Gen Z – leading the future of digital entertainment (by Paolo Rizzardin)

EQS-News: Mondia / Key word(s): Miscellaneous
OPINION: Gen Z – leading the future of digital entertainment (by Paolo Rizzardin)
23.11.2022 / 18:40 CET/CEST
The issuer is solely responsible for the content of this announcement.

OPINION: Gen Z – leading the future of digital entertainment (by Paolo Rizzardin)

Paolo Rizzardini, Mondia Digital (www.mondia.com) – CHAIRMAN

Gen Z, the first digitally native generation, comprises a third of the world’s population and represents over a quarter of the world’s consumers. They are the largest generation alive today and the way they consume entertainment is causing dramatic changes in the media and content creation environment.

Traditional forms of entertainment such as television and movies are no longer the dominant force they once were. Instead, this generation is turning to the internet and social media for their entertainment needs.

There are a number of reasons for this shift. First and foremost, Gen Z grew up with the internet and social media. Gen Z was the first generation with ubiquitous access to the internet and portable computing devices from an early age. They enjoy using these platforms and expect a constant stream of new and interesting content.

Another reason for the shift is that traditional forms of entertainment are becoming increasingly expensive. Cable TV and movie ticket prices have risen, while streaming services like Netflix, Amazon Prime, and Hulu are growing in popularity.

Gen Z preferences drive innovation and technology markets: Trifecta Research (www.Trifectasearch.com) reported that Gen Z is likely to impact over $200 billion in sales annually in the US. This shift has led to the rise of new platforms and content creators that cater to Gen Z audiences.

They are the smartphone generation, but open to new technologies

Gen Z is a mobile online generation – the first to have no memory of a pre-smartphone world. Smartphone penetration is almost complete. 89% (https://bit.ly/3ESKVeh) use their smartphones every day, and most are online all the time. 78% (https://bit.ly/3AGKjG2) consider their mobile device to be their primary access method.

They started using phones earlier in life (https://bit.ly/3Xk8m7s)and they’re far more engaged with mobile apps than any other generation.

69% (https://bit.ly/3goQEPO) still watch TV daily but only spend half the time on Netflix and YouTube. Gen Z is also open to new interface technologies; According to research by Basis (https://bit.ly/3EX1PIM), 3 in 10 US Gen Zs say they own or own a VR headset, and there are more Gen Z smart wearable users (21 million ) than in Generation X.

They like short online videos

Ofcom’s Media Nations 2022 report (https://bit.ly/3EUe1Kq) revealed that 65% of Gen Zs watch short videos every day (compared to just a third of adults). Gen Z is more likely to watch videos uploaded by the general public than by family, friends, or influencers.

Platforms like YouTube, Instagram, TikTok, and Snapchat have become incredibly popular, offering a wide variety of content that can be consumed anytime, anywhere. YouTube has become a popular source of entertainment for Gen Z, with 84% (https://bit.ly/3XqpQz9) visiting the site at least once a day and 70% (https://bit.ly/3Ox9ReL) visiting the site for more than two hours a day watch day. They spend even more hours on TikTok – an average of 10.5 (https://bit.ly/3Vl3Jbr) per week.

Gen Z consumes a wide range of video content, from vlogs and challenges to games and music videos, while how-to videos are a notable favorite, reflecting a love of learning. Gen Z are generally concerned with social and environmental issues and are connected and engaged with the world. According to Deloitte (https://bit.ly/3OuVNCa), around 80% of Gen Z consume news and current events on a daily basis. More than half get their news and breaking events from social media feeds and messaging services, and only 30% from dedicated news sites.

They stream their audio

According to Ofcom (https://bit.ly/3tSCPFg), half of all listening time (47%) was spent on online music via a streaming service, twice as much as five years ago. Spotify and Pandora lead (Gen Z listened to 578 billion minutes (https://bit.ly/3OKP2g1) of music on Spotify in a single quarter in 2022), followed by Apple Music, Amazon Music and others.

Gen Z is increasingly connected to creators on audio platforms and enjoys joining online communities to support them. The relationship between creator and fan is becoming more two-way, with fans connecting through social media. According to Wired magazine (https://bit.ly/3UZMxZi), Gen Z is actively looking for new creators to express their individuality.

Broadcasting continues to lag behind streaming services, with MP3s and CDs accounting for just a fifth of audio consumption. But podcasts are popular and growing: 61% (https://bit.ly/3Xrjsrr) of Gen Z listen to them at least once a month, and podcast advertising is increasingly influencing buying behavior.

They are social gamers

Gaming has become one of the most popular forms of entertainment for Gen Z, with 87% (https://bit.ly/3V94uoA) playing video games at least weekly, and a third (https://bit.ly/3Xr2Z6A) playing games with others prefer activities. This generation is more likely to play video games than any other age group as they are drawn to the level of interactivity and engagement

Gaming is viewed as a social activity that builds community, connections with others, and a form of self-expression and is comfortable paying for digital assets, suggesting that the Metaverse could evolve from existing gaming platforms.

Gen Z demand continues to drive the rise of mobile gaming and the increasing sophistication of mobile games and live streaming platforms like Twitch. The gaming industry, largely driven by Gen Z, is valued at around $200 billion in the US alone.

You are serious about the connection

Gen Z is sometimes referred to as the “reasonable generation” – they’re serious, well-informed, and concerned about the world. Their constant connection and mobile access drives them to build communities centered on shared values, interests and goals. Activities that were once considered solitary — watching videos, playing games — are now overwhelmingly social activities.

This demand for online connections will continue to drive innovation as content platforms provide unique, compelling and engaging environments for this generation to thrive.

Generation Z is increasingly driving digital entertainment forward, and that means the media and content creation environment must continuously adapt to these changing needs or risk being forgotten and eventually extinct.

Distributed by APO Group on behalf of Mondia.

23.11.2022 CET/CEST Release of a Corporate News/Financial News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

EQS distribution services include regulatory announcements, financial/corporate news and press releases.
Archive at www.eqs-news.com

source

Leave a Reply

Your email address will not be published. Required fields are marked *