Americans Prefer Owning Digital Assets Over Streaming, Survey Finds

Americans Prefer Owning Digital Assets Over Streaming, Survey Finds

On a day when Netflix announced its partnership with Microsoft for an ad-supported service, a new survey highlights a significant shift in consumer attitudes: Americans increasingly prefer owning digital content and assets rather than merely renting or streaming them. This trend suggests a potential move away from the dominant streaming era towards a future centered on digital ownership.

Key Survey Findings:

• Preference for Ownership: A striking 77% of Americans surveyed indicated they would rather own digital content and assets than just rent or stream them.
• Spending on Digital Assets: Approximately 28% of respondents are spending more than $49 per month on digital assets they actually own, such as digital art, music, and in-game items.
• Value and Attachment: A majority of those who have purchased digital items (65%) value them as much as, or more than, physical items. Furthermore, a significant 78% feel emotionally attached to their digital assets.
• Gift Preferences: When it comes to gifts, 61% of those who purchased digital items prefer receiving a digital item (like an NFT or in-game "skin") over a physical one.
• Environmental Perception: A portion of this preference (38%) stems from the perception that digital assets are better for the environment, although the energy costs associated with certain digital asset creation (like NFTs) were not detailed in the survey.
• Connection and Identity: 70% of respondents feel a better connection through digital items than physical ones, and 89% stated that losing these assets would be upsetting. Digital items also help create the perception of who they want to be (73%) and remind them of important life moments (87%).

Generational Differences:

• Millennials (Ages 24-42): Show a strong emotional attachment (90%) to digital items and view them as good investments (74%). Their digital identity is also highly important (80% important, 47% very important).
• Gen Z (Ages 16-23): This group is the most active in the digital asset space, with 30% selling digital items and 20% trading them. Over half (52%) of Gen Z Americans engage in buying, selling, or trading digital items.

Expert Commentary:

Jawad Ashraf, CEO of Virtua, commented that "The 'possessions' we will own and take into the metaverse are evolving. With the introduction of Web 3.0, the meteoric rise of digital collectibles and the dawn of the Metaverse, we will value our digital items more than ever."

Dr. Janice Denegri-Knott, Professor in Consumer Culture & Behavior at Bournemouth University, noted that the survey, commissioned by Virtua, is the largest ever intergenerational survey of its kind. She stated, "Some people assume we view digital ownership as less advantageous or desirable when compared to physical ownership but the findings of this study suggest otherwise." She added that "There is a growing acceptance of digital ownership with lines between owning digital and physical goods becoming blurred, in particular for younger cohorts."

The Shift from Streaming to Ownership:

The survey, conducted by Censuswide with 2,000 US respondents aged 16+, suggests a fundamental shift in how consumers perceive value and connection in the digital realm. While the comparison between a movie and a Fortnite skin is noted as different, the overall sentiment indicates a growing desire for tangible (digital) ownership, moving beyond the rental model of the streaming era.

This trend aligns with the rise of Web 3.0, the metaverse, and the increasing prevalence of digital collectibles and NFTs. As companies like Netflix adapt their strategies, understanding this consumer sentiment towards owning digital assets will be crucial for future success in the evolving digital economy.

Topics:

blockchain computing cryptocurrencies decentralization Media & Entertainment Microsoft millennials Netflix non-fungible token Spotify technology United States

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