Reportedly, two thirds of millennials either subscribing or expecting to subscribe to an OTT are also planning to reduce their pay-TV spend.
The stats come courtesy of a new analysis from L.E.K., The Perennial Millennial, which found that, overall, 45% of millennials pre-family and 56% of millennials with children currently have a pay-TV subscription, and 45% of them either have or expect to have an OTT subscription in the next year.
Such findings follow on the heels of the recent announcement by TV Connect (26th – 28th April 2016 ExCeL, London) to have a dedicated content track, ‘Millennial Monetisation’ at 2016′s show, with Hopster’s Nick Walters among the speakers exploring ways to adapt to changing media consumption patterns in younger generations.
According to the L.E.K research, millennials spend far less time than non-millennials consuming traditional linear and recorded TV, including pay-TV (10 hours a week versus 20 hours), although overall video consumption is similar (24 versus 27 hours per week). The consumption of traditional TV does not increase significantly for millennials with families (12 hours vs. 10 on average for the millennial cohort).
Less than half of millennials’ video viewing is on the TV as they prefer to watch on other devices (PC, laptops, tablets and mobile) and this continues for millennials with families. It drops to 28% for students and flat sharers but is still only 47% for millennial families versus 74% for non-millennials.
Millennials across all life stages have much higher penetration of online video subscription services: 38% for millennials pre-family and 32% for millennials with kids versus 15% for non-millennials.