[Jihye Choi's Trend 2024] YouTube and OTT Speed-Watching... The Era of 'Buncho Society' and Time Cost-Effectiveness

Tendency Toward Only the Core and Conclusion in Content
Consumers Pursue Extreme 'Time Cost-Effectiveness'
More Office Workers Use Annual Leave by the Hour
Companies Introduce Even Shorter Leave Policies
Businesses Now Focus on Managing Customer Time

Although Koreans, accustomed to the ‘ppalli-ppalli culture’ (hurry-hurry culture), are always busy, the sense of time among people these days is distinctly different from before. They use time very efficiently and pursue extreme ‘time cost-effectiveness.’ The lifestyle change aimed at optimizing time efficiency is called a ‘Buncho Society’ (Minute-Second Society), meaning that everyone lives competing for every minute and second.

The Buncho Society can be observed in various areas. Recently, more companies have introduced or are considering introducing ‘half-day off,’ ‘quarter-day off,’ or even ‘eighth-day off’ policies. This is because many office workers have started using their annual leave in hourly units. They divide their days off finely according to their needs, such as handling bank errands or visiting hospitals. In a similar vein, many people enjoy exercising by splitting their lunch breaks into ‘Jjam PT,’ ‘Tteumsae PT,’ or ‘Semi PT’ sessions.

The behavior of consuming content through speed-watching or binge-watching to use limited time intensively also supports the Buncho Society. Recently, I had an opportunity to discuss the crisis of university students and movie theaters. Why do people not go to movie theaters? There are various reasons, but the student answered that it is because speed-watching is not possible. For a generation used to enjoying YouTube and Netflix at double speed, watching a two-hour movie at normal speed is unbearable unless it is exceptionally entertaining.

In this context, there is a growing trend toward content that presents only the core and conclusion in increasingly shorter lengths. The neurotransmitter released when experiencing something new and fun is called ‘dopamine,’ and a trend has emerged where people cannot endure even one second of boredom and cannot be separated from fun for a moment. Since there is no time to wait for the full narrative structure, people consume only the ‘conclusion.’ This dopamine addiction also signals changes in reading habits. While the amount of reading is rapidly decreasing, ‘Short Book’ services that compress book contents into five minutes are increasing. The application ‘Seosa’ offers a service where professors or authors in various fields read books and compress the core content briefly. Yuval Harari’s book ‘Sapiens’ reportedly recorded 2,500 views within three days of upload.

Because time is important, failure is not tolerated. If someone finishes watching a drama and finds it uninteresting or buys a jacket after intense searching but it does not meet expectations, it is not only a financial failure but also a waste of time. Therefore, ‘failed consumption’ should not exist for today’s consumers. As a result, various methods to reduce failure are attempted. Online shopping know-how accumulated over many years is fully utilized, such as ‘refer to actual buyer review photos rather than model shots,’ ‘when searching for reviews, read them in order of ‘lowest rating’ to filter out promotional reviews,’ and ‘if free returns are available, order multiple colors and sizes, keep only the fitting ones, and return the rest.’

As consumers pursue extreme time cost-effectiveness, businesses have begun to consider how to occupy consumers’ time and efficiently manage wasted time. For example, a recent hot keyword on mobile platforms is ‘games.’ The digital farming game craze within the platform sparked by Always has spread to Gonggu Market, Market Kurly, Paldo Gam, and others. The reason for introducing games is to increase customer dwell time. In fact, Always’s users have an average monthly usage of 18.6 days, more than Coupang’s 15 days. The average daily usage time is also 34 minutes, three times that of Coupang.

It is also important to manage customers’ time so that it is not wasted. ‘Gastro Table’ on the basement first floor of Hyundai Department Store Apgujeong Main Branch operates a ‘Table Order Service’ that allows customers to check the menu, order, and pay all at once at the table. Customers can use the service by scanning the QR code placed on the table with their smartphones. This signifies that the design of consumer movement and time within the store has become important.

If waiting is inevitable, making the waiting time feel less boring is another method. Airports are a good example. It is common to arrive at the airport 2 to 3 hours before an international flight. Therefore, waiting at the airport is inevitable, and managing the perception of time so that it feels like it passes quickly is necessary. Singapore’s Changi Airport, famous worldwide, operates tours for travelers. The Jewel Tour at Changi Airport is a program that allows visitors to experience various sights and attractions within the airport without leaving it. Changi Airport, selected as the world’s best airport in 2023, features the world’s longest indoor waterfall, the HSBC Rain Vortex, a green garden, and a canopy park with playground equipment, earning it a reputation as a tourist attraction in itself.

The spread of the Buncho Society trend reminds us anew of the meaning of the time consumers have given us. The travel time used to visit our store, the time spent watching our content, and the time spent deliberating over our products are moments given up in favor of countless other alternatives. Now, beyond competition over money, the era of ‘time competition’ has arrived. As fierce competition unfolds to capture every minute and second of attention and footsteps, we must proactively develop the capability to manage and design consumers’ time. Additionally, I express my gratitude to those who have taken their precious time to read this article.

Choi Ji-hye, Research Fellow, Consumer Trend Analysis Center, Seoul National University