The Television industry is undergoing a huge revolution. With the advent of technology, streaming services have taken control and grabbed the attention of maximum users. We observe an increase in the cord-cutting trend as more and more viewers switch to live TV streaming options that prove to be much cheaper and offer a wider range of channels. Trends are changing.
Back in the times, the content was all that matters. Back then, you were paying a heavy amount of money for getting a greater number of channels. However, with the emergence of streaming services, the users were able to enjoy access to a greater number of channels at a cheaper price. This resulted in a steady decline in cable TV subscribers.
TV has proved to be one of the greatest sources of entertainment since its advent. However, the digital revolution seems to have turned the tables when it comes to change the habits of the viewers. The drastic changes in technological and lifestyle trends seem to take over conventional cable TV by online streaming services in terms of providing benefits of time and cost-effectiveness.
But, that does not look plausible any time soon as there are still cable providers out there doing a great job, making it hard for their customers to leave them, for e.g Optimum cable offers a bunch of great channels at the most amazing prices.
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Booming Streaming Industry
Anyway, there are currently around 500 over the top media services competing around the world, of which, Netflix, Youtube, Hulu, Amazon, and HBO are on top of the list. And, there are innumerable consumers, particularly youngsters that prefer watching streaming videos and not the traditional TV.
Taking this into consideration, experts are of the view that the streaming services might be able to capture the viewership of TV broadcasts in the near future. One of the main reasons behind this transition is an on-demand choice, having the feasibility of opening Netflix or Youtube on your smartphone and stream is way more convenient than turning on the TV and surfing through hundreds of channels in search of finding that one favorite show.
Shortage of Time/ Accessibility
Humans of the current century do not have enough time and patience to sit through the whole day in front of the tv waiting for their must-watch shows, news, and sports channels. All these are readily available online and their easy accessibility through smartphones is what pulls consumers further down towards these services.
Main Factors
Over the past five years or so, cord-cutting has been skyrocketed and that has happened due to three main factors: people want to be digitalized, lack of time, and availability of more and different types of content.
The young generation has been the biggest threat to the cable companies as they grow up using the internet, they prefer staying online to stay updated on news and the entertainment world. Out of all age groups, young lads in between 18 – 29 are more prone towards becoming cord-cutting due to their priorities being set high towards the usage of the internet than cable.
Ease and Convenience
The greater convenience that the streaming services offer to the users is one of the reasons that more and more people opt for cutting the cord. Streaming services offer their subscribers thee ease of accessing their favourite content anywhere without any restrictions.
They usually have a contract policy, unlike the cable service providers. This means that if you are availing Netflix, you do not have to bother about following any terms and conditions. You can terminate the service whenever you want, without paying any penalties.
Moreover, when it comes to streaming services, you usually do not have to worry much about its availability in your region since you can access their services over a smooth internet connection.
Generally, this makes them more reachable to the users. On the other hand, you have to check for cable TV providers if they offer coverage in your area or not since you can only choose a cable TV provider that is available in your vicinity.
Cost Efficiency
Who would not want to enjoy unlimited entertainment at a cost-effective price? Streaming services prove to be much cheaper as compared to cable TV services. It will not be wrong to say that the streaming services might cost half as compared to some cable TV providers.
Cheaper rates are one of the strongest aspects that have added to their widespread popularity among viewers. After all, whenever we are looking for a better entertainment option, it is the price that grabs our attention, as we always want greater variety and convenience at lower pricing.
Threats
If we look into the trends closely, TV networks should worry the most as channels reachability will drop and the value of broadcast advertising will decrease eventually. This process will start with movie channels being the first ones to vanish, Sci-fi, and general entertainment being the next ones, followed by music channels, and sports and news being the last ones to die out.
Keeping in mind, it is not an overnight process and could take over another decade to happen. That being said, we cannot neglect people with physical disabilities, neither can we ignore people with poor backgrounds who’d find it difficult paying for high subscription fees. Users prefer greater convenience, cheaper rates, and more variety.
Conclusion
It would be safe to say conventional cable TV is having the worst of its time in recent years and it would not be wrong to say, it has become really hard for the TV to survive the streaming revolution. This is happening due to a large number of people shifting towards technological advancement and due to the ease streaming services have offered the consumers in terms of accessibility and time efficiency.
The cost-efficiency of streaming services along with a diverse range of entertainment content is convincing more people to cut the cord and switch to any of their favourite streaming services. All you require for its accessibility is a reliable internet connection and a smartphone, laptop, or internet compatible device to enjoy unlimited entertainment.