On 12 November 2020, Facebook shared new insights on shifting and evolving consumer behavior. The report is 72 pages in length, and it is divided into 6 main sections, 5 of which detail how consumer entertainment has been shifting throughout the COVID-19 pandemic.
This is what Facebook had to say:
“The COVID-19 pandemic is radically altering how we live, work and play. Between shelter-in-place orders and social distancing measures, it’s no surprise the media is taking on an increasingly important role in consumers’ lives. It’s projected that there will be approximately 289 million new over-the-top video streaming users in 2020, an increase of 24% year-over-year. And, as a result of the pandemic, 62% of the content video streaming viewers have watched on streaming services was new to them2. As people continue searching for ways to stave off boredom, cope with anxieties and stay connected to others, on-demand has never been so in-demand.”
These are the five categories which highlight the latest shifts and trends in consumption:
- Content Economy – People are looking for more content to consume and are discovering new fanbases to be followers of.
- Communal Consumption – People are trying to transport live experiences into the digital space.
- Inclusive Diversity – Consumers are clamoring to get better representation and see more diversity in media and entertainment.
- Proliferation of Choice – People are offered a wide range of choices when it comes to consuming content or choosing services.
- Streaming Sustainability – Facebook analyzes the viability of streaming and “how community, communications and content fuel streaming retention”.
This report is part of Facebook’s new Industry Perspectives series, which is a collaborative effort between Facebook and industry experts. It combines perspectives from the industry experts, new Facebook IQ research, and key examples from brands.
Implications for Marketers:
These insights may not only help marketers and brands get a more in-depth look at how others have been navigating these uncertain times, but they would also be able to see what works. These insights may also help marketers and brands plan out their marketing strategies according to the shifting consumer demands.