September 28, 2015
Saw this in Media Life pub... interesting
Study: Majority of young people are content to pay for content
By Toni Fitzgerald
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The majority of Mlllennials say they do not plan to dump pay TV.
We tend to think of all Millennials as cord-cutting new technology junkies who have little use for traditional media.
But it turns out that’s not quite true.
The majority of Millennials in fact have no plans to cut the cord. And only a small sliver, about 10 percent, say they plan to cut the cord anytime soon.
Less than 20 percent say they’ve already abandoned pay TV.
That’s according to a new study from Evercore, an investment banking advisory firm.
Evercore examined several different groups of Millennials, including adults 18-23, 24-29 and 30-35.
It found that 50 percent or more of each group said they were unlikely or somewhat unlikely to abandon their pay TV package in favor of online streaming.
In fact, it found that Millennials are not averse to paying for entertainment, despite the range of free options online, such as YouTube and other ad-supported video sites.
Indeed, it found that Netflix was the No. 1. online video site among Millennials, with YouTube No. 2.
A majority of Millennials reported watching video on desktop or laptops, but the older the person, the more likely they were to watch more traditional television than online video.
More than half of those 30-35 do most of their video viewing on television rather than new media.
The findings of the study suggest most people’s impressions of Millennials as traditional media-eschewing online video devotees is wrong.
While clearly this group does rely on video for entertainment, they’re not cord cutting en masse, at least not quite yet.
The major takeaway for media buyers: While Millennials clearly are migrating away from pay TV, the migration is a trickle and not a flood.
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Mike’s Note. These are national stats. BUT they hold true when you review not only ratings, but market research into how consumers use/consume media....
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