Millennials watch more content than any other generation—more than six hours a day—and nearly 75% have at least one streaming video device in the home, and more than 90% pay for at least one streaming service, according to survey data released by TiVo.
But while millennials are prime targets for content companies, they’re also extremely impatient: 54% told TiVo that they’ve given up on a show they enjoy because it became too difficult to access the content. That compared to just 17% of boomers.
“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, VP of strategy and strategic research for TiVo, in a statement. “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.”
The TiVo data—drawn off the survey results from approximately 5,500 pay-TV and OTT subscribers in seven countries—also found that millennials spend more than 30 minutes a day searching for content to watch, with 83% of millennial pay-TV subscribers reporting that they use their programming guide daily.
Fifty-five percent reported they would pay extra to simplify search across platforms, with 46% saying they grow “extremely frustrated” when content is difficult to find. Only 20% of boomers reported the same.