Each month, MIPBlog partner Reportlinker sums up the key industry trends, in figures. Here’s the latest report!
Millennials are defined as those born between 1982 and 2004, although the exact years vary by source. This group is larger than Generation X and has a big impact on social media, the adoption of new technologies and on entertainment.
How are millennials changing entertainment? Let’s take a look at the numbers.
- 18 to 24: The age group that has the lowest rate of moviegoers, and it’s dropping. Last year, 5.7 million people in this group considered themselves frequent viewers. The group favours spending time on social media or watching content on sites like Netflix over attending movies or watching television. This trend is slightly offset by those younger than 18, and those older than 60, who are watching more films. Still, it’s enough to make 2016 the lowest year since 1920 for total tickets sold per person. Source: The Atlantic
- 50 billion: The number of views YouTube videos receive monthly. The popularity of the service has prompted multi-channel networks and talent agencies to sign YouTubers to deals for commercials and television shows. The goal is to attract millennials, who watch online content in large numbers. While this is the same group that is abandoning traditional media, attracting millennials to online content makes financial sense. So much so that companies such as Facebook have started to produce online content, after years of saying they never would… Source: The Guardian
- $45 billion: The amount six major media companies – 21st Century Fox, CBS, Discovery, Time Warner, Viacom, and Walt Disney – lost in market value in six weeks this spring. The drop was blamed on investors who were concerned that millennials are cancelling their cable subscriptions in favour of streaming services (the trend known as cord-cutting). eMarketer estimates that a fifth of US households will have taken that route by 2018. Television advertisers also are affected as people are accustomed to commercial-free viewing on streaming services. Ad blockers are estimated to cause a $41 billion revenue loss in 2016. All this means both networks and advertisers will need to adapt to the changing digital world. Source: Fortune
- 1.8 seconds: How long Netflix viewers spend considering each title. Consumer research indicates 82% of the time, users don’t read titles or descriptions but make viewing decisions based on graphics. In addition, users often moved on to another selection after as little as 90 seconds if the content didn’t capture their attention. The research also showed that users responded to images that feature three or fewer people and images of people expressing complex emotions. Source: Fast Company
- 1 million views: The amount of traffic plastic surgeon Matthew Schulman’s Snapchat account receives daily, the majority of whom are from viewers 18 to 32. Videos by Schulman and other doctors are meant to be educational. Some Millennials are using them to learn what to expect for their upcoming cosmetic procedures, but others are watching the videos for entertainment purposes. Source: New York Post