The rise of technological advancements has revolutionized the business world. Newer technologies have been introduced in every industrial sector and the entertainment industry is no exception. In the past decade, there has been a paradigm shift in the way video content was consumed. With the fast-paced lives today, people no longer have time to catch up with their favorite shows to be aired on a particular day and time. They are always looking for more convenience and control. This is why the concept of online streaming has been gaining impetus over the past few years. This is evident by the growing trend of cutting the cord, especially in the United States.
More and more people seem to be making use of the various popular streaming platforms like Netflix, Hulu, Amazon Prime, etc. With the rise in changing trends and declining TV watching habits, the big question is will cable TV survive the evolving landscape of the entertainment industry or will it die soon. Though we still see the top known cable providers still in the game due to their extensive channel line-ups like Spectrum channel list for instance, and more variety of plans. But on a wider scale, we see the majority of the cable providers struggling with customer retention. So let’s have a closer look at what the future beholds for the cable industry and what can be predicted regarding its existence in near future. Dive in!
Some Key Aspects to Begin with
The TV industry has seen great changes in the past decade. There was a time when cable TV was the king of the entertainment world and was the sole source of accessing video content. But times changed and then began the era of online streaming where we saw Netflix setting a new trend in the entertainment world. The evolution continued and eventually, we see a plethora of streaming services making waves and taking the world by storm. Nowadays the cable companies seem to be struggling as more users tend to abandon them and switch to any of their favorite streaming platforms. The traditional advertising models are modified as the media companies keep shifting to the other models. The rise of smart TVs and VR or virtual reality has further boosted the game for the streaming industry. The outcome-cable TV is endangered. The question thus is whether cable TV survives the pressure and growing competition in the industry.
Freedom of Options
Cable TV did manage to retain and increase their customer base by the launch of bundle deals and impressive channel line ups catering to popular channels. They cost less and offer a greater extent of customization. But with the growing competition posed by the streaming industry, this might not be enough. Users seem to be losing interest in traditional cable TV as streaming services continue to provide greater control and choices at cheaper rates.
The steady Growth of the Streaming Industry
The streaming industry continues to grow steadily, providing a greater degree of choices, better control, zero advertisements, and all-time accessibility to the massive online libraries. You can now watch live sports, movies, and TV shows wherever you are, as long as you have internet access and a subscription to any of the streaming services. Another catch is the fact that almost all the steaming platforms offer a free contract policy. This means, unlike cable service providers, they don’t bind you in any one-year or two-year contracts. This has also been the cause of the greater popularity of streaming platforms among users. In cable TV plans, you usually have a concern of paying any early termination fee in case you quit the service at any point before the contract expiration. But while subscribing to the online streaming platforms, you are a free spirit and can quit at any point, without owing anything. This has further increased the cord-cutting trend.
There is no denying the fact that the internet has become a powerhouse as far as accessing content is concerned. You have a ton of entertainment options as far as streaming platforms are concerned. Additionally, you also have torrenting platforms that can help you download everything from the latest movies to tv series, music playlists, software and even e-books. This means that several things that you required cable television for earlier are readily available on such platforms. Why in the world would you want to watch Cable TV for?
If the cord-cutting trend continues to increase rapidly, the cable companies might have to unbundle their services, allowing users to pay for only the channels they watch. This might give them some edge over the competitors. But the future might see major mergers of entertainment providers.
Greater Interaction and Customization
Traditional TV screens are likely to become extinct in the next 10 years with the growing developments in virtual reality technologies. The TV screens would be a thing of the past shortly. The traditional TVs might be completely replaced by smart TVs that allow streaming audio and video content online, providing more features and functionalitie4s to the users.
The Bottom Line
The number of households using cable TV continues to decline. Hence in the next 10 years, traditional cable TV might be completely replaced by smart TVs as the streaming industry continues to grow steadily.