how to make money

Consumption of media by millennials (25-45 years) and Gen Z (born between 1997-2012) is believed to have evolved owing to many factors including technological advances and cultural differences in terms of age gaps.  The type of content shared in mainstream media and the what these generations want to read, watch and listen to is at logger heads.

However, a recent study released by Aga Khan Graduate School of Media titled Media consumption in an evolving digital world. The study was centered on five the thematic areas which includes identity of millennials and Gen Z in East Africa, the nature of content millennials and Gen Z consumes, media habits and behaviour of millennials and Gen Zs, platforms relied on to consume media content, and perception of legacy media.

The study focused on urban millennials and Gen Zs with 56 per cent of the respondents having attained college or university education, 38 per cent with secondary education, 66 per cent employed and 31 per cent unemployed.

The study found that millennials and Gen Z are more concerned with the manner in which they communicate and their dress code at 39 per cent, their family at 36 per cent, their media subscription at 25 per cent, their friends at 23 per cent, their money security at 23 per cent, where they live at 21 per cent, their understanding of current issues at 20 per cent among concerns.

What drives them to consume media content

It also found that most young Kenyans are motivated to consume news to gain awareness of the current affairs at 52 per cent, to be knowledgeable at 46 per cent and to attain their personal goals in life at 39 per cent. Moreover, it found that 25 per cent of them seek news for entertainment.

The top three mentions by the respondents indicate that 61 per cent would want the media to cover more content on; making money, 56 per cent want content on how to become financially independent, while 37 per cent would desire content on saving money.  Millennials and Gen Zs rank their content consumption on whether it’s interesting, attractive, reliable and available, has relevance to them, affordability, and brevity.

The type of content they want to pay for

On the payment for media content, a majority (52 per cent) of them have never paid for content and those who have (48 per cent) have paid for trendy news, sports news, general current affairs and political news. It also found that young people will be willing to pay for content in several key instances which includes brand closeness and association, content on careers and content on specialized knowledge that they can’t find anywhere else.  

Some of the factors that influences the choice of media consumption by Gen Z and millennials include what their peers are consuming, what the story is about, the reputation of entity airing the story and the actors involved in the story.

Reaction of traditional media players

In a panel sitting during the launch of the study consisting of key players from mainstream media most of them agreed with the findings. Zubeida Kananu, the president of the Editors Gild reiterated on the importance of understanding millennials and Gen Zs and how they consume the media content.

“First up, let’s talk about the importance of understanding what millennials and Gen Z want to consume. They’re not just scrolling mindlessly. They’re seeking content that speaks to their interests and passions. Whether it’s travel, entrepreneurship, fashion, music and gaming, they want it all, and they want it now,” said Kananu.

Kananu added that traditional media has seen a decline in revenue owing because of digital disruption which has lead to retrenchment of journalists due to financial constrains.

“In today’s fast-paced digital world, media organizations face the challenge of capturing and retaining the attention of millennials and Gen Z, who are always on the go and craving engaging, tasteful and appealing content. Traditional news outlets, for example, are witnessing a decline in readership and viewership as digital natives prefer accessing news through online platforms. It is because of these digital disruptions that many media houses have resorted to cost cutting, retrenchment and staff going for months without pay due to financial constraints,” she said.

Yvvone Okwara, also in the panel observed that legacy media houses should be digital facing when creating their content. She added that Gen Zs are individualistic and looking for the content that speak to their needs. “We have menu for news but how about news that meets the needs (of Gen Z and millennials) because they want to know about how to progress in life, and even how to make money.  We have to consider what they want in terms of making money and meeting their individualistic goals. Therefore, we have to think on how to categorize and classify news,” she said.

Delonis Rono, a marketing and branding consultant weighed in on the issue of payment of media content saying that Gen Zs and millennials are likely to pay for content which resonates with them. “As millennials I want content that speaks to me as a person. I would pay for content that will teach me other than paying just for news. Why should I pay for it? I will pay for something I am interested in,” Rono said.

Eric Latif, a radio presenter said legacy media needs to wake up to realities of new media, that it need be not to be stuck in the old ways of doing things. “Legacy media should create digital faces who will shape stories for digital media, and target that audience precisely,” Latif said, going on to say that, “the same faces on TV should not be the same on digital platforms.”

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