2021-2025年澳大利亚娱乐与媒体展望（英）-72正式版

OutlookTheAustralianEntertainment&MediaOutlook20212025PowershiftsContents03102123ExecutivesummarySpecialfeature:Gettingbeneaththenumbers:understandingcontentconsumptioninapost-COVIDworldInternetaccessFilmedentertainment26303438Free-to-airTVInteractivegamesInternetadvertisingConsumermagazines&esports41455054ConsumerbooksNewspapersMusicOut-of-home57616567RadioSubscriptionTVCurrentandforecastmarketsharedataMarketdefinitions6870ReferencesKeycontactsandcontributors2Powe

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tsWelcometothe20theditionofꢀPwC’sannualAustralianEntertainmentandmarketforthetimebeing–althoughinmostcases,thegapbetweenthethreepotentialforecastshasnarrowed.Crucially,whenprovidingthequantifiedforwardviewofthemarketviaaCompoundAnnualGrowthRate(CAGR),wehavetakenintoaccountthesixyearsof2019-2025,ratherthantheusualfiveyearrangeof2020-2025.ThisextendedCAGRallowsforustoprovideamorerealisticprojectionforeachofthe12sectorsweanalyseandensuresthatthebasefromwhichwearereportingisnotdistorted.MediaOutlook.Our19thedition,publishedinNovember2020,wasaspecialreportthatlookedattheimmediateimpactofthemostconcentratedandrapidperiodofchangewithintheentertainmentandmediaindustryinrecentmemory.GivenuncertaintyasaresultofCOVID-19,weintroducedarangeofforecasts–basedonapositive,gradualandnegativerecovery–ratherthanasingleforecast.Thisapproachprovidedouraudiencewitharangeofpotentialoutcomes,basedonAustralia’sprogressagainstfactorslargelyoutsidethecontroloftheindustry,includingthetimingofthevaccinerollout,ongoinguseoflockdownstomanagecontagion,theimpactoftheendtoJobKeeper,andthereturnofbusinessandconsumerconfidence.Finally,inthisyear’sreport,ourspecialfeatureincludesfindingsfromaresearchstudythatweconductedtobetterunderstandthekeyfactorsthatinfluencewhatpeoplelistento,watch,readorplay.Specifically,welookatconsumers’contentappetites,whichwedefineastheircapacityanddesiretoconsumespecificcontent.Whileadistinctlypersonalexperience,wefoundthattherearefourkeyfactorsthatshapepeople’scontentappetiteanddeterminehowwillingtheyaretostretchittotrynewthings.Thisspecialreportalsolooksintothetypesofconsumption–routine,spontaneousandplanned–andwhatallofthismeansforcontentcreatorsandadvertisers.Atthetime,weenvisagedthatthisyear’seditionwouldbeareturntonormalreporting.However,withthevaccinerollouttakinglongerthanoriginallyanticipated,internationalbordersunlikelytore-openuntil2022,andsporadiclockdownsapartofthe“newnormal”,approachingforecastingwitha“ranged”approachremainsappropriateforthe3ThefivemajorpowershiftsThewashupattheendof2020.In2020,thepandemictriggeredthesharpestcontractioninAustralianentertainmentandmediarevenuesinthehistoryofthisreport.Whilethecontractionimpactedthewholemarket,itwasclearthatsomesectorswerehitharderthanothers.reshapingthelandscapeOverall,totalAustralianadvertisingspendcontractedby-8.0percenttoA$15.4billion,andconsumerspenddroppedby-1.9percenttoA$42.5billion.Acrosstheentertainmentandmedialandscape,weseefivemajorshiftsthatareimpactingthesector,albeittovaryingdegreesdependingontheshapeoftheconsumerinteractionandrevenuemodel.Whiletheseshiftsarehavingaprofoundimpact,theyshouldnotbeinterpretedasfactorsunderminingthestabilityorresilienceofthemarketoverall.Thecontractionof2020isgivingwaytoasolidreboundthisyear,andareturnto2019revenuelevelswithinthenextthreeyearsformostpartsoftheindustry.ThehardesthitsectorswereFilmedEntertainmentwitha-41.0percentfallfromA$2.2billiontoA$1.3billion,andOut-of-Home(OOH)falling-39.0percentfromA$1.3billiontoA$772million.Theeconomicdisruptionwassuchthatevenassomesectorssawanincreaseinreaders(digitalnews)oraudience(Free-to-airTV),therevenuewashardtocomebyformuchofthecalendaryear,untilalatesurgeinNovemberandDecemberasthecountryemergedoutoflockdown.Momentumwasstronggoingintothefirstquarterofthe2021calendaryear,althoughtheshadowofCOVID-19hadbynomeansbeenliftedfromtheentertainmentandmediasector.Thefirstandmostpowerfulshiftisthemacroshiftinconsumption,poweredbysustaineddigitaldisruption.Thisshiftis,inturn,driving:•••ControlshiftswherepowermovestotheconsumerCreativeshiftsthatmovespowertothecreatorsandoriginatorsOneofthefewwinnersoffthebackofthepandemicwasInternetAdvertising,whichsawanincreaseof3.3percentfromA$9.0billiontoA$9.3billionin2020,asadvertiserslookedforwaystostaytopofmindwithconsumersaspeopleretreatedtotheirscreensanddeviceswhilespendingmoretimeathome.Intheconsumercategory,streamingservicesdidwellthroughoutthecalendaryear,withStreamingVideoonDemand(SVOD)servicesincreasingbothsubscribersandusersandBroadcastVideoonDemand(BVOD)growingaudienceandadvertisingrevenue.Locationshiftswhereconsumershavehighexpectationsoftheirconsumptionexperienceanywhere,anytime•Regulatoryshiftswherethefocusonmarketpowerandprivacyintensifies.Macroshift:DigitisationdrivingnewconsumptionbehaviourThepandemicfalloutandtheresultingpowershifts.ControlshifttoconsumersCreativeLocationshiftsRegulatoryshiftsThefutureoftheentertainmentandmediasectorisbeinglargelydeterminedbytheCOVID-19inducedaccelerationtochangesinconsumerbehaviourthathavepulledforwarddigitaldisruption,andthusindustrytippingpoints,byseveralyears.In2021,thesetippingpointshavecoalescedintopowershiftsthatarerapidlyreshapingthesegments,andtheindustryasawhole.shiftsNewbusinessmodels4Macroshifts:poweredbysustaineddigitaldisruptionControlshifts:powermovestotheconsumerTheoverarchingpowershiftdrivingchangeacrossallsegmentsandgivingrisetotransformationisconsumers’ongoingmigrationtodigitalSpoiltforchoiceinwhattheywatch,read,listentoandplay,theconsumerisfirmlyincontrolofhowtheyspendtheirtwolargelyfiniteresources–theirtimeandmoney–andneverhasthisbeenmoreapparentortruethanduringthepandemic.Thetraditionalplatformsthatadvertisersbuytoreachaudiencesatscale,includingtelevision,newspapersandoutofhome,allhadsignificantcompetitionfortheirshareofconsumers’attention,andtherangeofcompetingmediaplatformsandchannelsaddedtothecomplexityofdeliveringaconsistentmessageovertime.Inturn,thispresentedachallengeforadvertisersandbrandsseekingtogetinfrontoftheirconsumers,astheyhadtorebalancetheirmediaandcreativestrategiesinordertoachievetheirrequiredreach.consumption.Asconsumersstayedhomeandin-personvenuesclosed,useofdigitalservicessoared.Whilecinemaboxofficerevenuesfell-67.4percentin2020,thiswascontrastedbyincreasedavailability,sectorbreadthandcataloguedepthoftheSVODplayers,increasedBVODusage,andthesustainedgrowthofthegamingandesportssector.Whilerevenuegrowthwashardtocomebyformanyentertainmentandmediasectors,includingsomewhoseaudiencesincreasedasaresultofmoretimespentinthehome,internetadvertisingincreasedoverall.Oneofthemostprofoundimpactsofthedigitaldisruptionwastheincreaseduseandprevalenceofnon-advertisingsupportedplatforms,forcinganumberofkeyplayerstorethinktheirbusinessmodel,inaworldwheretheexpectationisthatconsumerscanaccessanad-freeorpersonalisedservice,providedtheycanpayforit.Whiletargetingthroughdigitalandprogrammaticchannelscertainlyplaysarole,theabilityforaconsumertoscrollpast,skiporopt-outofanadvertisingmessage,coupledwiththefactthatlargesegmentsofthepopulationarespendinglesstimeonadvertisingsupportedservicesmeansthatcreativityinexecutionandsoundchannelplanninghasneverbeenmorecriticalforbrandsseekingtoattractandretainnewcustomers.Disruptionwasnotlimitedtotheentertainmentandmediasector,withcorrespondinggrowthinonlineshoppingasbricksandmortarstoresshutFurtheraddingtothepowershifttoconsumers,in2021,Applelauncheditsnewoperatingsystemforitsdevicesthathadincreasedprivacysettingsthatalloweduserstodecidewhichappscouldtracktheirbehaviourandusethedatafortheirownstorefrontsformuchoftheyear.Inaddition,thenowomnipresentuseofvideomeetingservicesreplacedmostbusiness-relatedairtravel,andtherapidtransitiontoonlinelearningformanystudentsreshapededucation.Barelyasectorescapedthedigitaldisruptionoftheglobalpandemic.purposesortoselltootherorganisations.Early1signsarethatmanyconsumersarechoosingtooptoutofappsmonitoringandcommercialisingtheirdata,creatingachallengeforsomeplatforms,andreinforcingthefactthatconsumersareincreasinglytheoneswhowilldecidewhatinformationissharedandwithwhom.Despiteallofthesechangesinhowwelive,workandplay,asignificantproportionofthehabitsaccruedoverthoserestrictedperiodswillendure.Manyoftheshiftsthatwerealreadyinplay–themovetowardsdigitalproductsandonlinesales,therelentlessriseofstreaming,andthegrowinginfluenceofgaminganduser-generatedcontent–gainedmomentumandarepoisedtocontinuetheirgrowthtrajectories.Theresultingpowershiftsdrivenbydigitaldisruptionwilltransformtheindustryintheyearstocome.5Creativeshifts:puttingcontentcreatorsandoriginatorsinthedriver’sseatdominatingtheconversation,andtheshiftfromproducerstocreators,thelatterofwhomareincreasinglybenefittingfromrewardmechanismsforattractingandretainingaudiences.Acrosstheboard,creatorsareclawingbackcontrol,agency,and,increasingly,revenuesfromemployers,publishersanddistributors.WhetheritisSubstack,whichhelpsindependentwritersestablishasubscriptionnewsletterservice;TikTok,whichmakescreatorsoutofanyonepreparedtosharetheirvideo;orthehighlycuratedYouTubechannelsofkeyinfluencers,theabilityforcontentcreatorstomonetisetheirworkwithoutathirdparty(beyondtheplatform)putspressureonsomeofthetraditionalplayers,andthebusinessmodelsthatsustainthem.ThedemocratisationofcontentthroughplatformssuchasTikTok,TwitchandYouTubecontinuedtoclosethegapbetweencontentcreatorsandtheiraudiences.Amassinglargenumbersoffollowersorsubscriberscreatesuniqueanddirectrelationshipsbetweencreatorsandthefansthatfollowthem.Whilethecontentisvaried,thecriticalfactisthattimespentontheseplatformsistimenotspentonothers.Spanningcontentgenresincludingactivistjournalism,comedy,performanceartandhow-tocontent,contentcreatorsarespeakingtogenerationsofconsumersandviewerswhochoosetospendtheirtimewatchingcontentacrossmultipleonlinevideoplatformsratherthansolelytraditionalmediachannels.Whileprofessionallygeneratedcontent(PGC)hashigherproductionvaluesandveryoftenneedstoconformwithspecificstandardsandregulations,theusergeneratedcontent(UGC)ontheseplatformsdoesnotandthereforeisabletouseshortform,lowbudgetvideothatstillreachesalargeaudiencebase.Unfiltered,andtoalargedegreeunregulated,thegrowthinUGCasapartoftheirregularcontentrepertoireforsomeaudiencesdemonstratesthepowerofaonetooneconnectionandtheimpactitcanhaveontherestofthemedialandscape.Non-fungibletokensNon-fungibletokens(NFTs)representanotableinnovationintheabilityofcreatorstogodirectlytocustomers.NFTsareindivisible,irreplicableblockchain-basedtokensthateffectivelyassignownership,insomeform,foraspecificdigitalitem.ArobustmarketforNFTshasnowsprungupamongcollectorsandspeculators.Keymilestonesinthemarket’sdevelopmentincludedthesaleofadigitalcollageartworkbytheartistBeepleforUS$69million,andthesaleofthefirstevertweet(byTwitterfounderJackDorsey)forUS$3million.TheNBA’sTopShotLicensedDigitalCollectiblesNFTslaunchedinJune2020andhadtradedoverUS$550millionforvideoMoments

byMay2021.Andwhilemusiciansmayhavemissedoutonliveperformancesandthemerchandisesalesthatgowiththem,themusicianGrimessoldthousandsofNFTsatUS$7,500eachfortwoshortvideos—thedigitalequivalentofWhilethisisnotanewphenomenon,timespentontheseplatformsisincreasingforthecoredemographics.Therealityisthatmanyyoungerconsumerssimplyhavelittleawarenessof–orinterestin–traditionalmedia.Ontheflipside,theplatformspitchedtowardyoungpeople,orthatdistributelightly-producedauthenticcontent,boomed.Thisdichotomyisfueledbytwinforces:theshiftfromoldertoyoungerconsumers,thelatterofwhomareincreasinglysettingthetrendsandsigned,limited-editionprints.6Locationshifts:anywhere,anytimeGamingwasoneofthebrightspotsfortheentertainmentandmediasectorduringthepandemic.Totalgamerevenues,whichroseby7.2ꢀpercentin2020,areexpectedtogrowata7.5ꢀpercentCAGRbasedonthemidpointforecastscenariothrough2025.Traditionalgamingwasboostedbythelaunchofnext-generationconsolesfromMicrosoftandSonyinlate2020,notwithstandingsupplyissuesoftheconsolesthemselves.Morebroadly,mostofthegrowthgoingforwardwillbeindigital.FacebookGamingandAmazon’sTwitchhaveallrecentlybeenactiveinacquiringpremiumgames-relatedvideocontent,includingmediarightstoesportscompetitionsandexclusivitydealswithprominentgamesstreamers.Googleplanstointegrateitscloud-gamingunitStadiawithYouTube,whichwillmakegamesseamlesslyplayablebyviewersofgame-relatedcontentandlivestreams.Whilemobilityofcontenthasbeenafeatureoftheentertainmentandmedialandscapeforsometime,theincreasingsophisticationoftechnology–specifically5G–meansthatthetechnology-enabledqualityoftheviewing,listening,readingorgamingexperienceisabletomeetthehigherexpectationsanddemandsofcontemporaryconsumers.Thedeliveryofhighdefinitioncontent,whetheritisonaphone,oraHD8KLEDtelevision,isexpectedtobedeliveredwithzerolagandglitch-free–whetherpeopleareonthebusorintheirloungeroom.Thistechnologyexpectationisalsometwithanexperientialone.Notonlydoconsumersexpectthetechnologytoworkwherevertheyare,buttheyalsowanttheexperiencetomeetwiththeirspecificrequirementsandpersonalisedpreferencesbasedontheirpriorinteractions.Peopledonotwanttobetiedtoatraditionalmethodofdistribution,butratherwanttobeabletoaccesswhattheywant,fromwherevertheyare,onanydevicetheychoose.Regulatoryshifts:thefocusonmarketpowerandꢀprivacyintensifiesThekeymediaconsumptionlocations–theloungeroom,thebedroomandintransit–arechangingdramatically,astheeraofspecificdeviceshavingcontroloveraspecificlocationareover.Theloungeroom–oncethedomainoflineartelevisionandappointmentviewing–nowoffersconsumerstheadditionaloptionsofSVOD,BVOD,PremiumVideoonDemand(PVOD)andgaming(tonameafew),largelythankstothegrowthinconnectedInthelasttwoandahalfyears,Australiahasbeenthetestinggroundforanumberofregulatoryengagementsthathavedirectlyimpactedthemediasector,withtheAustralianCompetitionandConsumerCommission(ACCC)conductinganumberofinquiries,someofwhichareongoing,includingbutnotlimitedto:•••••DigitalplatformsinquiryNewsmediabargainingcodeCustomerloyaltyschemesreview2televisionsandamuchsimpleruserinterface.3Thechallengefortheadvertiseristomeettheconsumerswheretheyare.If,forexample,companieswanttomeetyoungerconsumerswheretheyarealreadyspendingtheirtime,thatmaymeanincludingagamingstrategyintheirapproach.4Digitaladvertisingservicesinquiry5Digitalplatformservicesinquiry67Inadditiontotheseprogramsfromtheregulator,theFederalParliament,throughtheSenate,heldanumberofhearingsdirectlyrelatedtotheentertainmentandmediasector:Giventhenatureoftheseinquiriesandtheongoingfocusoftheregulatoronprivacy,fairness,marketinfluenceandrelatedareas,theirincreasedengagementwiththemediaandentertainmentindustryinthepast12-18monthsissomethingthatisunlikelytoabateanytimesoon.••Mediadiversity7BroadcastingLegislationAmendment(2021MeasuresNo.1)Bill20218Asaresultoftheseshifts,productandserviceofferings,customerengagementstrategies,businessmodelsandtherelativestrengthofparticipantsarechanging,alteringthewayprofitsarecreated,andreconfiguringtheindustry.•Inquiryintopressfreedom9Whileanumberoftheseinquiriesandhearingsareyettoreporttheirfindings,thereisnodoubtthatthescrutinyofthemediasector,specificallywithrelationtothedigitalmediaecosystem,willcontinuefortheforeseeablefuture.Almosteverypartoftheentertainmentandmediasectorhashadtorefineandadapttheirofferingandthebusinessmodelthatunderpinsitasaresultofthenewdynamicsofconsumercontrol,digitisationandthefinitenatureofconsumers’attention,budgetandtime.COVID-19broughtforwardalotofthoseadaptationsandhavecreatednewrevenuestreamsforthosepreparedtoexperiment,andreplacedoldoneswherethemodellackedThenewsmediabargainingcodewasbyfarthemostdocumented–andfeltby–Australianconsumers.On20April2020,theAustralianGovernmentaskedtheACCCtodevelopamandatorycodeofconductto“addressbargainingpowerimbalancesbetweenAustraliannewsmediabusinessesanddigitalplatforms,specificallyGoogleandFacebook”.10Followingaperiodofconsultation,theACCCmaderecommendationstotheGovernmentbasedontheviewsputforwardbystakeholders.TheFederalGovernmentconsideredtheserecommendationsanddevelopeditsfinallegislationwhichwaspassedbybothhousesofParliamenton25February2021.relevancetothecontemporaryconsumer.Aprimaryexampleofthisrapidreconfigurationisthestreamingboomof2020,whichhaselevatedtheindustrytoanewgrowthtrajectory.StreamingVideoonDemand(SVOD)revenueswillgrowata20.4percentCAGRbasedonthemidpointforecastscenariothrough2025,bywhichpointSVODwillbeaUS$81.3billionindustryglobally,12andanestimatedA$3.3billioninthismarket.Butthereislikelyalimittothenumberofstreamingsubscriptionsahouseholdiswillingtosubscribeto–andpeoplecancanceltheirOTTserviceswithrelativeease.TheexpandingarrayofglobalandlocalstreamingservicesnowavailableinAustralia–includingthemorerecententrantssuchasDisney+,BingeandBritbox–issupplementedbyaslewoflocalBVODproviders.Thecodeanditsimplicationswerewatchedcloselybymanyothercountriesastheysoughttounderstandtheproposedapproachandhowitwouldworkforallplayers.Whileindependentagreementswereeventuallyreachedbetweenthemajornewsorganisationsandthedigitalplatforms,thiscameonlyafteraverypublicchallenge,withGooglestatingthatthecode“wouldbreakthewayGoogleSearchworks”,11andFacebooktakingthestepoftemporarilyremovingusers’accesstonewscontentonThursday18February2021.8ThestackingofmultipleOTTserviceshastriggeredmuchdebateintheindustryoverthemaximumnumberofsubscriptionsthataconsumermaybewillingtotake.It’sanissuethatbringsimportantimplicationsforstrategy.Experimentationinareassuchassimultaneousreleaseofblockbustersonplatformsandincinema,premiumpayperviewcontent,AVOD,andlivesportcontinuetoshowthatthestreamingplatformsarenottobeunderestimatedintheirpursuitofsubscribersandrevenue.andevolvetheirstrategiesthroughcustomerconsultation,theapplicationofdataandinsightsandatestandlearnapproachcomeoutontop.Onething’sforsure:thecentralroletheever-expandingarrayofmediaexperiencesplaysinconsumers’livesisnotjustsettoendure,butdeepenovertime.Howconsumerschoosetoallocatetheirprecioustime,moneyanddataacrossthearrayofentertainmentandmediaoptionswillultimatelydeterminewhosucceedsandgrows,andwhofailstoadaptfastenoughtomakethemostoftheopportunitiesinamarketwherepowerisconstantlyshifting.Businessmodelevolutionalsooccurredoutsidethestreamingproviderswithnewsmediacontinuingonitsdigitalisationstrategy.Ongoingdevelopmentof“newsasexperience”acrossmultipleplatformscontinueswiththelaunchofservicessuchasNewsCorp’s“NewsPremium”digitalserviceon.authatpromisessubscribersfewerads,member-onlycontentandanenhancedreaderexperience.Howevervariabletheimpactsonsegments,theoutlookforrevenuesatanindustrylevelremainsrobust.Amidallofthis,thevolatilitymasksacertainstability.Thepowerfulshifttodigitalconsumption,whichisspurringfourconcurrentanddistinctpowershifts,willprovideastrongboosttoglobalgrowthintheseindustriesforthenextseveralyears.Andascompaniesracetomeetconsumerswheretheyarewithanever-expandingrangeofproducts,services,andexperiences,theentertainmentandmediaindustrieswillgrowmorepervasive,moreimmersive,andmorediverse.Insomeinstances,therewillbeasignificantasymmetryregardingtheprospectsforindividualentertainmentandmediasectors.Evenintheareasthatofferthemostcompellingtoplinegrowth,likevideostreaming,competitionislikelytochangedramaticallyoverthecomingyears.Andallthewhile,thesocial,political,andregulatorycontextinwhichallcompaniesoperatecontinuestoevolve.Asweemergefromthepandemic,industryplayerswhotakestockoftheshiftingenvironment,9Gettingbeneaththenumbers:understandingcontentconsumptioninapost-COVIDworldEachyearthisreportlooksataspecificareathatwebelieveishavinganimpactacrosstheentertainmentandmediasector–whetheritisblurringofbusinessmodels,theimportanceoftrust,adeepdiveintostreamingandliveentertainmentorawayforwardfromthedepthsoftheCOVIDpandemic.Thisyear,wewantedtoaddressanumberofquestionsthatwearecontinuallyasked,andwebelievewillhelpinformconversationastheentertainmentandmediaindustryshapesawayforward.101.People’scontentappetite–anditselasticity–islargelydeterminedbyfourkeyfactors:••••Howtheirpreferencesandinterestsareshaped;Whattheirconnectionistothecontenttheyconsume;Howtheyhavefoundspecificcontentthroughreferral;andHow,when,whereandwhythecontentisaccessed.Theareasexploredthisyearwere:2.Thetypeofcontentconsumptionfallsintothreemaincategories,whichvary•Whatfactorsinfluencethecontentpeoplesignificantlybydemographic,contenttype,timeavailableanddesiredexperience:consumeandwhy?•Whatcontentconsumptionbehaviourhaschangedasaresultofthepandemicandisthatthenewnormal?•••Routineconsumption–wherecontentisconsumedinahabitualway,oftenatthesametimeofday,inthesameplaceandforsimilarreasons.•Doestheindustryneedtoadjustthewayitthinksaboutcontentproduction,distributionandconsumption?Spontaneousconsumption–wherelittlethoughtorconsiderationgoesintothecontentselection,usuallyfillingtimeandrequiringlowconcentration.Whatbecameclearinourresearchapproach,undertakenacrossaseriesofqualitativeinterviewsandabespokequantitativesurvey,wasthatthesimplicityofthisenquirywaschallengedbythecomplexityoftheresponsesreceived.Somethingasseeminglysimpleashowsomeonefindstheirwaytoaspecifictypeofcontentrevealedlayersofdecision-making–somedeliberateandsomesubconscious–thatultimatelydriveconsumptionchoices.(Theresearchmethodologyandapproachiscontainedintheappendixofthereport).Plannedconsumption–themostconsciousandconsideredconsumptionwhereatleast30minutesissetasidefortheconsumptionofspecificcontent,oftenastheprimarypurposeandwithlittleinterruption.3.Howpeoplewatch,listen,readandplaycontenthaschangedasaresultofCOVID-19,withnewbehavioursembeddingwithinkeygroupsandthebeliefthatthesemodifiedbehaviorsarethe“newnormal”.Theresearchledtothreemainfindings.11People’scontent••Rebalancementalhealththroughuseofmeditation/calmingcontentappetiteandConnectwithothersbysharingcontentoranexperienceitselasticity••ChallengemyownthinkingorlifeexperienceRelieve

boredomwheninbetweenactivitiesWedefinepeople’scontentappetiteastheircapacityanddesiretoconsumespecificcontent.Whileadistinctlypersonalexperience,therearefourkeyfactorsthatshapepeople’scontentappetiteandhowwillingtheyaretostretchittotrynewthings,orconversely,setlimitsregardinghowfaroutsidetheirnormalconsumptiontheyarepreparedtoventure.Whilepeople’smotivationchangesdependingonpersonalcircumstance,itwasclearfromtheresearchthatcontentwasoftenconsumedasawaytorebalancemoodortocreateachangeinmindsetatanygiventime.Thiswasparticularlytrueoftherebalance,escapeandrelaxmotivations.Notsurprisingly,wefoundthatthecontentappetiteofyoungerdemographicswasthemostelasticastheyhaveahigherpreparednesstotrialnewformsofcontent,newgenresandnewplatforms,asroutinesmaynotyetbeenembedded.Withelasticitycomesadegreeoftransienceandalackof“loyalty”tooneplatformoveranother.Thecontenttrulyiskinginthattheywillgotowhereverthecontentis,andfasterifitisfree.Factor2:People’sconnectiontothecontentOnesurprisingoutcomeoftheresearchwasthelevelofconnectivitypeoplehavewiththecontenttheyconsume.Inmanycases,thereisanimpliedsenseofownershipoverthecontent(“myshow”,“myteam”,“mynews”,“mypodcast”),howev