Written by: Roshan Dwivedi
Major UK TV companies face the growing threat of the millennial generation’s preference for new media channels, according to research by L.E.K. Consulting, the global strategy consultancy. One of the most important challenges comes from millennials’ planned reduction in spend on pay TV and switch to internet-based OTT video services like Amazon Prime and Netflix. 45% of millennials pre-family and 56% of millennials with children currently have a pay TV subscription, and 45% of them either have or expect to have an OTT subscription in the next year, with two thirds of those planning to cancel or reduce their pay TV spend.
L.E.K.’s analysis, The Perennial Millennial, is the first in-depth review of UK millennials’ media consumption, covering six life stages, from living at home with parents, to flat-sharing after being a student, through to starting a family. The research shows that media consumption trends are broadly consistent throughout the life stages of the millennial generation (people aged 16-34 in 2015). Their behaviour is also viral and spreading to non-millennial families and older generations.
Source : PR Newswire