Millennials drive big growth in video-streaming services
Digitally savvy young adults have driven another year of sharp growth in video-streaming services, with Australian subscribers now watching nearly two hours of streamed videos every day.
According to Deloitte’s annual media consumer survey, the percentage of Australians paying for a subscription-video-ondemand service such as Netflix or Stan leapt to 43 per cent over the past year from 32 per cent. Nearly 60 per cent of respondents pay for two services.
Those aged 29-34, led the way, with 62 per cent of respondents having a video-streaming subscription, up from 37 per cent in last year’s survey.
But older users are also embracing video on demand, with subscriptions among baby boomers, those aged between 50 and 70, leaping to 34 per cent from 23 per cent.
But the proliferation of digital content is also proving a distraction for households.
Deloitte says 91 per cent of TV watchers “multi-task” while watching the screen, primarily by using social media at the same time.
“This can result in a type of passive consumption, which is concerning if it starts to impede our ability to filter important information like news,” the survey’s authors said.
They also note that daily use of social media declined again last year, from 59 per cent to 55 per cent, on par with 2014 levels.
The proportion of respondents classified as heavy users of social media, those that update or check their profile at least 10 times a day, fell to 9 per cent from 12 per cent. The biggest movement was in the 14 to 28 age group, where heavy users fell from 26 to 15 per cent.
Newspaper subscriptions rose to 17 per cent from 16 per cent of respondents, though Deloitte noted a continued resistance among consumers to pay for news content.
However, the survey noted the increased awareness of quality, integrity and responsibility in news sources as key factors in the willingness of consumers to pay for news subscriptions.
The 29-34 age demographic, Deloitte said, listed trust and brand association (26 per cent), unique content (24 per cent) and values alignment (19 per cent) as reasons they would be more willing to pay for news.