Video via L2inc. All rights reserved.
A very informative video statistically showing two dominated and still growing trends in technology niche that shape business strategy – online video and mobile finance.
Just as the number presented in the video, the online video giant, YouTube, reaches to more 18-to49-year-olds than any cable TV network in the U.S. and leads among other online video service platform with the number of 85%. Actually, millennials are a very active video audience group, even the most active among any U.S. age group. Online video is nothing new, while the evolving and diverse formats of delivering online video, such as the thriving trends of on-demand video and live video services, are constantly disrupting traditional industry. With more and more millennial audience has turned their backs on traditional PayTV and transferred to Over-The-Top service, companies like Netflix, Hulu, and Amazon are increasingly benefiting.
So why these on-demand or live videos are winning the millennial dollar? You might have seen my discussion from previous posts, the philosophy behind has everything to do with millennials’ lifestyle, culture, and mindset largely shaped technology. Content is what they are eager for, so provide channels for them to discover and access to content easy and fast. Here is one of the scenarios: when millennials say “I want it…and I want it Now,” those companies responding with “You want it? You can have it Now” may just have a greater chance to be ahead in the game.
Same case can be applied to mobile finance. Good news or not, millennials might want everything on demand if possible just because that makes life easier. As technology evolving, traditional financial businesses have long adapted and provided web-based online financial service like e-bank, as well as mobile applications in recent years. However, with the emergence of platform business, such as Venom and Apple Pay, traditional banks are inevitably under pressure. As presented in the video, one-third of consumers are willing to adapt Google, Amazon, or Facebook for financial services if offered. Watch out! After all those are the giants that own a huge base of users and their trust. In Chinese market, AliPay and WeChatPay are two hitting and dominated mobile payment, not only providing peer-to-peer money transferring services but almost covering all living expense transaction (most are online and start approaching to offline). According to TechCrunch, AliPay has reached to a 500 million user base, and both AliPay and WeChatPay have over 200 million user cards attached to their payment services.
These two trends, online video and mobile payment, are shaped by the intersection and interaction between millennials and technology, and it will be constantly changing, which also indicating that traditional business and even emerging business will be continuously disrupt. No matter it is traditional or emerging, adopting these trends should be the first and fundamental strategy for monetizing this generation, followed by understanding demographic characteristics, and delivering the most relevant and valuable content, product or service.