A new study by The National Research Group and Snapchat has found that while live TV viewership is on the decline, overall video consumption is accelerating, with 29 million consumers now watching videos on their smartphones (a fourfold increase on 2011).
According to the research, the trend is more pronounced among younger people; Millennials spend 34 per cent less time with traditional TV than they did in 2012, and approximately 15 per cent less time since last year. However, 33 per cent of every hour they spend online is dedicated to watching video.
The report emphasised the increased importance of premium short-form content for young people; nearly two-thirds of Gen Zs and Millennials watch premium mobile short-form content (videos 10 minutes or less) at least weekly, while around 40 per cent watch daily.
“Premium short-form is gaining traction because of its customisable, flexible nature, giving viewers the high-quality production value of TV without the time commitment,” the study found. “Watched most during the traditional prime-time slot of 5-11 pm on weekends and weekdays, premium short-form delivers on similar need states for today’s teens and young adults as TV did for previous generations.”