Social video platforms offer a seemingly endless variety of free content, algorithmically optimized for engagement and advertising. They wield advanced ad tech and AI to match advertisers with global audiences, now drawing over half of US ad spending. As the largest among them move into the living room, will they be held to higher standards of quality? At the same time, the streaming on-demand video (SVOD) revolution has fragmented pay TV audiences, imposed higher costs on studios now operating direct-to-consumer services, and delivered thinner margins for their efforts. It can be a tougher business, yet the premium video experience offered by streamers often sets the bar for quality storytelling, acting, and world-building. How can studios control costs, attract advertisers, and compete for attention? Are there stronger points of collaboration that can benefit both streamers looking to reach global audiences and social platforms that lack high-quality franchises? This year’s Digital Media Trends lends data to the argument that video entertainment has been disrupted by social platforms, creators, user-generated content (UGC), and advanced modeling for content recommendations and advertising. Such platforms may be establishing the new center of gravity for media and entertainment, drawing more of the time people spend on entertainment and the money that brands spend to reach them. Our survey of US consumers reveals that media and entertainment companies—including advertisers—are competing for an average of six hours of daily media and entertainment time per person. And this number doesn’t seem to be growing. Not only is it unlikely that any one form of media will command all six hours, but each user likely has a different mix of SVOD, UGC, social, gaming, music, podcasts, and potentially other forms of digital media that make up these entertainment hours. Looking across generations, preferences among respondents appear to be shifting away from pay TV and toward streaming video services, social video platforms, and gaming. Although TV once dominated video entertainment time, we now see US audiences—and especially younger generations—engaging more evenly with SVOD companies, social platforms, gaming, and even audio entertainment like music and podcasts. And they are using different devices to consume media. Jana is vice chair and Deloitte’s US Telecom, Media and Entertainment (TM&E) sector leader. She is also a principal in Deloitte and Touche’s Risk and Financial Advisory practice. Jana has more than 20 years of experience in serving large, multi-national technology companies to help them address enterprise risk. She has leveraged her risk advisory capabilities to lead engagements for digital platform companies, helping them navigate evolving regulatory requirements and business transformation. Jana has built worldwide engagement teams to serve several Fortune 500 companies, across the Americas, Europe, Middle East, and Asia. As the US TM&E sector leader, Jana is focused on strategic direction and market eminence of the TM&E sector, and go-to-market strategies for Deloitte’s key businesses. Jana was formerly the Inclusion and Well-being leader for Risk and Financial Advisory and continues to bring inclusion and well-being into everything she does. With more than 30 years of experience in U.S. and international taxation, Doug serves as the US Telecom, Media & Entertainment Sector Leader at Deloitte. In this role, he collaborates closely with lead client service partners to support the firm’s largest and most complex TMT clients, driving the eminence agenda for the practice. Doug is a seasoned expert in tax planning strategies, corporate and international tax strategies, and accounting for income taxes. His extensive expertise encompasses large multinational operations, including restructuring, mergers and acquisition planning, international and repatriation strategies, and transfer pricing. With a particular focus on interactive gaming, sports, and telecommunications, he provides innovative solutions that help clients navigate complex landscapes and capitalize on growth opportunities. Chris Arkenberg is a research manager with Deloitte’s Center for Technology, Media and Telecommunications. He has 20 years of experience focusing on how people and organizations interact with transformational technologies. Bree Matheson is a research manager with Deloitte’s Center for Technology, Media & Telecommunications. Her research focuses on media, entertainment, and consumer technology. She holds a PhD in technical communication and rhetoric from Utah State University. Brooke Auxier is a research manager with Deloitte’s Center for Technology, Media & Telecommunications. Her research focuses on media, entertainment, and consumer technology. She has a Ph.D. in journalism from the University of Maryland. Cable and satellite television services deliver programming through set-top hardware, while live streaming television services deliver live programming through an internet connection. The media and entertainment landscape is constantly evolving alongside consumer preferences. Rising entertainment costs are often a concern for consumers, but hybrid experiences and fandoms may present a path to growing monetization.