Perennial Millennials: Is Pay TV Under Threat?
- PERENNIAL MILLENNIALS 2
- Executive Insights
L.E.K. Consulting recently conducted the first in-depth analysis of U.K. Millennials' media consumption habits by life stage, from living at home with parents all the way through to starting their own families.
In the second installment of the Executive Insights Spotlight on Media and Entertainment: "The Perennial Millennial" series, L.E.K. explores the uptake and future interest in Over-The-Top (OTT) services among Millennials by life stage and the potential impact on traditional Pay TV providers. Key findings from our research include:
L.E.K.'s research indicates that Pay TV operators face a growing threat from the Millennial generations' preference for new media channels. Traditional media participants need to adapt rapidly and innovate further and faster to develop content propositions if they are to capture the interest and behavior patterns of the Millennial generation.
Our first installment in this series revealed Millennials' preference for new media channels at every stage of their life. Our analysis confirmed this is spreading virally to non-millennial families and older generations and provides a wake-up call to traditional media players, highlighting the major threat millennial behavior poses to the industry.