 billion spent in 2002. By year-end 2004, it is expected to finally exceed the 2000 record levels and come in at around $8.7 billion.
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