Are Consumers Getting Faster?
This week Disney’s Beauty and the Beast trailer become the most watched trailer with 92 million hits in the first 24 hours. This is despite poor reviews and a statistically high amount of negative feedback.
A couple of months ago, Star Wars : The Force Awakens took just 12 days to make a billion dollars globally. The reviews were amazing and I was happy to contribute to Disney’s coffers.
The similarity between the two is the increasing speed that we are consuming media. The increasing speed that media is shared also has corollary: a proportional decrease in the size of the long term tail (the proportion of views after the initial release).
This has a substantial business impact on how media needs to be marketed. The time to make 80% of revenue is rapidly increasing to the point where the opening weekend is crucial and can determine the success of a movie. Focusing media spend on the launch has a bigger pay back than ever.
Not just Hollywood
The Economist also looked at the budget movie industry in Nigeria, where a director was making movies for $200. The parallel was that despite only selling DVDs for 60 cents, the distribution run ends after 2 weeks, when piracy has taken over.
I believe Snapchat changed beyond all recognition when it launched Stories(and Discover). Stories emulate the immediate and fleeting moments in our behaviour in consuming media and this is correlated when observing the macro media stats above.
There are several other smaller examples of where speed is increasing;
- On Twitter, the half-life of posts is down from 4 hours to 15 - 20 minutes.
- Website speed matters - if an ecommerce site is making $100,000 per day, a one-second page delay would potentially cost you $2.5 million in lost sales every year.
- Amazon Prime - a whole new topic.
So, what does this mean?
We talk about the Age of the Consumer and the need for customer experience to be the definitive guideline. But consumers are speeding up and as marketers, we need to adapt our plans to keep pace.
Let's make speed a measuring factor in our next campaign.
- As digital continues to infiltrate our daily lives, how important is speed when measuring the success of your campaign?