Home television was introduced in the year 1927, since then, television has seen a great many changes in its evolution. Options were severely limited for consumers back in the early days of television compared to today. In the early days, if you weren’t home and in front of your television set precisely when your favorite show was coming on, you would miss that episode. With today’s technology, you can set your television to record your favorite shows so that you never miss them!
In 1927, no one would have ever thought a day would come where you could even watch your favorite TV shows on the go! These days, consumers are able to watch their favorite TV shows on their cell phones! Talk about convenience! Hand picking television shows has become very common in today’s day and age. 70 years ago, there were only a handful of channels to select from which severely limited consumer options. Television programs were also much different than what we are used to seeing on TV today.
These days, there are streaming services, hundreds of channels, multiple recording options and countless TV shows for our viewing pleasure. With greater options, comes greater consumer demand to fill all of these avenues of entertainment.
Will TV Soon Become A Thing Of The Past?
The emergence of streaming apps like Hulu, Netflix, Amazon Prime, HBO Go, AMC, TLC and countless others has drawn away the majority of the cable TV audience. It was widely speculated that TV would become obsolete. TV has been a dominant force in home entertainment for more than 70 years, a true universal medium! TV is available just about everywhere you go from fast food restaurants, doctors’ offices, pubs and even gyms!
Online streaming platforms have become more and more dominant over the past few years. Consumers are beginning to compare TV’s value to the convenience of video streaming services. Nearly 70% of Americans are disappointed with their TV subscriptions because the product quality doesn’t match the money they are spending every month. Cable subscriptions are often pretty expensive and do not offer much in the way of customization.
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Cable Companies Partner With Video-On-Demand Services
There are several well-known companies in America who have transitioned from offering only cable TV, to partnering with streaming services to maximize their subscriber’s home viewing experience. In Singapore, two of their market leaders, Singtel and Starhub, are now offering cable TV packages bundled with Netflix and HBO. There is no disputing the fact that regular cable TV subscriptions have begun to rapidly decline.
This does not mean that TV is close to becoming a thing of the past though. From an outsiders perspective it may seem as though TV is struggling to survive, but in fact, it still generates substantial revenue of about $265 billion per year. This figure should eliminate any thoughts consumers may have about TV’s ability to survive in an ever-evolving, technological world.
Streaming Services Vs Cable TV
Downloading and streaming services are far more convenient for working people rather than even an extensive cable TV lineup that isn’t flexible. Netflix went from DVD rentals only to online-only and since that time entertainment consumption and even its production has found a new avenue. Netflix was heavily analyzed during their infancy when they primarily streamed old TV shows, but now Netflix has set up its own production.
Shows like Orange is the New Black, Stranger Things and Making a Executional have gained Netflix a firm footing in the production industry. It has become a place where producers are feeling a lot more comfortable about presenting their works. Netflix productions are worth up to $10 million per episode, while traditional television shows are up to $6 million per episode in some cases.
Netflix has become the benchmark for streaming services. Just as Xerox went from being a brand name, to becoming a verb in the dictionary Netflix has reached that same pinnacle of success.
Netflix’s Impact On Television
It should be very apparent how much of an impact Netflix has had on television. The change in how Netflix content will be viewed is a foregone conclusion. Aside from Netflix, there are many other companies who have entered the streaming foray as well such as Amazon, HBO, AMC and a few other companies as well. Streaming services have become saturated to the point that, the average consumer believes, we could see the end of traditional TV.
Not to worry, because traditional TV is here to stay. It might go in a different direction than we’re all used to, but TV isn’t going anywhere, anytime soon! Coaxial connections might eventually be phased out, but TV will remain so that wireless routers and 5G have a place to send information.
Benefits Of TV Completely Switching To The Internet
With TV completely switching to the internet, if you cut the cord you will have to sit through a lot fewer boring ads trying to coax you into buying products and fast food! On digital platforms, Google is actually adaptive, in the sense that, it remembers all of the interesting things you are looking up online! Google remembers your preferences and picks out relevant ads based on your searches!
This is a very innovative and intelligent way to present advertisements to the consumer and ultimately leads to the ad business’s continued growth. Some say we have entered the golden age of content. The reason for this statement is, people are getting what they want to watch and when they want to watch it. People rapidly switch between apps in search of the best content and new content as well. This should always be taken into consideration when a streaming company is choosing what to place on their apps. People are looking for unique and enjoyable content!