Entertainment
The State of Media & Entertainment Report: H2 2023
Report summary
Media giants continue to face pressure to boost profits while slashing costs to account for soft ad spending and an uncertain market. At the same time, the Hollywood writers' strike has made matters worse by delaying content that would otherwise hook customers.
Fortunately, consumers deem some media expenses like streaming to be essential, and it’s possible other entertainment expenses could be viewed as essential too — companies just need to incorporate international content and try to offer more for less.
Morning Consult’s semiannual State of Media & Entertainment report tracks evolving consumer behaviors in the sector and analyzes what they mean for the future of the industry. Based on survey interviews conducted monthly since June 2022, this report provides actionable insights into how consumers are spending time with and money on entertainment.
Key Takeaways
- Franchise fatigue concerns are overrated: 2 in 5 adults said they would be willing to pay more for a video streaming service that released content based on big franchises.
- Declining social media trust is real — for some: Since 2021, TikTok and Twitter have seen trust levels decline more than other competitors.
- Generative AI could ding quality perception: Roughly a quarter of adults say using AI in the production of shows and movies makes dialogue and plots worse.
- U.S. metaverse hype has cooled, but that’s OK: Interest in the metaverse still exists and ties in well with companies’ desire for global franchise building.
- The line between audio and video is blurring: Video podcasts are rising, and Gen Zers are receptive to more visual-forward music streaming experiences.
Methodology
Morning Consult Research Intelligence data featured in this report draws from monthly surveys conducted from July 2022 to May 2023 among roughly 2,200 U.S. adults per month. It also includes data from various surveys fielded throughout 2022 and 2023 among representative samples of about 2,200 U.S. adults each.
All U.S. surveys were conducted online, and the data was weighted to be representative of populations of adults based on age, gender, race, educational attainment, region, gender by age and race by educational attainment. Top-line results from the surveys have a margin of error of +/-2 percentage points.
Non-U.S. data was collected from May 2023 surveys among a representative sample of 1,000 adults each in Canada, France, Germany, Japan, South Korea and the UK, a representative sample of 1,000 internet-using adults each in China, India and Mexico, and a representative sample of 1,000 literate adults in Brazil. Results for each country had margins of error of +/-3 percentage points.
About the author
Kevin Tran previously worked at Morning Consult as the senior media & entertainment analyst.
