#2023 trends social media free
3 Around half of consumers (47%) say they have made a change to their entertainment subscriptions because of current economic conditions-like cancelling a service to save money, switching to a free ad-supported version of a service, or bundling services. US consumers have been frustrated by chasing content across multiple subscriptions and losing content to cancellations or expiring rights, but economic pressures seem to be growing as well. Again, these figures jump by double digits for Gen Zs and Millennials, who often subscribe to watch specific shows and movies and then cancel when they’re done-only to resubscribe to watch a new season or film. Similarly, around a quarter of consumers have “churned and returned,” cancelling a paid SVOD subscription only to renew that same subscription within a 6-month period. For Gen Z and Millennial consumers, those numbers jump to 57% and 62%, respectively. Overall subscriber churn for paid SVOD services over a six-month period is 44% according to our survey. Indeed, churn (when a subscriber cancels their subscription) persists (figure 3). Nearly half of consumers say they pay too much for the SVOD (streaming video on demand) services they use and about a third intend to reduce the number they subscribe to.
#2023 trends social media tv
2 Watching TV shows or movies at home remains dominant for the Gen X-and-older set, but across generations there are mounting frustrations. Subscription growth has slowed, and more consumers are opting for cheaper ad-supported tiers that can lower subscription revenues. If digital media behaviors are evolving, streaming video providers may face more challenges. How can media and entertainment companies better understand these changes? And how can they consider leveraging those insights to reach and engage people across media, deliver more value and enjoyment, and establish deeper relationships amidst so much competition and change? The value of streaming video may be under pressure What stands out most is that younger generations may give their digital entertainment time more evenly to TV and movies, video games, music, and UGC. Rather than existing in silos, streaming video, social media, music, and gaming are weaving together into a more interconnected and interdependent tapestry. Notably, music is consistently valued for all generations and often moves across TV, film, UGC services, and even gaming. In contrast, Gen X and older generations are likely to feel most immersed while watching TV shows and movies and are less likely to feel a sense of community from any of these options. In general, younger generations like Gen Zs and Millennials play video games and watch UGC to be entertained but also for social connection and a sense of immersion-that feeling of being deeply engaged and even transported into the screen (figure 2). This variety can increase engagement and utility, and the ability to interact and share with others builds greater connections and stickiness. Video games and UGC can deliver a blend of experiences and a diversity of content, from competition and collaboration and grand adventures to music and shopping and seemingly endless personalized content that can whirl up into viral moments.
TV shows and movies have their own immersive qualities and communities, 1 but they increasingly live beside-and even within-social media and gaming.
Jana was formerly the Inclusion and Well-being leader for Risk and Financial Advisory and continues to bring inclusion and well-being into everything she does. As the US TM&E sector leader, Jana is focused on strategic direction and market eminence of the TM&E sector, and go-to-market strategies for Deloitte’s key businesses.
Jana has built worldwide engagement teams to serve several Fortune 500 companies, across the Americas, Europe, Middle East, and Asia. She has leveraged her risk advisory capabilities to lead engagements for digital platform companies, helping them navigate evolving regulatory requirements and business transformation.
Jana has more than 20 years of experience in serving large, multi-national technology companies to help them address enterprise risk. She is also a principal in Deloitte and Touche’s Risk and Financial Advisory practice. Jana is vice chair and Deloitte’s US Telecom, Media and Entertainment (TM&E) sector leader. US Telecom, Media & Entertainment Sector Leader
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