YouTube usage has decreased over the past year among Millionaires
YouTube is the third most-used social media platform behind Facebook and LinkedIn, according to a second quarter social media study conducted by Spectrem’s Millionaire Corner of affluent households. But while usage has increased over the past year among Non-Millionaires, it has remained flat or has decreased in wealthier households.
More than one-fourth (28 percent) of Non-Millionaires visit YouTube, up from 24 percent in 2012. In comparison, 23 percent of Millionaires frequent the video sharing site, unchanged from last year, while usage among Ultra High Net Worth individuals (with a net worth between $5 million and $25 million, not including primary residence) has decreased in the past year from 27 percent to 25 percent.
These percentages refer to individuals who log on to the YouTube site. YouTube usage is most likely higher as often, visitors to other sites click on video links to YouTube video content.
YouTube launched April 23, 2005 with an innocuous inaugural video, “Me at the Zoo.” It now receives a reported more than one billion unique visitors each month. Forbes reports that 25 percent of global YouTube views come from mobile devices and that people watch one billion views a day on YouTube mobile.
The highest proportion of Non-Millionaires report visiting the site multiple times during the week, but not necessarily daily (43 percent), while 39 percent visit the site less than once per week. In comparison, nearly half (47 percent) of Millionaires visit YouTube less than once per week, while less than one-third (31 percent) visit it multiple times during the week, but not daily.
YouTube engagement is passive than with the other social networks. More than three-quarters of Non-Millionaires (77 percent) use it strictly to watch content. Only 19 percent will share a video with others. In contrast, 82 percent of Non-Millionaire Facebook users either share information or are active participants who observe, share, comment and communicate with others.
Social media is currently not commonly used for financial activity, but the highest usage among Millionaires and Non-Millionaires is viewing financial and investment videos on YouTube, the Spectrem study found.
Related story: YouTube reshaping how people get, watch and make news. Click here to read more.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.