Half of TV Viewers Under 32 Won't Pay For TV Ten Years From Now
Forrester Research recently released a report that has alarmed the Cable and Satellite TV Industry
In a recent report, "Young TV Cord-Nevers Have Arrived And Are Here To Stay" which surveyed more than 55,000 U.S. adults, 50% of viewers under 32 will never subscribe to conventional Satellite or Cable TV programming again.
|Interesting facts about Millennials|
|Today there are 43% of young men still living at home, which is the highest rate since 1940. [Time]|
|Millennials will make up as much as 75% of the U.S. workforce by 2025. [Slideshare]|
|By 2015, the Millennial Generation's spending amounted to $2.45 trillion and by 2018, they will surpass boomers spending over $3.39 trillion. [Oracle]|
|41% of millennials don't use a landline at home and instead only cellphones for communication. [Pew Social Trends]|
|65% of Millennials said if they lost their phone or PC this would have a much larger negative impact on their daily lives than if they lost their car. [Zipcar]|
|Percentage of Cord Subscribers By Age|
|Age||Cord Cutters||Never Will||Cord Subscribers|
|32 and Older||5%||15%||80%|
|Source: Forrester Research|
As bad as this may sound for the Paid TV Industry, things could still get worse. This is because even though today's 20 something are already hard to reach by Cable TV. The next generation growing up today during the cord cutting revolution, will be even harder to reach. Many will have been raised by parents who already cut the cord and were never exposed to the concept.
Conventional cable providers will need to think long and hard on how to reinvent themselves to reach these customers and get them to become subscribers. At least now we are finally starting to see more streaming TV services being offered for cord cutters than ever before.
Still the cable networks like to hold onto their old ways bundling highly desirable channels with those less popular so they can charge more. Plus they keep finding ways to tag on extra fees like data caps.
Fortunately for consumers, there are now more options for broadband and streaming TV services. This will continue to spur growth and decrease the market share of big cable companies until finally they are forced to become competitive or face going under.
For a breakdown of some very popular TV streaming services along with the channels they provide, here are two great resources:
Best Streaming TV Services Compared
OTT Streaming TV Service Comparison Spreadsheet
Popular Roku Channels - Be sure to see this guide.