The Insights Family have released their Kids and Family Industry Report 2021, which found much optimism for the year ahead: 75% of companies are confident they can achieve their business targets in the coming year and 38% say they will spend more on Research & Development this year.
But the industry is in flux, with eight in 10 businesses feeling like they won’t be operating in the same way in two years’ time and any COVID-recovery will take time, with 90% agreeing that they will be affected by a post-COVID economic downturn.
Companies are also responding to societal needs, with 64% reporting their business decisions will be affected by a drive towards sustainability.
The most prominent issue facing those in the content industry is how fragmented the kids’ entertainment ecosystem has become because of streaming platforms’ rise to prominence. According to our survey, 68% of businesses see standing out in a saturated marketplace as their biggest concern moving into 2021.
Currently, content creators are emphasizing digital platforms to engage their audience. 86% in the industry are planning on producing more content for social media, while 94% of them are looking to create more for YouTube.
Only a small minority of content producers feel that they are going to be exclusively focused on creating new IP this year (5%), minimizing risk in a volatile market.
“Overall, the findings of the report have shown how the industry is starting to become not only more aware of the changes they need to make, but more confident in their ability to adjust their businesses,” says Nick Richardson, Founder & CEO, The Insights Family. “That said, there is still a significant knowledge gap with only 6% of businesses stating that they have sufficient understanding of this generation of kids, parents, and families. This illustrates the importance of brands listening to kids and families’ voices when shaping their future strategies and executing their current plans.”
The 2021 Kids and Family Industry Survey was running from January 18 to February 22, 2021. The companies represented an array of industries pertaining to the kids and family ecosystem, including Toys and Games, Entertainment, Gaming, Education, and Licensing.
The Kids and Family Industry Report 2021 is now available to download for free at get.theinsightsfamily.com/industryreport.
The Insights Family is also hosting a webinar on May 6 to discuss some of the opportunities and challenges arising from the report. Readers can register on the link provided.
The Insights Family is the global leader in kids, parents, and family market intelligence, providing real-time data on the attitudes, behavior, and consumption patterns. Kids Insights surveys 6,970 children every week aged 3-18 (362,100 per year). Parents Insights surveys more than 3,400 parents of children between the ages of 1 and 16 every week. Both services operate in 17 countries across five continents and in total survey more than 362,100 kids and 176,800 parents a year.