34% of Millennials Watch More Online Video Than TV

According to a new survey by The New York Times, there indeed has been a shift in video viewership.  As was seen in last week's class' quick poll, a few people have decided to "pull the plug" and not watch any traditional TV.  This is in-line with The New York Times' findings that 10% of Millennials report watching no TV and 34% watch "mostly online video/no TV".  This is compared to 20% watching mostly "online video/no [broadcast] TV" for Gen X'ers and 10% for Boomers.  Of the segments, 46%, 65%, and 76% (Millennials, Gen X'ers, and Boomers, respectively) watch "Mostly TV".  While those who watch "No TV" are ahead of the curve, it is important to note that this percentage will likely increase.  It is also important to note the stark difference between Millennials compared to the Gen X'ers and Boomers in watching "Mostly TV".

I think that this is a significant sign of the decline of traditional broadcast TV, similar to what we discussed in class.  In fact, 25% of online video viewers are watching less broadcast TV in 2013 than in 2012.  In order to capture viewership and translate that viewership into advertising or other forms of revenue dollars, traditional content providers must radically rethink their strategy in order to stay in the game.  Similar to last week's class discussion, the Netflix model is become increasingly appealing to Millennials.  According to the article, Millennials watch more online video for the following reasons: "56% of Millennials said they could access what they wanted immediately, while 49% said they like being able to watch multiple episodes online. Another 44% said mobile devices allow video viewing in places and at times they can't with traditional TV."  Some traditional broadcasters have taken note, allowing those with cable subscriptions to view episodes online as well.  However, traditional broadcasters need to take this a step further.  It will require a change in business model, but that is what the future of broadcast TV requires--a change in business model in order for them to remain viable.  Ultimately, this should pay off as 36% of Millennials report watching online video multiple times a day. 

One drawback to online videos, according to The New York Times, is that with traditional TV, they are able to watch it on a larger screen (i.e. a TV) and watch it with groups.  I do not agree with this statement as it is cheap and simple to hook up a laptop to a TV, making online video watching almost indistinguishable from broadcast TV watching.




Original Article: http://mashable.com/2013/10/11/millennials-online-videos/?utm_campaign=Feed%3A+Mashable+%28Mashable%29&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial&utm_medium=feed&utm_source=feedburner