MUMBAI: While it’s not startling that Millennials (consumers in the 16-24 year-old age group) watch a lot of TV online, it might be more unexpected that the vast majority of them haven’t cut the cord, according to a new study (PDF) from Verizon Digital Media Services (VDMS), the company’s cloud video unit.
As a group that translates to multiple screens and represents about 21 per cent of total consumer spending, Millennials spend three times as much of their TV time watching online - 34 per cent versus 12 per cent among non-Millennials, VDMS found in a study that surveyed 1,000 consumers (800 Millennials and 200 non-Millennials) and based its findings in part to in-home interviews with eight selected Millennials.
But 75 per cent of the Millennials surveyed haven’t cut the cord and still pay for TV through a traditional MVPD, the study revealed. And most (64 per cent) also pay for an online streaming subscription, versus 33 per cent of surveyed non-Millennials. Only 14 per cent of the Millennials surveyed said they had never watched TV from an online source, versus 44 per cent among non-Millennials.
Here is a look at how the Millennials surveyed broke down their total TV distribution time, 41 per cent was for live TV, 34 per cent online, 15 per cent on the DVR, and 10 per cent using VOD.
But broadcasters could have some reason for concern. While Millennials are generally brand loyal, not a single broadcast network made the top ten list of brand loyalties among the Millennials surveyed, VDMS said.
According to the survey, the top 10 brands among Millennials were: Amazon, YouTube, Facebook, Google, Walmart, Netflix, Apple, Microsoft, McDonald’s, and Samsung. Verizon was 16th.
Among other findings: 40 per cent of Millennials want access to live TV online, 40 per cent want 4K/Ultra HD video, 25 per cent want device and session shifting, and 19 per cent want interactive TV.