A new study from Deloitte says the pandemic has driven consumers to become even more reliant on online entertainment.
So-called Boomer and Gen X still place “watching TV shows or movies at home”, while for Gen Z “playing video games” is the preferred form of entertainment. When it comes to watching television itself, “Churn & return” behaviour is most common with younger generations: Almost half of millennials (47%) and 34% of Gen Z cancelled and then resubscribed to the same streaming video service later that same year.
The top reason consumers cancelled a paid streaming video on demand (SVOD) service was due to high cost followed by the fact they finished the show they signed up to watch.
Sixty-five percent (65%) of consumers watch free ad-supported video services.
Deloitte Digital Media Trends Fall Pulse Survey reveals 84% of consumers are spending more time on online entertainment at home, compared with in-person entertainment outside the home.
Deloitte says that as of August 2021 changes shaped by the pandemic have continued and it’s becoming clear a return to the “old normal” is not imminent. Younger generations are managing costs by adopting ad-supported options, looking for discounts and bundles, and moving on and off services to satisfy their content needs.