Good morning.
We all know the pandemic provided a major boost to the consumption of digital media. Less well-known is the degree to which the very nature of media consumption changed, providing not just entertainment, but “real meaning and fulfillment,” according to Deloitte Vice Chair Jana Arbanas. A new report out this morning from Deloitte (which sponsors this newsletter) shows the dimensions of that change, especially for younger people. Some highlights:
--50% of Gen Z and Millennial consumers in the U.S. (ages 14-40) agree with the statement: “online experiences are meaningful replacements for in-person experiences.” Only 19% of Gen Xers, Boomers and older (ages 41 and up) feel the same.
--48% of Gen Z and Millennial consumers say they “spend more time interacting with others on social media than in the physical world.” Only 20% of older consumers say the same.
--Watching TV shows or movies remains the most enjoyable activity for the majority of the 41-year-old-plus crowd (55%), but not for younger consumers. Only 30% say they enjoy TV shows and movies most, compared to video games (19%), user-generated content (19%), and music (16%).
--Younger consumers say they feel “most connected” to a community of people when playing video games (19%) and watching user-generated content (27%), while much smaller numbers of older consumers (5% and 11%) say the same.
And for all those trying to build digital media subscription businesses, here’s another stunning generational divide: While 88% of consumers have paid for a video subscription, half of those (44%) have also cancelled one in the last six months. And cancellation is much more common among Gen Zers (57%) and Millennials (62%) than Gen Xers (43%) and Boomers (24%).
You can read the full Deloitte study this morning here.
Separately, if you are wondering whether ChatGPT can boost worker productivity, you should read this story by Fortune’s Steve Mollman about people who are already using the tool to help them hold down more than one job.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
