Deloitte: millennials lead the charge in digital video uptake

Deloitte: millennials lead the charge in digital video uptake

According to research from Deloitte, almost half (49%) of US consumers and nearly three-fifths of generation Z (gen Z), millennials and generation X (gen X) subscribe to at least one paid streaming video service. However, the survey notes that despite the growth of paid streaming services, US consumers spend more time streaming video via free services (40%) than paid streaming subscriptions (35%).

Also, nearly three-quarters (73%) of US consumers (up 3% from 2015) and nearly 90% of millennials and gen Zs have binge-watched video content; almost 40% of millennial and gen Z binge watchers do so weekly. Millennial and gen Z binge-watchers report watching an average of six episodes, or five hours of content, in a single sitting.

“As the growing forces of social media and over-the-top (OTT) services continue to accelerate, particularly among millennials and Generation Z, the consumer rules,” said Kevin Westcott, vice chairman and US media and entertainment leader, Deloitte LLP. “The shift to streaming, mobile, on-demand services and personalisation are significant opportunities in 2017. Brands can bring new value, services and incredibly entertaining content to the empowered consumers across all age groups in a manner that can be monetised.”

Not only are millennials binging more media than ever, nearly all (99%) millennials and gen Zs are multitasking while watching TV, averaging four additional activities, such as texting, browsing the Web, using social networks, reading email and online shopping, up from 96% in 2015.

The device of choice for key demographics remains split – gen Zs and millennials spend over half their time watching television shows and movies on devices other than a TV; conversely, gen Xs favours the TV by over 60% and baby boomers watch over 80% of programming on the TV.

Three-quarters (74%) of consumers across US households still subscribe to pay-TV such as cable or satellite, but 66% of subscribers say they keep their pay TV because it is bundled with their internet.

On the ad front, the report found that advertising faces consumer headwinds. A full 70% of consumers say the mobile ads they receive are irrelevant; 45% of millennials are using ad blocking software, up from 38.5% in 2015. However, 37% of consumers find it valuable to receive location-based ads on their smartphone and use them regularly. Also, online recommendations on social media (27%) are more influential than TV ads (18%) for gen Z in influencing buying decisions.

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