January 26, 2007
Generation Y consumers will put $1 Million of digital entertainment in their pocket around 2010, bringing new opportunities
I dug up an article from 2005 (a long time ago in today’s innovation age) that says that an average Generation-Y consumer has $2,000+ of entertainment stored on digital devices. Wasn’t this before the video iPod and iPod nano? Wasn’t this before you could download YouTube videos onto your iPod? There’s tons of copyrighted content on YouTube that people watch without guilt.
Given the storage capacity of today’s phones and music players, get this:
One song for legal download from iTunes costs $1 and is about 4 MB. To have $1 Million worth of songs on your iPod, you’d need to have a million songs on it. i.e., 4 MB x 1 million = 4 x 10^6 MB = 4 x 10^3 GB. Given that storage capacity of music players and cell phones increases by about 10x each year, we’ll have the storage capacity we need for this in just 3 years. i.e. 2010, yup! (Of course, not all of this million dollar worth content may be paid.)
So, what new opportunities will the year 2010 see in context of our million-dollar iPods and iPhones? Opportunities for the financial sector for sure, in getting my iPod and iPhone insured against accidental data-loss! New software opportunities for providing military-grade backup for my digital entertainment. New service opportunities for pre-loaded iPods (with a selection of music genres) available for rent to travelers, car rental customers, and your dad with no orientation to hip music. Heck, you could be your own radio station with that kind of content capacity! Imagine charging for a local broadcast sent over your wi-fi to your neighbors. Or maybe, Google will figure out how to embed your broadcasts with an audio ad and pay you for it!
Life keeps getting awesomer and awesomer all the time!
- Anand [anand.chhatpar @ brainreactions.com]
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Creativity & Brainstorming, Generation-Y wants, Gen-Y ideas, New Concepts & Ideas |
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One Response to “Generation Y consumers will put $1 Million of digital entertainment in their pocket around 2010, bringing new opportunities”
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January 27th, 2007 at 12:20 pm
I think one big winner in this market will be the makers of solid state media. Soon the iPods and iPhones won’t have spinning hard drives. Instead it will be super-sized flash cards. This is good news for consumers because it means no more skipping or delays if you jostle your device. It also means faster performance so there won’t be delays as you click through your music library.