The Millennial Footprint on Media and Entertainment
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1 Millennial Footprint On Media and Entertainment
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Every generation leaves their footprint on media and entertainment, and it looks like the Millennials’ footprint is likely to be a big one. Last week at the ThinkLA conference in Los Angeles, I gave a Presentation on this topic. Attending were over 600 executives in the media and entertainment business. Among this group, there is a growing sense of unease about where it’s all going. Long standing business models have been disrupted overnight. In a recent research paper conducted by Ipsos for the Social Media Advertising Consortium, it was reported that 30% of Millennials’ media time (5 hours/day) is now spent with User Generated Content (UGC) created by their friends and peers. Our own research at LifeCourse confirms this. In a recent survey we conducted for twitch.tv, we found that 93% of Millennials go to social networking sites on their smart phones. This compares to 85% of GenXers and only 52% of Boomers. Conventional media like broadcast television is under enormous pressure to stem eroding market share from emerging media, and Millennials are leading this shift. History shapes generations. Generations shape history. To understand how Millennials influence these new trends and discern where it is all going, we need to go back in time to the formative years of their childhood, and their coming of age experience– their own history. These early experiences shape their values and beliefs that remain enduring and unique, and can give us a glimpse into the future. Every generation is shaped by their place in history. Aristotle said that history shapes generations, and then generations shape history. Millennials were raised during a time of increasing parental involvement. We’ve all heard stories of helicopter parents, clearing the way for their child’s success and achievement. Indeed, Millennials were raised to feel special and instilled with an ethic of achievement. Surrounded by a team of parents, teachers, coaches, and tutors, the expectation of individualized attention as well as a trusting support network allowing them to grow and achieve has always been part of the Millennials coming of age story. Role models at an early age encouraged teamwork and cooperation. Do you remember Barney the Dinosaur? I love you, you love me, we’re one big happy family… By contrast, GenXers grew up to learn to fend for themselves– it was a time of declining parental involvement. One of the iconic figures of their coming of age experience was a Muppet who lived in a garbage can– Oscar the Grouch!
Transcript of The Millennial Footprint on Media and Entertainment
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Millennial FootprintOn Media and Entertainment
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“Generations are shaped by history, and then history is
shaped by generations”
Aristotle
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Each Generation
Shares in History:• Common Age • Common Location
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Each Generation
Shares Common:• Attitudes• Behavior Traits• Collective Identity
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Actions/Behaviors
Opinions/Attitudes
What shapes behaviors?
Values/Beliefs
What are the prevailing cultural norms when growing up?
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Baby Boomers
Focus of Attention
Self-Actualized
Idealistic
Group Oriented
Challenge Authority/Rules
Work-focused
Change Agents
Generation X
Ignored
Survivors
Cynical
Individualists
Avoid the rules
Self-Directed
Pragmatic
Millennials
Special
Sheltered
Confident
Team-Oriented
Conventional
Pressured
Achieving
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Generations and Technology
Boomers1980’s – 1990’s
GenXers2000’s – 2010’s
Millennials2010’s – 2030’s
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OUTLINE
• Who are the Millennials?• The Four Values That
Shape Their Behavior• The Footprint for the
Future of Media and Entertainment
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Who Are the Millennials?
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The Millennials
• Born 1982 – 2004• Currently 10-32 years old• 32% of US Population (100 million)
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Coming of age in the 2000’s
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What Do We Know About Millennials?
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Millennials
• Special
• Sheltered
• Confident
• Team-oriented
• Achieving
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Most Ethnically Diverse and Educated Generation
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High School and College-Aged YouthTrend in Last 15 Years
• unstructured free play, hours per week DOWN • sleep, hours per week
DOWN• age at which career choices are made
DOWN• temp work for pay, hours per week DOWN • homework, hours per week
UP• intend to go to 4-year college, share of total UP• admission standards, at typical college UP• first job via internship, share of total UP
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Four Millennial Themes That Will Shape Media and Entertainment
• Hyper-Socialization• First Life/Second Life Blend• The Maker Movement• The Barney Effect
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I Love Everybody
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I Love My Family
• Get along with parents• 82% of teens report
“no problems” with any family member—up from 75% in 1983, 48% in 1974.*
• Parents are a source they Trust!
*Source: National Association of Secondary School Principals (2005)
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I Love My Friends
“My friends are the most important thing in my life”
Millennials 55%
GenXers 44% Boomers
40%
*Source: Percent Strongly Agree and Agree, LifeCourse survey, 2014
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I Love My Friends
Source: Entertainment Software Association
51%
of Millennials play games with their friends.
16%
of Millennials play games with their parents.
32%
of Millennials play games with their
family members.
72%
of Millennials play games with their
friends and family members.
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I Love My Community(Trust)
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I Trust My Community
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Hyper-Socialization
It takes a village• 55 million viewers• 16 days• 1.6 million participating• Social experiment• Democracy v. Anarchy
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First Life/Second Life Blend
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First Life/Second Life Blend
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First Life/Second Life Blend
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First Life/Second Life Blend
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First Life/Second Life Blend
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In Real Life
“He’s the site’s worst troll, but IRL he’s a lawyer”
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First Life/Second Life Blend
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First Life/Second Life Blend10hrs
8hrs
7hrs
MILLENNIAL BOOMER GENXER
Average hours a day in front of a screen.
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First Life/Second Life Blend
Sometimes, I think Life
is like a video game
52%
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First Life/Second Life Blend
“I know it’s not real, but I think it is”
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The Maker Movement
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The Maker Movement30% of Millennial’s Media time is spent with User Generated Content (UGC)*
*Content created and curated by their peers
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Maker Movement
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Maker Movement
Where players create and creators play
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The Maker Movement
Education Avocation
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Avo-tainmentThere are 1 million broadcasters on twitch.tvTop earner in 2013: over $300k
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Avo-tainment
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Edu-tainment
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The Barney Effect
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The Barney Effect– Be Nice, Be Fair
Source: CNN/ORC poll, Feb 2014
"The government should work to substantially reduce the income gap between the rich and the poor."
72%of Millennials
Agree
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Socially Conscious
“Having a positive impact on society is important to me.”
Percent Strongly Agree
*Source: LifeCourse survey, 2014
Millennials 30%
GenXers 24% Boomers
22%
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Socially Conscious“It is important to me to company I buy products from supports social causes.”
*Source: LifeCourse survey, 2014
Percent Agree
Millennials 54%
GenXers 46%
Boomers 48%
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Equity/Fairness
70% of Millennials agree with the statement “If a company is unfair with me, I’ll figure out how to make things fair.”
Nick Shore. “Millennials Are Playing with You.” Harvard Business Review. December 12, 2011.
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Equity/Fairness
“Millennials expect brands to listen to their feedback and engage in a two-way, interactive conversation with them.”
--Social Intelligence
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Participation
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SUMMARY
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Feb '11 Feb '12 Feb '13 Feb '140
5 , 0 0 0
1 0 , 0 0 0
1 5 , 0 0 0
2 0 , 0 0 0
2 5 , 0 0 0
3 0 , 0 0 0
3 5 , 0 0 0
4 0 , 0 0 0
4 5 , 0 0 0
40,832
30,63426,927
32,767
16,342 15,293 13,923 12,354 11,630 11,906 9,920 9,124 8,841 8,910 9,001 8,006
5,187 5,132 5,413 4,166
FOX CMDY ESPN ADSM TOON
• Across all networks, the total P18-34 audience decreased in audience size from 2011-2014.
THE MAJORITY OF NETWORKS ARE SEEING A DECLINE IN THEIR 18-34 AUDIENCE
Prepared for: Twitch TVSource: Source: Nielsen; Combined Home & Work Online Panel, P18-34, Feb 2011-2014
P18-34 Network Reach Proj (000) 2011-2014 % Change
FOX -20%CMDY -24%ESPN -22%ADSM -9%TOON -20%
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05/11/2
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05/25/2
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06/08/2
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06/22/2
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07/06/2
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07/20/2
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08/03/2
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08/17/2
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08/31/2
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09/28/2
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10/12/2
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10/26/2
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11/09/2
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11/23/2
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12/07/2
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12/21/2
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01/04/2
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01/18/2
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02/01/2
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02/15/2
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03/01/2
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03/15/2
0140.000%
0.005%
0.010%
0.015%
0.020%
0.025%
0.030%
0.035%
0.040%
0.045%Search Term Variations - "twitch" vs "buzzfeed"
"twitch""buzzfeed"
Shar
e of
Sea
rch
Clic
ks
Search Term Variations Volume of search variations of ‘twitch’ has increased 12x or 1105% YoY
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Three-Word Mantra
PARTICIPATE CREATE SHARE
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The Education Revolution
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Check Your Basement
?
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THANK YOU!
