Nearly half of millennials and Gen Xers are choosing streaming platforms over traditional TV.
This piece states that traditional TV works for advertising as consumers pay more attention to TV ads than ads on Facebook or YouTube and also helps marketers diversify their promotional channels. According to a WARC report, TV held twice the active viewing than YouTube and 15 times more than Facebook.
But it is more difficult for brands to reach younger generations through traditional advertising methods as they are increasingly shifting to OTTs. Nearly half of millennials and Gen Xers consume 30 hours of video content on streaming platforms per week.
While advertising spends on TV grew by 16% between 2010 to 2017 its viewership has decreased by 20%. But lower prices, better segmentation and enhanced agility will lead to digital spending to increase to two-thirds of total media spend by 2023.
[8 minute read]