With Millennials, if something isn’t trending, it’s irrelevant. Take television for example. Streaming television shows or movies on-demand is becoming more relevant to the Millennial population. Why? Because watching any show at any time on any device is increasingly popular with this generation in particular.
According to MC Marketing Charts, 12% of Millennials Eschew Traditional TV for Streaming Options, Those users with broadband access aged 18-34 utilized non-traditional viewing options including streaming to PCs, smart phones, and broadband TVs over paying for a traditional TV subscription. In fact “that number is poised to see rapid growth, per the report. Among 18-34 with broadband access, a significant 27% are categorized as ‘straying cross-platformers’” meaning they have an intention to cancel their subscription and become streamers exclusively.
“Given that 91% of the 18-34 age group has broadband access, that translates to 12% of the 18-34.” This 12% counts as Broadbanders, those without traditional pay-TV subscription. The three segments within this study showed data of TV “traditionalists” which includes TV and DVR, “Cross-Platformers” which combines TV with streaming on various devices and “Broadbanders” which is a play on words indicating broadband users.
Despite the various methods of watching television, Millennials will find a way to view the content that interests them. Their high percentage of not only viewing popular programs but recording and sharing has been spotlighted by many media outlets.
Millennials as consumers, as stated in the WJTV story on The Most Interesting Facts about the Millennial Generation, are not only more engaged in their communication world, but their word-of-mouth influence is more powerful than ever. “48% of Millennials say word-of-mouth influences their product purchases more than TV ads” whereas “only 17% said a TV ad prompted them to buy.”
This is important for marketers to keep in mind when spending millions on commercial ads. Millennials will trust their social network most when deciding how to invest their time and money. If it means keeping up with trends, they’ll open their wallets.
Photo credit: Luke Wisley