Although the number of TV households worldwide has steadily increased, the future of traditional TV is still hard to unfold. Thanks to the growth of the internet, television has suddenly lost its place as the number one medium. And it seems like it will not regain this title soon.
Nowadays, we have many applications and devices that we can use to entertain ourselves, catch up with the news, or gain the information we need. It is a massive strike against TV. Additionally, with its aging audience, television might soon see a steep decline in viewers.
With this being said, it is worth taking a closer look at the current state of television and what fate awaits it ahead. Here is what we currently know on this subject.
The Declining Viewership
According to research, the number of TV viewers has been declining for years now. This decline is mostly owed to a lack of interest from the younger audience. In fact, most young people don’t own a TV and prefer watching their favorite shows on their smartphones or other devices. It is one of the main reasons why television has lost its place as the number one medium.
Even when you read about the best TV shows of all time, you might immediately notice that you can also watch most of these shows on the internet. Online streaming platforms, such as Netflix and HBO GO, offer their customers a wide variety of movies, documentaries, anime, and much more high-quality content. It is another significant reason why TV has lost its appeal.
Even at the time of the ongoing coronavirus pandemic, TV struggled to increase its viewership among youth. A 2020 Nielsen report shows that the number of TV viewers in the group of people aged 18-34 in the third quarter of 2020 has declined by 23.4 percent from the previous year.
Moreover, a report by Statista shows that U.S. adults spend less and less time watching TV. It is a detrimental statistic for television networks that makes their future stand in question.
What Is The Future Of Television?
Although there is still much uncertainty about what lies ahead for television, it will probably not disappear completely. While it seems like the internet will take over a larger portion of the market in terms of viewership, it will not eliminate TV completely.
However, no one can deny that traditional television is declining in popularity. Thus, its future still does not look as bright as it could be. After all, there is little chance that people will stop watching TV content altogether. They just need a different way to access the shows they love.
The Future Of Television: How Will It Change?
Nowadays, we have many options when it comes to watching television. Some of them are subscription-based, while others are free. If traditional TV wants to survive and become relevant again in the future, it must adapt to the needs of its viewers. Here are some of the changes it needs to make:
Video Streaming Services
With video streaming services growing in popularity every year, it becomes clear that traditional channels have a great deal of catching up to do. One way they can do it is by making their full lineups available via live TV streaming.
Although many television networks were worried about damaging their business model and alienating their core audiences, most of them have decided to include their most popular channels on streaming services such as Hulu. All in all, it turned out to be a good move. These services allowed them to attract more viewers and raise their viewership ratings.
Unbundling Shows And Channels
Another thing networks can do to remain relevant in the future is unbundle their shows and channels. Many people dislike paying for hundreds of channels they never watch. Instead, they would rather pay for what they want. Doing this will allow them to enjoy the shows they like while cutting out unwanted or unnecessary content.
Since so many people already do a similar thing with Netflix and Amazon Prime, it makes sense for the traditional TV networks to follow suit. Making this move should make their services more appealing and increase revenue.
Embrace The New Technology
If we look at this technology-driven world, we can see that things tend to change quickly. What was once popular yesterday might not be viewed as attractive tomorrow. Therefore, if traditional TV wants to stay relevant in the future, it needs to embrace new technologies and give people what they want – which is choice.
People don’t want to be forced into using a specific provider or device just because they want to watch their favorite show. They want choice and control over their viewing experience, and TV networks need to give them this option if they’re going to stay relevant in the future. By developing new technologies which offer more control to the viewers, television networks can become a much more appealing source of entertainment.
With the rise of online streaming platforms, the demand for traditional TV is slowly decreasing. Nevertheless, TV networks have a chance to remain relevant in the future. They just need to embrace new technologies and give people what they want — a choice. It is something that Netflix and Amazon Prime already do, and it’s not hard to see why.
By offering more modern solutions, television networks can start attracting more young people in front of TVs. And if it happens, traditional TV will stay in good shape. But, to see if it will happen, we need to wait a few more years.