This article is part 2 of the "21 Thoughts on Video Streaming in 2021"-series.
I think there were two pieces of info that really stood out within the study.
The first was that 95% of Generation Stream says that streaming has changed the way they watch TV. So essentially, we are saying that nearly everyone we spoke with - spanning generations and cultures - feels that they now consume their TV differently than they did in years past. That's a pretty seismic shift in consumer behavior there.
The second is a quote from one of our industry experts who perfectly nailed the current TV landscape...
"For years, television had to deliver a specific rating. Shows had to appeal broadly or else they wouldn’t survive. And those days are long gone because, with streaming services, shows can reach hundreds of thousands of people or tens of thousands of people and still be considered successful. There’s more experimentation with the types of content; we’re not locked into an hour, a half hour, a comedy, etc. The industry can create really niche shows to appeal to niche audiences, but also simultaneously create big, broad experiences that are shared by millions."
Generation Stream refers to:
- The generation which watches Netflix, Hulu, Disney+, etc. This classification overlays multiple other types of generations, like Gen Z, the Millennials, etc.
- The "Study Group" at Hulu which tries to understand Generation Stream. (Check out https://advertising.hulu.com/generation-stream/.)
I honestly feel like Hulu's "Generation Stream" should be mandatory reading. The report introduce concepts (e.g. "the four streaming experiences") and statistics which are worth thinking about.
Regarding Nick's quote:
- The on-demand nature of online video streaming absolves the need of one-size-fits-all TV shows and movies. Realizing and leveraging this is important.
- An increasing amount of streaming services are identifying with subcultures and niche audiences – because the internet connects the world. As a new streaming service, it's vital to find your audience, and create content for that audience.
- I do believe that content consumption is less serendipitous than 10 years ago, although Netflix is trying to bring this back with "Shuffle Mode". Constantly watching "your type of content" can't be too healthy either. You might burn out, or you might enter tunnel vision. (But hey – no one likes zapping an evening through below-average TV shows either!)