Millennials are Challenging the Business as Usual Mentality

Old Business Way versus New Business WayWhether baby boomers like it or not, a changing of the guard is taking place and millennials are leading the charge.

They are not thinking or behaving the way they are expected to. Perhaps it’s because the “old way” of doing things doesn’t work for them. Most baby boomers had traditions and values passed down to them from their parents. Not true with millennials because a lot of their baby boomer parents were too busy focusing on careers, keeping up with the Joneses, and being helicopter parents.

So now we have a generation who is rising up to make their own mark in the world. And they’re doing just that. It shouldn’t surprise us that social media and social media campaigns have inspired them in ways their older parents and grandparents can’t seem to understand or appreciate.

For instance, according to an article written by NerdWallet, when a number of young activists learned that Wells Fargo was among those providing financing towards the construction of the South Dakota Access pipeline at Standing Rock, they immediately withdrew their money and deposited it elsewhere. The same goes for Justin Garrett Moore who transferred all of his savings to a black owned bank and spear-headed a #BankBlack campaign.

Soon television executives, sports owners and venues may feel the brunt of this new millennial power. A recent report released by L.E.K. Consulting indicates millennial sports fans are bypassing cable television and totally abandoning traditional sports for online video game tournaments and other “eSports.” These changes are likely to have implications on viewership for professional sports leagues like the NFL, MLB and NASCAR, and networks like ESPN, Fox Sports and individual teams.

“The old model is under pressure,” says Alex Evans, Managing Director in L.E.K.’s Sports practice and a co-author of the study. “Traditional sports organizations rely on TV, especially cable TV, to attract new fans and to generate revenue now through ownership of regional sports networks. But they will likely come under increasing pressure to change their model, especially 5 to 10 years down the road.

So it looks like OLD habits may not be so hard to break.

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