Millennials & TV: Big Appetites, Little Patience
October 19 2016 - 8:00AM
Business Wire
Tech-savvy generation consumes considerable
video content but any disruption to their discovery experience
causes frustration and prompt disengagement
TiVo (NASDAQ: TIVO), the global leader in entertainment
technology and audience insights, today released follow-up findings
from its 2016 TiVo consumer survey, focusing on the behavior of
U.S. millennials and how this coveted demographic interacts with
video content, products and services in contrast to other
generations.
“The media industry is facing a perfect storm with increased
choice and access to content, at the cost of massive fragmentation
and frustrated consumers,” said Paul Stathacopoulos, vice president
of strategy and strategic research, TiVo. “The coveted millennial
demographic is in the eye of this storm, consuming the most content
across the most services and platforms. However, members of this
generation have short attention spans, and they are the most likely
to ‘show dump’ when access to content becomes challenging. These
are cautionary signs for content owners who rely on loyalty and
continued engagement to rationalize and realize returns on their
investments in creative properties.”
Continuing the conversation around “show dumping,” TiVo found
that millennials and Generation Z viewers are the most likely to
give up on shows they previously enjoyed when it becomes too
difficult to access them, either finding the content trapped behind
paywalls or spread across a variety of entertainment sources. On
the other hand, TiVo’s survey also revealed that the millennial
generation spends the most time each day watching video content –
there is simply a limit to how many hoops they are willing to jump
through before quitting on a specific show:
- A staggering 54 percent of
millennials have “show dumped,” giving up on a show they previously
enjoyed because it became too difficult to access the content, in
contrast to just 17 percent of boomers
- Millennials also consume the most
amount of content, more than 6 hours per day
- Millennials spend 32 minutes per
day searching for content to watch, a number boosted by the number
of services and devices they have in the home
In contrast to other generations, millennials are most
comfortable with video entertainment services and devices, likely
driven by their desire to stay at the forefront of the newest
content and best available innovations in entertainment
technology:
- 73 percent of millennials have
streaming video devices at home
- 91 percent pay for at least one
subscription streaming service
- On average, millennials own 3
streaming devices and subscribe to 2.7 paid streaming
services, providing them with a myriad of entertainment options
and access points
The complex, multi-service entertainment setup in most
millennial homes splits viewing time across many platforms and
services. millennials have high expectations for cross-platform
discovery solutions, which are largely unmet:
- 83 percent of millennial pay-TV
subscribers use the programming guide every day
- 53 percent of millennials want
recommendations on what to watch
- 55 percent would pay to simplify
search across platforms
- 43 percent of millennials use
voice commands every day where only 8 percent of Boomers
feel comfortable enough with the technology to do the same
- 46 percent of millennials feel
extremely frustrated when they cannot easily find and access the
programs they want to watch, in contrast to just 20 percent
of boomers
These results illuminate millennial viewing habits and the
existing gap between viewer expectation and the current limitations
of the discovery experience available to the average consumer. To
appeal to millennials and future generations, best-in-class content
and technology are necessary to capture continued interest,
engagement and satisfaction.
These generational results are the U.S. subset of the overall
research findings from an online survey of 5,500 pay-TV and OTT
subscribers across seven countries worldwide with 2,500 interviews
completed in the U.S., and 500 interviews completed in each
additional country, including the U.K., France, Germany, China,
Japan and India.
Download a generational chart here and the survey infographic
here.
About TiVo
TiVo (NASDAQ: TIVO) is the global leader in entertainment
technology and audience insights. From the interactive program
guide to the DVR, TiVo delivers innovative products and licensable
technologies that revolutionize how people find content across a
changing media landscape. TiVo enables the world’s leading media
and entertainment providers to deliver the ultimate entertainment
experience. Explore the next generation of entertainment at
tivo.com, forward.tivo.com or follow us on Twitter @tivo or
@tivoforbusiness.
Forward-looking Statement
All statements contained herein that are not statements of
historical fact, including statements that use the words “will” or
“is expected to,” or similar words that describe TiVo Corporation’s
or its management’s future plans, objectives or goals, are
“forward-looking statements” and are made pursuant to the
Safe-Harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause the
actual results of TiVo Corporation to be materially different from
the historical results and/or from any future results or outcomes
expressed or implied by such forward-looking statements. Such
factors are further addressed in Rovi Corporation’s most recent
report on Form 10-Q for the period ended June 30, 2016, TiVo Inc.’s
most recent report on Form 10-Q for the period ended July 31, 2016,
and such other documents as are filed with the Securities and
Exchange Commission from time to time (available at www.sec.gov).
TiVo Corporation assumes no obligation to update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
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