In LEK’s analysis — its first in-depth analysis of millennials’ life stages from living with their parents to starting their own families — the research firm found that one of the most important challenges comes from millennials’ planned reduction in spend on pay-TV and switch to OTT video services like Amazon Prime and Netflix.
The research found that almost three-fifths (56%) of millennials with children and 45% of those pre-family currently have a pay-TV subscription. A similar percentage 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.
Millennials were found to have spent far less time than non-millennials consuming traditional linear and recorded TV, including pay-TV— ten hours a week versus 20 hours — even though overall video consumption was similar (24, compared with 27 hours per week). The consumption of traditional TV did not increase significantly for millennials with families. This was 12 hours for the millennial cohort, only two hours more than the average.
Source : Rapid TV News