The entertainment industry has been continuously changing in recent years. These constant changes have led to multiple new mediums that have changed the way audiences view entertainment. The aim is to target a wider audience by making shows available on different mediums which can be viewed whenever without a specific schedule.
As the world around us continues to get busier, people no longer have time at the end of the day to sit down and watch traditional TV channels. According to CNBC, around 25% of households will ditch conventional TVs entirely by 2022. On the other hand, Pacific Crest Securities estimates that top eight pay-TV providers have lost about 463,000 subscribers. In such a declining market, it is essential to view choices and what would be the ultimate role of TV in households.
Competitors of traditional TV
Several new methods have emerged, which make the viewer experience more interactive. Here are some competitors of traditional TV:
- The less-ad-supported platforms make it easier for users to watch videos and shows on the internet for free without massive intervals between the show’s tuning. These platforms enable them to access their various forms of entertainment just through paying for the web and no more additional costs for cable. In providing a relatively smooth viewing experience, these platforms have proven to be quite a hit with all types of audiences.
- The no-ad-support platforms mean that users now have 24/7 access to entertainment based on their convenience. There is no longer a specific time set for shows to be seen. Still, they can currently be assessed easily online by the payment of a minimal fee which is less than what is paid for cable. Without the hassle of ads, content consumption becomes a much smoother process, providing a highly-favoured alternative to traditional TV.
- The user-choice platforms are essentially those where the user is easily able to actively choose which shows they want to watch and what time of the day they would like to watch them. This enables the user a sense of autonomy which is what they are looking for. By providing such a wide variety of shows and entertainment material, these platforms offer an incredibly convenient option for today’s viewers.
The future of traditional TV
So, what must a company do to ensure maximum viewers are retained? Here’s what modern firms can do:
- Know your audience: According to statistics, most traditional TV viewers are above the age of 65. It is essential to unbundle shows and let people chose the exact channels that they want to be paying for. This keeps them engaged by only paying for what they need instead of having unlimited channels, most of which are of no use.
- The consumer is king: Companies must make sure that they continuously interact with customers and understand what their needs are. They will eventually have to let go of the advertisement and begin offering a sort of subscription service. This service would mean that people will pay for no ad and easy viewing.
- Stay ahead of the curve: As the viewing industry grows and virtual reality become a significant part of lives. The traditional TV industry will have to invest and create variations to include VR eye-wear and headsets. The world is continually evolving, and everything around it has to follow.
As the traditional TV industry is declining, it is essential to note that there is still time to save it. By bringing innovative methods back to cable TV and the way, the user will enable the revival of the industry which is currently being overshadowed by the others.