Has cable TV lost its relevance in the face of streaming giants?
September 24, 2024
Streaming services are the way to enjoy shows these days—there’s no debating it. ‘Streaming wars’ have become the new form of competition for viewership.
Traditional broadcasters seem to have lost their grip, and it is clear why: streaming services offer more choices, and on-demand content makes it hard for cable to compete.
How Streaming Became a Giant
Broadband internet brought about a new era of connectivity, with more devices that can connect to the internet. More access to the internet was followed by the rise of streaming, in what would be deemed the cord-cutting phenomenon. After all, benefits like greater flexibility and ad-free viewing experiences are hard to beat. With streaming, there is a wide range of entertainment options at your fingertips, so you don’t have to wait for scheduled programming to watch your favourite shows.
Case in point: as consumers continuously seek more personalised and engaging forms of entertainment, industries beyond television have adapted to meet this growing audience. For example, online casinos now offer real cash online casino live dealer games that bridge the gap between the digital and physical worlds. The cavalcade of entertainment options has made cable TV a thing of the past.
Legacy Broadcasts Fighting to Survive
Streaming services have made entertainment more accessible, and this is probably their biggest selling point. Viewers have more access with the lowering of costs every now and again, making streaming platforms an even more viable option. Research shows that 65 per cent of UK households pay for at least one streaming service. With all the competition that legacy broadcasting brands face, they have had to adapt or slowly fade into obsolescence.
What seems to have taken the biggest hit is the traditional advertising avenues on which broadcasting depended. With streaming platforms, viewers have far fewer commercial interruptions. Many streaming platforms now offer ad-free subscriptions, giving uninterrupted binge-watching a whole new meaning. With advertising as the main revenue-generating option, broadcasters have had to find new ways to meet their bottom line.
Today’s Consumers are also Changing
With streaming having found its foothold, consumers are also following suit and we see this reflected in the type of content they choose. After all, today, more than ever, audiences have control over what they consume. Changes like these are not unique to entertainment; people are changing how they interact with products across industries.
The middle class has more disposable income and younger generations are emerging as key customers for many industries. Innovations in technology also influence how products serve people and what they mean to them. With more options available, today’s viewer is not the ideal target for traditional broadcast television.
What’s Next for Traditional Television Broadcasts?
As hard as it is to admit, traditional broadcasters must find inventive ways to recapture viewership if they want to stay relevant. They may have to develop their own streaming platforms as these continue to take hold of the market. What’s more, they may need to get exclusive content that is only accessible through them. While streaming is the clear leader, traditional broadcasting may still have a chance if it can evolve.