There is a group of consumers who are beginning to be a very important target demographic. They are the Millennials, also known as Gen Y or Generation Me. Born between the years of 1980s to early 2000. They know how to make use of current technology. Millennials consume more content from the internet, effectively changing the consumption habits of the average consumers. We are seeing a massive shift from Linear TV to online video in general and short form video in particular. They watch 1/3 less linear TV then the previous generations. And it is not because they watch more Linear TV as they grow older; it is because they watch less as they grow younger. They are the largest consumers of short form videos and watch most of their TV shows on OTT either on TV, tablet or mobile.
Gone are the days, when you can tell people what to watch and when to watch. Not only do the Millennials control what they watch but also when, how and why. This is a demographic that is very valuable but very hard to reach at the same time hard to find. Thus becoming a big challenge for content developers and platform owners.
In Conclusion, the Millennials is a very important demographic and has a very big market now and in the future. Developing the skills to create and deliver content for this demographic need to be done. This requires specific programs and initiatives. Quite possibly a whole new breed of content developers need to be grown and developed.
Salient Points
1. Definition: Millennials are the generation after Gen X also known as Gen Y of Generation Me. Born between the years of 1980s to early 2000.
2. They are born adapt, 74% increased online usage of tablet, 94% use connected TV and 83% use online video services weekly to watch TV.
3. They know how to get the most out of technology. They look for tools to help them make choices but still want to feel empowered and in control. 72% do not care what screen or where the sources come from, as long as they can watch their shows. 66% have different device and sources for different programs.
4. 12 to 24 year old watch 1/3 less Linear TV then adults aged 35 – 49 and less than half of the 50 to 65 year old. And it is not because they watch more as they grow older but they watch less Linear TV as they grow younger.
5. Gone are the days when you can tell people what to watch and when. Millennials also have more choices than previous generations. The millennials control what they watch, when, where, how and why. They also watch 50% more online videos than any other users.
Johan Fariz Marzuki Lam
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