An MPP Global poll shows that the majority (60 per cent) of TV operators and broadcasters believe that pricing, models and multiscreen are the top strategic priorities for targeting millennials, closely followed by 20 per cent stating that content packages play an important role as a medium in the marketing mix.
The survey was conducted as part of MPP Global’s latest webinar which discussed the latest insights, strategies and proven tactics on how to reach, engage and influence millennials across different media.
Millennials Online Viewing Patterns
Millennials yearn for more access to marathon and binge viewing; they want to watch their favourite content all of the time. Millennials also relish the opportunity to watch live or recent content; they want to be able to watch new shows online, with 50 per cent of millennials favouring an online subscription over a cable subscription.
Flexible Pricing Models
Operators must adapt to emerging preferences and requirements in order to keep up with changing viewing habits. This has led to an increased number of OTT services and operators are looking at how offering flexible pricing models, innovative services and the accessibility of content across multiple devices, will help grow audience retention and revenue.
One of the latest pricing models is micropayments, which enable consumers to pay for each individual asset rather than sign up for a subscription. Day and week passes have also become popular, enabling consumers to pay for a set amount of time.
MPP Global has also seen the emergence of content bundling and unbundling, which provides consumers with the ability to add or remove channels from their package resulting in them only paying for the content they want to watch.
The UK’s leading TV operator, Sky, enables its customers to choose models which suit them.
Sky offers consumers access to the OTT service, NOW TV, which enables consumers to access Sky Sports, Sky Movies and Entertainment channels, even if they do not have a Sky subscription.
This service provides consumers the ability to pick a package which suits their needs, for example, a football fan can select to pay for a weekly pass and they are only committed to that week, no need for a subscription or a contract. Sky also enables viewers to choose how they access content, with the ability to register four devices and watch on two devices at the same time.
Millennials & the Multi-screen Experience
Gone are the days when big screen TV viewing was the optimum experience. Millennials are far more likely to view video content on a laptop or mobile device, with nearly 50 per cent opting for tablets to watch TV. If they do view content on a TV then they are likely to be simultaneously accessing other content on a separate screen, as 77 per cent of people using a TV will be using a second screen companion.
Chief Executive Officer at MPP Global, Paul Johnson, commented “This survey identifies the growing importance of broadcasters and TV operators adopting new models and adapting to the changing requirements in order to retain their current audience and target younger generations.
With the number of people accessing digital content increasing, TV operators need to ensure they are utilising the tools available to offer the services which best accommodate the growing demand of viewers.”
The viewing preferences and demands of millennials seem set to continue to have a huge influence on the way content is monetised today and in the future.