Research from ecommerce platform and strategic ecommerce consulting firm Elastic Path Software has revealed that a surprisingly large portion of online video viewers (75 per cent) are willing to pay for certain content, while 40 per cent have paid to access online content in the past year. Gen Ys (18 to 34 year olds) are an excellent target for media providers, as they are the most active demographic online and are willing to pay for most types of content.
“Some of the consumer attitudes we discovered in this new report have brought to light misconceptions towards paying for online content and advertising effectiveness in younger demographics,” said Cliff Conneighton, chief strategy officer at Elastic Path. “These old, rigid beliefs are no longer true. Companies that fail to understand consumer attitudes and behaviours towards online video risk losing out to the competition.”
Consumer appetite for online video continues to grow as new services, devices, and technologies proliferate. With few precedents to look to, media providers must explore innovative strategies, payment models, and features to attract and acquire customers, says Elastic Path.