Digital media is trouncing traditional channels with Gen Y, the largest U.S. consumer group. Deft marketers are recognizing the value of investing in their own sites, social media platforms, and mobile apps.
“It’s the ‘end of the beginning’ of a dramatic shift in ad-spending from traditional formats to digital. Power will shift as brands cultivate authentic relationships via social media, creating cohorts whose size dwarfs media brands’ subscriber bases.” ~L2 Founder and NYU Professor Scott Galloway
L2 surveyed nearly 1000 high-achieving and high-earning Gen Y adults for this study. Refined to a panel of 535, on average this sample set is on a trajectory to earn more than $80,000 in the short-term and double their income within the next five years.
- Facebook, hands down: 81 percent of millennial use Facebook every day—nearly twice as many as watch TV or read newspaper content.
- Blogs scale the gates of the fourth estate: 45 percent read blogs every day, as many as those reading newspaper content.
- News brands thrive—it’s paper that’s dying: Nearly half read a newspaper every day, but 79 percent access that content digitally on a daily basis.
- Digital killed the TV set: 42 percent watch TV shows online; 27 percent watch movies online.
- The upwardly mobile go mobile: 25 percent use mobile to access social media, and one in eight watched a video on mobile in the past 24 hours.
- Digital branding is paramount: 63 percent use social media to engage with brands, and more than 50 percent say that Facebook, blogs, and brand videos affect their opinions about products.
- Websites are flagships, too: Websites are as influential as physical stores in shaping Gen Y sentiment, second only to friends’ opinions.