U.S. and Canadian millennials (18- to 34-year-olds) will spend more than $62 billion on movies, TV, music and other content this year, predicts Deloitte, a global consultant firm. With 83 million millennials in the U.S. and Canada, that equates to media spending of approximately $750 per person. Though $62 billion is a big number to spend on media, it represents less than 5% of total anticipated spending of $1.45 trillion this year for this age group.

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n addition to its prediction, Deloitte says that, while millenials are spending less on traditional media than older generations, they are spending money on computer hardware, software and apps designed to help them consume media. For example, the average millennial owns at least one smartphone with a big monthly data plan, and is willing to pay more for a faster Internet connection to stream video. Millennials will also spend money on content – eBooks, digital magazines, gaming systems, video on demand, etc. – though they may be more selective and more price sensitive than previous generations.

Looking at the breakdown, pay-TV (e.g., cable, satellite) is the largest category of spending, followed by music and computer games. For music subscription services like Spotify ($10/month) and Pandora ($3.99/month), this is good news because the average expenditure – $125/year – is enough to pay for an annual subscription.

For eBooks, video-on-demand and newspapers, however, the spending estimates aren’t enough to support annual subscriptions. At $8.99 per month, an annual Netflix subscription costs about $108, more than double the average spent by millennials for streaming video-on-demand. Oyster, an eBook subscription service, costs $9.95 per month, or about $120 per year, exactly double the cost of the average millennial budget for books. With annual spending of only $19, newspapers have an uphill battle to win over this young audience who is getting its news via social media and nontraditional media for free.

So how can subscription sites get a bigger piece of the millennial pie? By creating value through unique content not available anywhere else like streaming live concerts or offering exclusive shows like House of Cards (Netflix) or Game of Thrones (HBO), and doing price testing to ensure they have an appropriate price point to attract the millennial audience.