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As technology evolves and more people have uninterrupted access to the internet, it’s only natural for us to find entertainment online, especially via social media and gaming. Online gambling, for example, has gained major traction in the past few years. As it stands, over 155.3 million Americans play casino games online. That’s more players than there are TikTok users in the US, which is sitting at just over 150 million.
The more time we spend on our smart devices and laptops, the more likely we are to use them to relax and unwind. But with inflation on the rise and incomes at somewhat of a standstill, how much does the average American spend on entertainment per month?
Average Monthly Entertainment Costs
The US Department of Labour shared a consumer expenditure data breakdown stating that the average cost of entertainment per household was $3,458 per annum. That’s about $288.17 per month. This is said to be a significant decrease from the previous year, wherein the average monthly spend was approximately $297 per household. Expert analysts in the entertainment industry say that this decrease was largely caused by a fall in spending on supplies, equipment, and toys. But where does all this money go?
Average Entertainment Types and Cost
In general, research shows that families spend around $70 of their entertainment budget on fees, admissions, and subscriptions. This amount also includes streaming, social media, and online gambling. Due to the increase in popularity of online gambling (mostly because players can win cash back and have fun at the same time) some online casinos in the US have reduced minimum deposits to only $20 (source: https://www.techopedia.com/gambling/20-dollar-deposit-casino). What does this mean? Players no longer need to break the bank to have a premium gaming entertainment experience.
Other areas of entertainment spending include going out to visit with family and friends, and dining out at restaurants (ordering in counts, too!). Small things count as well, and can often be overlooked like buying lottery tickets, playing paid games on your phone, and more.
What Does This Mean for Entertainment Going Forward?
Based on the stats we’ve mentioned above, it’s likely that the amount spent on entertainment is going to decrease gradually in the coming years. This decrease could be caused by the economic pressures of inflation, a decreased surge in revenue that came around during the pandemic, the rise of affordable entertainment, an increase in content creation platforms, and changes in spending habits since the year 2020.
How Entertainment Providers Are Mitigating These Challenges
Many entertainment providers have resorted to raising service costs, minimizing account sharing, and diversifying content libraries. These measures have been put in place to cover production costs, and any losses that may be incurred from advertising cuts, and try to increase consumer sign-ups. This action also prevents illegal access to entertainment platforms.
Online casinos, on the other hand, have decided to meet consumers where they are financially. By reducing minimum wagers and deposits, players from any economic background can play, and possibly win more than their initial investment. This industry has created a win-win situation for its supporters, which is something other subdivisions could try as time progresses.
How to Support Your Favorite Creators
No matter how you choose to entertain yourself, take the time to look for local content producers or product manufacturers who make or do what you like. If they have a new film out, pay for tickets and watch it. If they just released a new board game, go ahead and get it. If they have a series running on platforms like Patreon, subscribe. Did they just invent the coolest toy you’ve ever seen in your life? How about that custom mechanical keyboard and mouse set? However you can support your favorite entertainers, go ahead and do it. Independent creators are the future. Wouldn’t it be cool to know that you had been there from the very start?
