Is it time to say goodbye to TV? Probably not yet. The fact is that the Internet is a strong competitor and for years has threatened TV to be permanently sent to oblivion.
Based on a recent eMarketer study on US consumers, 2019 was a significant year. For the first time in history, consumers spent more time on their mobile devices than watching TV.
Mobile video consumption began its rise years ago, particularly among the 18-24 age group users, opposed to TV watching, in decline since 2016. TV viewers are in decline, especially among younger crowds.
Gen Z and Millennials lead this trend. According to a recent study conducted by the National Research Group, video accounts among young people take more than half of the total media consumption. Moreover, the time spent is growing at a faster rate than on any other media.
Adults over the age of 18 surf the Internet nearly 11 hours a week. Out of that time spent, 6 hours are dedicated to watching videos (the rest is devoted to online browsing, email checking, podcasts, and so on…). 2 out of 3 Millennials and Gen Z spend close to an hour a week watching videos on mobile, in particular short-form content: lasting 10 minutes or less.
Digital advertising and video
Following this trend, brands are prioritizing video format (i.e. stories on social media or videos on streaming). This is yielding excellent results in the United States:
70% of Snapchat users between the age of 13 and 34 watched premium video ads monthly. In Q1 of 2019 Twitter videos ad revenue make up more than 50% of its total ad revenue.
eMarketer’s forecasts are clear: this year, US digital ad spending will exceed the budget earmarked for traditional advertising and 25% of digital investment will be allocated to video format.
According to Zenith Media Consumption Forecasts, globally, in 2019 TV remains the biggest medium, attracting 167 minutes of viewing each day. TV viewing, in 2021 is predicted to fall slowly to 165 minutes a day. TV will still remain the world’s favourite medium throughout our forecast, accounting for 33% of all media consumption in 2021, down from 35% in 2019.