Deloitte is a professional service network, but it’s even more well-known for its annual Digital Media Trends survey. This survey provides insights into the preferences of young consumers, which can point the way to future trends that content makers should keep their eye on.
When we crack open the 2024 edition, we immediately find some major insights into the digital media landscape that tell the story of a world in flux. Here are the five biggest takeaways from their report.
1. Streamers Beware
A whopping 36% of Americans say that SVOD isn’t worth the money. And that number is likely to rise. According to Deloitte, the average US household spends $61 per month on SVOD services like Netflix and Max.
The story on the other side of the equation is even more dire. To get in on the streaming bonanza, media companies launched their own services, often by pumping these full of original content and offering it at a loss to convert people to new platforms.
But bills eventually need to be paid, and the enormous user churn makes that seem impossible for most streamers.
2. Gaming and Gender
We have closed the gender gap in gaming. Women are playing just as much as men, but these gamers tend to spend their time in very different ways.
About half of male gamers say they spend most of their gaming time with online gaming services, but only 29% of female gamers do. What’s the cause of that difference?
Most likely, bullying.
It’ll be challenging for video game companies looking to keep new players who arrived with the pandemic bump.
3. Social Media Videos Continue to Rise
About half of Gen Z and a third of Millennials now say social media videos and live streams are their favorite form of video content.
Not film. Not TV. Social media video.
That’s a massive shift that represents a totally open field for the future of video.
4. The Power in Fandoms
While segmented, fandoms are now a massive force in the digital media sphere. Whether fans of musicians, movies, video games, TV shows, or sports teams — these groups are willing to hop across platforms to stay engaged with the creators they are passionate about.
The more media companies engage and serve these fandoms, the greater the payoff. For that reason, Deloitte recommends shifting focus from broad appeal, where you encourage many people to be somewhat engaged, to deep appeal, where you give super fans a reason to spend a lot of attention and money on content.
5. Diverse Audiences, Diverse Preferences
Millennials and Gen Zs are much more diverse than older generations of Americans. And that diversity is only increasing with the youngest cohort, Gen Alpha.
The increasing diversity in audiences is driving a preference for content that reflects that diversity. Still, 75% still say they don’t feel represented in media and entertainment.
Reading the Signs
The full 2024 Digital Media Trends survey is an interesting read, and it highlights the major signs of change to come.
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