We are thrilled to dive into The Future of Audience and Revenue study, from Futuri and SmithGeigerGroup. Because of its incredibly wide-ranging nature, we want to take time to unpack some of the most eye-opening discoveries on our blog, and that quest begins today.
As a reminder, this extensive study was Futuri’s most groundbreaking research yet and the result of polling more than 2,000 Americans and over 200 media executives about five key news verticals: radio, TV, social media, digital publishing and esports.
Now, as the study’s coverage begins to swirl from news outlets like Inside Radio, Radio World, and NAB Amplify, we want to break down the first of many industry-changing discoveries: ways the modern audience is changing.
What is the “modern audience”?
When we say “modern,” we mean it. The Futuri Study looks at how media consumers were impacted during and after the COVID-19 pandemic permanently changed lives. Specifically, the surveys were conducted between late spring and mid-summer 2021.
With that in mind, here are three of the most surprising discoveries about the modern audience group.
Three Surprising Finds from The Future of Audience and Revenue study about Modern Audience
Based on the survey, here are three surprising takeaways about the modern audience in relation to the current media landscape.
It’s time to redefine our favorite media terms:
From conversations in our focus groups, we learned there is no more “TV” and no more “radio.” Instead, there is “video” and “audio” delivered on multiple platforms and consumed by different audiences every moment of the day. There is also all manner of written and visual content. Some platforms blur the lines. As media creation and consumption change, our perception of “media” must also change.
In other words, if your friend tells you he is watching TV, he might be: streaming on his Tablet, using YouTube on his phone, following a webinar on his desktop browser, or, of course, actually watching TV!
The new definition of TV is much broader than ever before.
The Modern Audience is More Connected and Active than Ever Before
Not only are modern consumers changing the way they talk about media… they’re consuming a lot more of it!
As our study revealed, the demand for media content is at an all time high. In America, 41% of people consume more than 10 hours of video per week and 64% — almost two-thirds — consume more than 5 hours. That is a LOT of video!
Here are a few ways how people’s media consumption habits changed between Q1 and Q2 of 2021 alone:
- 57% watched streamed content more often.
- 51% watched TV more often.
- 48% used social media more often.
- 30% listened to local AM/FM radio stations more often
With this many consumer habits on the rise, something else is on the rise, too…
The Modern Audience is ready to SPEND
The modern audience is willing to pay good money for good content! This is GREAT news for all of us.
While our consumer habits might be leaning towards craving more content, the price we’re willing to pay is rising to match.
Americans are already spending between $37 and $51 per month on video and audio subscriptions depending on age, and in the case of more affluent HHI $100k+ consumers, this number has reached $66.
Best of all? There’s still room for those numbers to climb as more unique offerings and platforms are created.
If news outlets and content creators can tap into the honey hole of what consumers are craving, there’s an opportunity to create a new subscription-based income method that can revitalize a balance sheet.
Where do we go from here?
If you were keeping a score of the pros and cons from this list, my hope is that you have no “cons” and three “pros.”
While the modern audience is changing what it thinks of as media, it still craves quality content and is willing to open up its wallet to acquire it.
Because of this, we shouldn’t fear “the end,” but look forward to a better future for our industry!
And we’ve just scratched the surface of the breadth of research about the modern audience from this study. If you’re ready to learn more about this group–and how your company can learn and profit–then we encourage you to sign up for my free webinar on October 12. In it, we’ll be looking at how the findings of The Future of Audience and Revenue 2021 apply to three unique vertices: radio, television, and digital publishing. You can sign up for the time best aligned with your vertical.
Remember, a change in the modern media’s audience and landscape doesn’t mean an end to profitability for your company. Instead, it means more profitability if you have the tools and knowledge to connect with your audience. Futuri Media is here to help.
Come back for my next post when we discuss practical ways to adjust to the change in audience behavior.