Wednesday, June 2, 2010

Study Reveals Shift as Social Networks become “Social Entertainment”

A recent study by Edelman, shows the evolution of internet as a source for entertainment. The study shows that the internet and social media networks have risen dramatically in importance as entertainment, and the implications are numeral.

-The fast changes makes it necessary to monitor the development constantly
-The interactivity of the media is likely to redefine the very meaning of entertainment (as social media will do to the term "beeing social")
-Another relevant question is: How can brands be more entertaining on the web as the entertainment factor will be more important than the information factor.
-The escapismfactor of the internet gaming, media intense and graphic engineered world should be taken into consideration in offline activities to make those more effective and aligned with web presence.

From Edelman and Adweek:

■ When asked “What sources of entertainment do you turn to most often?” 32 percent of U.S. respondents cited the Internet
■ That put it second only to TV (58 percent), with movies (28 percent), radio (17 percent) and music/CDs (14 percent) each drawing fewer votes
■ When asked whether they “consider social-networking sites to be a form of entertainment,” 58 percent said they do, vs. 36 percent saying they don’t and the rest unsure
■ Among 18-24-year-olds, 73 percent classified social networking sites as an entertainment source
■ When asked about whether a half-dozen entertainment sources “provide excellent, very good, good, fair or poor value in entertainment”, the highest excellent/very good vote (40 percent) went to “social networking sites”
■ Social networking sites were ranked ahead head of “film producers/movie studios” (37 percent), “music companies” (34 percent), “gaming companies” (32 percent), “cable television providers” (32 percent) and “satellite television providers” (31 percent) in terms of their entertainment value"

and further

■ Eighty-seven percent rated “my personal enjoyment of the entertainment” as extremely or somewhat important, putting it atop the hierarchy of considerations
■ Close behind were “excellent visual or sound quality of the entertainment” (86 percent), “being able to purchase the entertainment easily” (83 percent), “the hours of enjoyment the entertainment will provide” (81 percent) and “being able to access the entertainment immediately” (80 percent)
■ Perhaps surprisingly, fewer respondents valued “the number of devices with which I can access the entertainment” (65 percent), “having unrestricted ability to share or make copies of the entertainment legally” (53 percent) or “popularity of the entertainment” (50 percent).
■ Consumers are willing to trade advertising for free content: When asked which of a number of things they’d “be willing to sacrifice in order to get entertainment for free,” the highest number of votes (47 percent) went to “advertisement-free entertainment”
■ At the very bottom of the list of things people would sacrifice in order to get entertainment for free (chosen by just 13 percent) was “privacy of my personal information.”
■ Consumers continue to be willing to pay for entertainment: Four in 10 respondents said they “personally spend” more than $50 on buying entertainment in “a typical month,” including 12 percent who spend $76-100 and another 12 percent who spend more than $100."o