I’ve already wondered here whether online video will replace TV. That’s probably a little ways off, but it’s not unimaginable. Steve Rosenbush of BusinessWeek has written this article “Why Online Video Sites Are Hot Targets” analyzing some of the forces behind the huge business interest in the online video sharing market. One interesting facet is the so-called “Millennial Generation” of people born after 1980. Rosenbush explains:
“CHANGING HABITS. Behind the flurry of deals are fundamental changes in the way consumers use technology and media. Investment bankers say traditional media companies and older Web portals such as Yahoo! are alarmed by the habits of younger consumers. Members of the so-called Millennial generation, who were born starting around 1980, don’t watch TV the way their parents did.
“‘We believe the value of (television) station assets will decline as Millennials become the most powerful user of media and (the) coveted target for advertisers,’ research firm Frank N. Magid Associates said in a report. ‘Millennials are multitaskers with cluttered lives, shared attention and a wide array of appliances in their lives—TV remains one of them, it’s just not used in the same manner.’ The report said Millennials spend 2.48 hours a day online, the same amount of time they spend watching TV, and about 2.2 hours a day listening to music. *** Young Internet users are more likely to turn to MySpace, Facebook, or YouTube [instead of TV].”