Recently came across a June 2008 study of US Internet users ages 12 and older which reported that such users spent an average of 6.1 hours daily with video-based entertainment, including TV, video games and online video. Online video represented about 10.1% of the total. The report further predicted that total hours with video-based entertainment would grow by nearly one-third to an average of about eight hours per day by early 2013, with most of that increase going to online video, not TV. This is good news for the long term viability of online video as a marketing tool.
The above findings are consistent with another study from Deloitte Development which reported that 69% of all respondents stated that their computer has become more of an entertainment device than their TV. The respondents expressing this view included not just teens, but "baby boomers" (aged 42-60) as well (64%). Here's a chart from that study provided by eMarketer.com (click the screenshot below for a larger image):
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