According to a new study by consulting firm Deloitte, binge-viewing is fast becoming the new national pastime, as 70% of U.S. consumers now binge-watch TV shows, with Americans watching an average of five episodes per marathon session. 61% of streaming subscribers ranked Internet-video services among their three most-valued paid services, more than tripling in the last three years from 17% in 2012.
In addition, Millennials aged 14-25 value streaming-video subscriptions to services like Netflix and Hulu Plus, more than pay TV. Older cohorts still rated cable or satellite television higher. About 46% of Americans now subscribe to streaming video services, and consumers 14-25 now spend more time watching online-video services than live TV, according to the study.
Kevin Westcott, Deloitte principal and U.S. media and entertainment consulting leader, notes that the ongoing shift in media consumption among younger consumers continues to threaten traditional business models, though it presents new opportunities for Hollywood to reach the next generation.
Says Westcott, Millennials are “… streaming more than watching TV… they value streaming more than TV, and when they do watch TV they are doing an average of four other things at a time…”
31% of those surveyed said they binge TV shows on a weekly basis, and 36% of those aged 19-25 say they binge weekly. TV dramas remain the most popular genre among bingers:
And, nearly three-fourths of Millennials aged 19-32 said their buying decisions are influenced by social-media recommendations, versus 63% who said TV ads affect their purchase plans, says the report. In addition, more than one-third of consumers under 50, and almost half of Millennials, said their buying decisions are influenced by endorsements from online personalities.
Westcott continued “… television is still very powerful, but for younger generations social has eclipsed TV for buying decisions… a marketer has to think about how are they reached through social channels… and how to leverage endorsements from social influencers…”
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