Wednesday, January 7, 2009

Deloitte survey shows we’re living in a "media democracy"

We're living in a media democracy, where no single form of media dominates the attention of Americans. It's also an age where everyone contributes to the media, not just traditional media companies. That's a conclusion of the third annual Deloitte survey on the state of media, which asked respondents how they spent time with media.

“A lot of media will coexist,” said Ed Moran, director of product innovation at Deloitte Services. “We won't see a massive extinction.”

The millennial generation — ages 14 to 25 — is leading this charge now as it accesses content on all sorts of new devices and distribution platforms using a variety of pricing schemes and advertising models. The millennials consume the most media and are more likely to get entertainment from multiple media sources and applications. That's in contrast to a few decades ago, when media was more expensive and so was consumed most often by older generations with more disposable income, said Moran.

Some of this comes as no surprise, as younger people tend to be early adopters. The millennials embrace gaming, music, the Internet, and user-generated content. They're less likely to read newspapers, watch TV, read formal news sites, or visit traditional shopping and product review sites. Their preferred way of absorbing content is watching video on the web and handheld devices or listening to music on mobile phones and MP3 music players.

The surprising thing about millennials is that they do read magazines, as do most of the other generations surveyed. Even when given the choice between a magazine's web site and the paper magazine, respondents preferred the paper versions.

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