After all the industries Millennials allegedly killed, it seems that the time has come for online entertainment to take its place on the chopping block. Only, this time, the younger generation doesn’t look to destroy it, just change it to better suit its needs.
The first generation to grow up with the Internet are the Millennials. They are digital natives, unlike the older folks, who had to learn how to use it in their adult years. That fact has shaped them and allowed them to embrace online entertainment as something natural.
Generally speaking, this is something all companies dealing with it should cherish, but the other side of the coin is that Millennials often have high standards and aren’t afraid of switching to other providers if those standards aren’t met.
One of the reasons for YouTube’s popularity among millennials is relatability. A huge chunk of YouTube content is created by millennials for millennials and that works as well as you can imagine. They are the main driving force behind the surge in viewership popular YouTube channels enjoy.
While they use other platforms as a source of entertainment as well, 35% of all Millennials would choose YouTube if they were forced to select just one video provider. They are also more prone to binge-watching and have, as a group, higher brand receptivity, making them ideal demographics for advertisers.
The boom of online gaming, in all its forms, has coincided with the rise of the Millennials. No other generation in the past had the opportunity to enjoy all the benefits that the Internet has unlocked when it comes to gaming.
It is no wonder then that gaming is one of the main forms of online entertainment Millennials do. The industry has sensed this and had pivoted towards online and multiplayer games.
The market has become so saturated that regardless if you want to play FPS or just relax with some popular slot games, you are bound to find content that will satisfy you. It has been said before that we are living in the golden age of online gaming.
Speaking of binge-watching, digital TV services like Netflix and Amazon Prime are well on their way to smothering traditional TV services. Millennials prefer their content to be delivered via the Internet, as compared to cable TV.
On average, they absorb more digital content than the ordinary viewer and almost none of it in front of a traditional TV. One thing that can hamper this development is the increasing number of online platforms offering video content.
In order to follow your favourite TV shows, you now have to have several subscriptions, and the costs can quickly add up, which is the main reason why so many people turn to piracy, along with the regional restrictions.
Despite the recent backlash, Facebook is going through due to their approach to privacy and data collection, social media still play a large role in the lives of Millennials. One thing that is changing is the platform.
More and more young people are abandoning Facebook and turning to other platforms in order to stay connected with their friends. The biggest winner is Instagram, which is, ironically, also owned by Facebook and Mark Zuckerberg, so it is safe to assume that the same privacy policies apply there as well.
Still, Instagram feels less invasive and that is the reason behind its rising popularity with younger generations. The platform is the fastest growing social networking app in the world, reaching one billion users back in 2018 and leaving the closest competitors like Facebook and Snapchat behind, at least in terms of growth.
Online entertainment has become a highly competitive field and many companies are trying to get a piece of the cake. The key to success is understanding their audience and the Millennials are a big part of it.
That is why we see more and more providers gear their content specifically towards them, in the hope to gain users. The fact that the Millennials are fickle and will abandon them the moment they feel the content isn’t worth the subscription they are paying only adds to the cutthroat nature of online entertainment.