• Finanical Times, Tuesday, July 14, 2009 12:35 AM

A research note written by a teenager who works at Morgan Stanley has become the talk of middle-aged media executives and investors. Morgan Stanley's European analysts asked 15-year-old Matthew Robson, one of the bank's interns in London, to report on his friends' media habits. Morgan Stanley then published the "clear and thought-provoking" findings.

Edward Hill-Wood, head of the team, estimated the teen's report had generated five or six times more feedback than the team's usual reports.

Robson sets out a sobering case that tomorrow's consumers are using more media but are unwilling to pay for it. His peers find it hard to make time for regular television, and would rather listen to ad-free music on Web sites than tune into traditional radio, he says. Even online, teens find advertising "extremely annoying and pointless." Eschewing even Twitter, teens would rather spend their time and money on cinema, concerts and video game consoles. Robson also says no teenager he knows regularly reads a newspaper, since most "cannot be bothered to read pages and pages of text."

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