This is the last installment in my analysis of the Millennial generation. For the first two installments, go here for the first installment and here for the second.
We Want What We Want, When We Want It
The heading says it all. Jace Hall, producer and creator of the “Jace Hall Show”, explained it best at the Economist’s World in 2011 Conference. In the past, our access to content was restricted by physical constraints (ex. you could only watch the evening news on your TV set in the living room). Today, the Internet and wireless connection have toppled those barriers. It is physically possible to watch movies on your Android or read novels on your iPad, whenever you want. Content providers, however, are still trying to dictate where and when content is released. Hall warns that withholding content from fickle consumers drives them to illegal activity or other providers- either way, they’ll find a way to get it.
Constant accessibility isn’t necessarily unprofitable. In fact, Millennials are more likely to pay more to get exactly what they want. For example, my roommate and I have a cable/Internet bundle. I never watch cable, and he watches a small handful of shows; we both devour Netflix and Internet connections. Our bundle costs roughly $80 a month- if Internet is roughly half of that, the $40 for hundreds of channels is of little value to us. My roommate would happily splurge on, say three channels, and pay $15-20. I understand that buying those channels slashes the ability for content providers to invest in R&D or new content. However, it’s better to sell three than none at all. New business models must learn how to juggle profit with Millennials’ desire for flexibility and customization.
Millennials are influencing an age where everything is accessible, no matter where you are or what time it is. In a sense, the concept of time has changed- I can get real-time updates on a riot in Tangier within minutes, rather than waiting for tomorrow’s paper. Classic German films float to the top of a search engine as easily as bootlegged films yet to be released. On the Internet, the past and present become jumbled together. Content is not the only thing that’s always available; we are too. No wonder we like to multitask so much. How else could we handle the daily avalanche of communication in addition to having a life? With the increasing popularity of Internet-enabled smart phones, Millennials are answerable at all times.
Heroes or Villains?
For a couple of years, Millennials have been subject to many opinions. One side sees us as self-entitled, unmotivated, and idealistic parent-moochers who can’t communicate properly. The other envisions our generation as multitasking, hyper-connected global change-makers who champion social awareness and teamwork (this one is less popular). We are all of these descriptors and more. If you notice, our strengths and weaknesses are simply variations of the same attributes. It would be unfair to label 80 million individuals with simplistic stereotypes, especially since we’re known to be one of the most diverse generations to date. It is far more insightful to identify common themes in Millennial behavior, saving judgment for last. Connectivity, sharing, anti-hierarchy, access, and flexibility: though we may possess them all, each of us employs them differently.
Society’s gaze is trained on the collective power of America’s youthful millions. Brands that can intuit our desires and integrate themselves into our lifestyle have reaped their rewards. The same holds for politicians, media moguls, and social activists who understand the Millennial mindset. However, this focus should not undermine the importance of other generations, such as the waves of retiring Baby Boomers whose buying power is far greater than ours. Nor should we forget the Generation Xers at the helm of America’s great businesses and organizations. Digital Natives, like my tech-savvy sister, will be the next objects of social obsession; their generation reveals our nation’s farther future. Nevertheless, researchers study Millennials to understand the changing world of tomorrow. We, the teens and twenty-somethings of today, will be the CEOs, parents, and professors of tomorrow. We are the face of America’s future.
For more resources on Millennials, please contact Lauren.
The heading says it all. Jace Hall, producer and creator of the “Jace Hall Show”, explained it best at the Economist’s World in 2011 Conference. In the past, our access to content was restricted by physical constraints (ex. you could only watch the evening news on your TV set in the living room). Today, the Internet and wireless connection have toppled those barriers. It is physically possible to watch movies on your Android or read novels on your iPad, whenever you want. Content providers, however, are still trying to dictate where and when content is released. Hall warns that withholding content from fickle consumers drives them to illegal activity or other providers- either way, they’ll find a way to get it.
Constant accessibility isn’t necessarily unprofitable. In fact, Millennials are more likely to pay more to get exactly what they want. For example, my roommate and I have a cable/Internet bundle. I never watch cable, and he watches a small handful of shows; we both devour Netflix and Internet connections. Our bundle costs roughly $80 a month- if Internet is roughly half of that, the $40 for hundreds of channels is of little value to us. My roommate would happily splurge on, say three channels, and pay $15-20. I understand that buying those channels slashes the ability for content providers to invest in R&D or new content. However, it’s better to sell three than none at all. New business models must learn how to juggle profit with Millennials’ desire for flexibility and customization.
Millennials are influencing an age where everything is accessible, no matter where you are or what time it is. In a sense, the concept of time has changed- I can get real-time updates on a riot in Tangier within minutes, rather than waiting for tomorrow’s paper. Classic German films float to the top of a search engine as easily as bootlegged films yet to be released. On the Internet, the past and present become jumbled together. Content is not the only thing that’s always available; we are too. No wonder we like to multitask so much. How else could we handle the daily avalanche of communication in addition to having a life? With the increasing popularity of Internet-enabled smart phones, Millennials are answerable at all times.
Heroes or Villains?
For a couple of years, Millennials have been subject to many opinions. One side sees us as self-entitled, unmotivated, and idealistic parent-moochers who can’t communicate properly. The other envisions our generation as multitasking, hyper-connected global change-makers who champion social awareness and teamwork (this one is less popular). We are all of these descriptors and more. If you notice, our strengths and weaknesses are simply variations of the same attributes. It would be unfair to label 80 million individuals with simplistic stereotypes, especially since we’re known to be one of the most diverse generations to date. It is far more insightful to identify common themes in Millennial behavior, saving judgment for last. Connectivity, sharing, anti-hierarchy, access, and flexibility: though we may possess them all, each of us employs them differently.
Society’s gaze is trained on the collective power of America’s youthful millions. Brands that can intuit our desires and integrate themselves into our lifestyle have reaped their rewards. The same holds for politicians, media moguls, and social activists who understand the Millennial mindset. However, this focus should not undermine the importance of other generations, such as the waves of retiring Baby Boomers whose buying power is far greater than ours. Nor should we forget the Generation Xers at the helm of America’s great businesses and organizations. Digital Natives, like my tech-savvy sister, will be the next objects of social obsession; their generation reveals our nation’s farther future. Nevertheless, researchers study Millennials to understand the changing world of tomorrow. We, the teens and twenty-somethings of today, will be the CEOs, parents, and professors of tomorrow. We are the face of America’s future.
For more resources on Millennials, please contact Lauren.