How the Rise of New Media Services Has Cemented the Demise of Cable TV
As technology advances and people’s lives become busier, society has experienced a major shift away from traditional cable TV. Instead, there has been a clear move toward 24/7 media services that integrate seamlessly into routines, providing flexible access to content whenever it’s convenient.
Decline of Cable TV and Broadcasting
Consumer preference for on-demand content is creating a paradigm shift in societal viewing habits; streaming viewership reached record levels this summer, accounting 40% of overall TV usage. Simply put, people lead busy lives, making the ability to watch what they want, and when they want, highly appealing.
Streaming services now play an instrumental role in the entertainment industry, with over 85% of U.S. households subscribing to at least one video streaming platform. The sector’s growth shows no signs of slowing down, with projections valuing the streaming industry at $350 billion by 2030. While major players Netflix, Disney+ and Prime Video have significantly contributed to this growth, their dominance also risks pushing the sector toward a possible monopolization. The rise of smaller, more specialized streaming services introduces much-needed diversity, improving accessibility and offering more transparent and tailored options for viewers.
Impact of This Decline on Unique Platforms
Smaller streaming services, due to their broad nature, offer greater accessibility and a more balanced range of perspectives. Platforms such as Revry are committed to amplifying underrepresented voices by championing content such as Drag Latina, which is inclusive of all races and cultures, as well as being a pioneer for LGBTQ+ communities.
These platforms are emerging across various sectors, each establishing its own niche. For instance, American Dream TV is making a significant impact in the U.S. housing media industry. By offering an inspiring platform that highlights the appeal of local communities, its founder Craig Sewing has succeeded in lowering barriers to entry by providing an alternative to big Hollywood productions. American Dream TV aims to educate people on real estate opportunities across the U.S., providing greater choice to potential buyers.
The streaming platform Stirr is another example of accessibility within the space, offering a free service without a paid subscription and providing access to over 100 free TV channels. The platform empowers viewers to choose what to watch without traditional financial barriers and features content such as First Steps to Freedom, which promotes cultural diversity through the story of Nelson Mandela. With over 7 million downloads after its launch, the platform is disrupting the streaming space.
How Podcasts Influence Consumption Habits
While TV platforms that have flourished amid cable TV’s decline – podcasts are also becoming increasingly influential in the entertainment sector, with 53% of Americans tuning at least once a month, according to ‘Sounds Profitable’, a leading Podcast researcher. Through streaming platforms such as Spotify, YouTube, or Apple Podcasts, people can have 24/7 access to shows they enjoy, allowing for on-the-go listening as people move from place to place. It’s not only the convenience that attracts people to podcasts; they also help people navigate an increasingly complex media landscape.
During the election, both President-elect Donald Trump and Kamala Harris appealed to younger voters by appearing on multiple podcasts such as ‘The Joe Rogan Experience’, and Alexandra Cooper’s ‘Call her Daddy’ respectively. These appearances illustrate that even politicians recognize podcasts as a vital part of political communication strategies.
By facilitating healthy discussions on topics such as politics, podcasts can avoid becoming echo chambers as they do not typically endorse political individuals.
Podcasts have achieved success partly due to their ‘clippable’ nature, which makes them suitable for short-form content on platforms such as TikTok, Instagram, and have even enabled them to become hot topics for discussion on forums such as Reddit. By lowering the barriers to entry, podcasts allow anyone to forge a path in a traditionally difficult industry to enter. First-person narratives foster an intimate connection between the host or guest and the audience, allowing listeners to immerse themselves in the discussion.
These are just some of the reasons that explain the major decline in cable TV and the rise of streaming platforms. The accessibility that smaller services, like Revry and American Dream TV, combined with the role of podcasts in promoting varied discussion, represent a much-needed shift in how we view storytelling.
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