During the 90s, television was everything. Many of us could be found glued to our ‘sets’ in the evening, catching up the news, watching our favorite sitcoms or crime dramas. But a lot has changed since then: the Internet became ‘a thing’, we got smart with our phones, and we even got savvy with reality itself.
With so much automated, user-controlled tech in the marketplace, traditional means of media consumption are being challenged. So much so, Millennials and Gen Z isn’t even giving it a fighting chance. Here are three facts you need to know before mapping out your next marketing campaign:
1 In 7 Americans Is A Cord Cutter
According to Pew Research Center, approximately 15% of Americans are cord cutters. Additionally, according to LA Times, 9% are cord-nevers (adults that have never subscribed to a cable or satellite program). These numbers are expected to increase as Gen Z begins to choose and purchase video subscriptions.
Subscription cancellations are driven in most cases by affordability. 74% of cord cutters say that cable or satellite subscriptions, which average about $103 per month, are too expensive for them.
73% Of US Consumers Binge Watch Television
TV watching habits have changed drastically with the arrival of on-demand, ad-free video and TV streaming. In a study done by Deloitte, 73% of US consumers admit to having binge watched television and the 90% of Millennials and Gen Z that binge watch are propelling the trend.
Over one-third of Millennials and Gen Z are binge watching weekly, and on average, they will watch 6 episodes or about 5 hours of content per sitting. The binge watching behavior is becoming more common, and can only be sustained with video streaming subscriptions. Meaning, video streaming subscriptions are both shaping and maintaining content viewing preferences and behavior.
27% Of Gen Z And Millennials Will Be Highly Influenced By Someone In Their Online Social Network To Buy Something
Cord cutting has also led to declining efficacy of TV ads. In research conducted by Deloitte, studies found only 18% of Gen Z and 25% of Millennials find that TV ads are highly influential in their buying decisions. In comparison, 27% of Gen Z and Millennials find that an online recommendation from a friend, family member, or social media influencer will help them in a buying decision. For instance, social media is more effective than TV commercial in publicizing new TV shows. Social media recommendations are extremely powerful, and are becoming mainstream media. With 84% of all consumers on social, social media content has truly become mainstream media.
Keeping up with these generations can be tough– especially when it comes to tracking the social media habits and their favorite binge-worthy shows. Let us help you take the guesswork out of your next marketing campaign– contact us today to get started!