Last week, a study from the Media Insight Project came out finding that millennials have little interest in paying for news. Now, Retale has some new findings based on a poll of over 1,000 people, looking at newspaper readership, format preferences, and attitude toward paying for content.
According to that, only 19% of millennials have paid for newspaper content (print or digital) in the last month, while 50% of all age groups are completely unwilling to pay for print. Millennials are the least willing at 55%.
In fact, 29% of all millennials said that they couldn’t even recall the last time they read a print newspaper.
“Millennials are a digital-first audience,” said Retale President Pat Dermody. “They’re not consuming print newspaper content in the same way as previous generations. For the industry to adapt, they’ll have to be creative and consider new digital formats to support readership and drive revenue.”
67% of all age groups were against paying for digital news access while 50% were unwilling for print. About 60% of all millennials said they’re not willing to pay anything for digital news access.
According to the study, 27% of millennials prefer a Netflix-like, "all-you-can-eat" payment structure for digital news. It also dound that 76% of those 55 and older are completely unwilling to pay anything for digital news access. Millennials prefer to access digital content via mobile browser (37%) vs. PC (35%).
Here's what the numbers look like for paying for digital news:
85% of respondents who choose to get their news digitally cited cost as a key factor. 59% cited convenience, and surprisingly only 39% cited more up-to-date content. For print, 49% cited familiarity, while 37% said the experience is less distracting than a website. 36% cited convenience, and 27% cited perceived credibility of content.
For those few millennials who do prefer print content, 31% cited credibility compared to 26% citing convenience. For those 35 and over, 39% cited convenience over 26% for credibility.
When it comes to receiving and redeeming deals and retail promotions, 40% of millennials prefer digital, and this is the largest group that does. 52% of those 35 and over prefer print.
“Retail circulars have long been one of the most effective marketing tools in retail marketing,” said Dermody. “However, broader trends in media consumption, with readers migrating from print to digital, can’t be ignored. In digitizing print circulars, retailers can navigate the evolving landscape and preserve a proven marketing strategy. They can also better connect with this new and growing group of mobile, millennial shoppers.”
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