As a generation that is helping to mold the future, millennials look set to change the face of television as they consume more and more video content online. This seems to be in direct contrast to non-millennials, who are three times more likely to have never watched online content.
Millennials online viewing patterns
Despite their online viewing habits, millennials still have services provided by a multichannel video programming distributor. They yearn for more access to marathon and binge viewing; they want to watch their favorite content all of the time. Millennials also relish the opportunity to watch live or recent content; they want to be able to watch new shows online. They also have a lower tolerance level for poor quality; clarity of sound and vision is of maximum importance. They see this as getting value for their money which is more important to them than just the cost itself. Credits to Verizon Digital Media and their latest research for these findings (table bellow).
Forrester Research Survey: Only 46% of Millennials Watch Linear TV Monthly
In January 2015 Forrester Research released the results of a survey which looked at generational viewing habits. The findings indicated that, on a monthly basis, only 46% of millennials watch linear TV, and that 34% of millennials watch four or more hours of TV online each month. This shows that the appetite for online streaming of content is voracious.
Significant growth in video viewing
The findings in a recent report from Santa Clara based video publishing and analytics specialists Ooyala, make for illuminating reading. These findings included the fact that between the third quarter of 2013 and the third quarter of 2014, video views more than doubled in number. Since 2012 growth in this area has amounted to 400%.
Millennials are likely to access video content via a smartphone, laptop or tablet
The report suggested, that for millennials, gone are the days when big screen TV viewing was the optimum experience. They are far more likely to view video content on a laptop or mobile device. If they do view content on a TV then they are likely to be simultaneously accessing other content on a separate screen.
Millennials and the multi-screen experience
It isn’t just the Ooyala report that supports the theory of multi-screen viewing by millennials, eMarketer also alluded to the fact in its report, “Tablet and Smartphone Video Viewing: Multiple Screens, Young Users Drive Growth”. The report made reference to findings by Deloitte which suggested that millennials in training (the 14 to 24 year-old age group), spent the largest combined amount of time viewing video on mobile devices, 16%. This age group was the only generational sector who spent the majority of their viewing time on non-TV screens.
TiVo Research’s: Millennials Watch More Music Videos and Less Live Sports than Other Generations
The main video streaming demands of all generations are for TV shows originally intended for linear transmission, and movies. This is no different for millennials with their main video streaming preference being for TV shows. Interestingly millennials not only watch more music videos and less live sports than other generations, they are also have a viewing habit that is restricted mainly to their group; watching other people play video games. An activity to which entire sites are now dedicated.
The viewing preferences and demands of millennials seem set to continue to have a huge influence on the way video content is distributed today and in the future.