According to a new study, millennials, who watch the most amount of content out of any demographic, watch an average of 6 hrs’ worth of content every day. And it seems that they’re perfectly happy doing so!
TiVo’s survey revealed that the millennial generation spends the most amount of time watching video content – no surprises there. However, the survey also found that a staggering 54 percent of them will “show dump” if it becomes difficult to access a show. Compared to boomers, for example, of whom only 17 percent have “show dumped”, this is may seem like an alarming figure. But it, too, shouldn’t come as a surprise.
Millennials, who spend an average of 32 minutes per day searching for content to watch, are the demographic most comfortable with digital video entertainment services – with 73 percent of them owning screaming devices, 91 percent paying for at least one subscription service, and each, on average, subscribing to 2.7 subscription services. This digital-savviness means that millennials are the most able demographic to exercise their consumer preference. And that means that they are the most able to stop watching one show and move on to another.
Currently, the complex, multi-service entertainment setup that most millennials have created splits viewing time across many different (free and paid) platforms and services. Because of this, millennials have high expectations for cross-platform discovery solutions – which are currently being unmet. Despite the fact that 55 percent would pay to simplify search across platforms, and 43 percent use voice commands on a daily basis, there is a gap in the market when it comes to innovative cross-platform search options.
With all of this in mind, millennials love digital video content, and their gripes concern, not the content or medium, but its delivery. Still, according to ReportLinker, 86 percent of on-demand subscribers say that they are satisfied with their streaming service, which indicates that whatever gripes millennials have are just that – gripes.
With, according to ReportLinker, cord-cutting still being a major consumer trend – with 8.2 percent of consumers ditching their pay TV service in 2016 alone – it’s unlikely that many millennials will ever go back to pay TV. And that means that the issues millennials currently have with digital subscription TV represent opportunities rather than major concerns.
Millennials love digital video, and the streaming services that are able to better their offerings and cater to millennial desires will be the ones that will likely dominate the market in the near future. There’s a lot to play for.