Which two
industries do you think will undergo the most change in the next 10 years? How
will media professionals and consumers be impacted by those changes?
*Note: For the final blog posting, you must still use
three readings to support your responses. They can be from any point in the
semester and they must be assigned readings for the class (no additional outside
article/source required). Limit: 9 responses
Lauren Tuckman
ReplyDeleteThe two industries that I think will undergo the most change in the next 10 years are the television industry and the film industry. Media professionals and consumers will be impacted drastically by these changes because it’s media professionals who advertise for these industries. Media consumers are the people who use television and watch movies, so they are highly impacted by a change in both of these industries.
The number of shows that we currently have is not “sustainable,”… “if you’ve heard of Peak TV… You’ve probably also heard speculation that we’re over the peak” (Nakamura). The number of scripted shows in networks such as MTV, Freeform and WGN are declining (Nakamura). Because of this large decline in the television industry, reality TV may have a new advantage. ABCs restoration of “American Idol” might be the clearest signal that TV producers think it may be time for another series like this (Nakamura). This is a huge change for the television industry. FX Networks chief, John Landgraf, placed the entire TV industry on notice in 2015 when he said, “There is simply too much TV.” This seems to be an ongoing occurrence (Nakamura). Landgraf presumed that the business was stuck in a “content bubble” and would begin to see a decline in the number of scripted originals that were on air in the past (Nakamura).
Lauren Tuckman Continued
ReplyDeleteThe current television industry is facing issues that won’t change until somebody realizes that “they’re just beating their head against the wall and not getting anywhere” (Shapiro). Television programming is being called, “a traditional, mature business on the eve of a major contraction” (Shapiro). There is some data to support all of these statements. The number of original series on TV has grown 87 percent (Shapiro). The average total audience for the top 25 primetime broadcast TV shows has decreased 37 percent (Shapiro). The average total audience in Prime time for the top 20 cable networks has gone down 24 percent (Shapiro). The cost of the average hour of original television programming has gone up about 75 percent (Shapiro). This affects media consumers as well as professionals because there is going to be less scripted television as an option to create and view.
The film industry will also undergo drastic changes in the near future. Hollywood is rejoicing at the end of 2017 with excessive sales from “Star Wars The Last Jedi” which is on track to soon exceed $1 billion in global ticket sales and will become the biggest movie of the year (Faughnder). This still won’t be enough to write a positive “storyline,” for the film industry, however (Faughnder). The “long-term decline in attendance reflects challenges in the industry. Audiences are spending less time going to the movies and are consuming more entertainment on small screens and through streaming services such as Netflix and Amazon that are spending billions on original video content” (Faughnder). In the next ten years there will be a enormous change and I think theaters may even go out of business because people enjoy watching movies when they come out in the comfort of their own homes
The two industries that will undergo the most change in the next 10 years are the film industry and the television industry. Media professionals and consumers will be impacted because reality TV is becoming more popular, a huge change for consumers and professionals who create this type of media.
Works Cited
Faughnder, Ryan. “Even with 'Star Wars' Surge, Moviegoing Could Hit 22-Year Low. Blame Bad Sequels, Rising Ticket Prices and Streaming.” Los Angeles Times, Los Angeles Times, 23 Dec. 2017, www.latimes.com/business/hollywood/la-fi-ct-box-office-challenges-20171223-story.html.
Nakamura, Reid. “If Peak TV Has Peaked, Will Reality Rise to Replace It?” TheWrap, www.thewrap.com/if-peak-tv-has-peaked-will-reality-rise-to-replace-it/.
Shapiro, Evan, et al. “How Peak TV Arms Race Is Shaping the Way We Make, Sell and Watch (Guest Blog).” TheWrap, 6 Feb. 2018, www.thewrap.com/peak-tv-arms-race-evan-shapiro-shaping-way-make-sell-watch-guest-blog/.
Two industries that will undergo the most change over the next 10 years, in this new era of media in America and the world for that matter, are the sports industry and the news industry. Due to the values of the millennial generation beginning to take over how the population consumes media, especially news and sports, industries have had to substantially adapt in order to both keep up with the new values in content and media consumption and also keep viewers and consumers both entertained and interested in their content.
ReplyDeleteFirst, the sports industry has had to adapt to losing viewers to both cording cutting and the growth in the popularity of streaming both live sports and other forms of media content. Due to both of these trends, perhaps the most popular sport in America, football and the National Football League, have seen a ratings hit. Overall, this past season the NFL’s ratings were down, but because of cord-cutting this trend could continue for the foreseeable future. “The biggest challenge facing live football is simple cord-cutting. Sports fans are increasingly able to find highlights and replay clips online, on platforms like Twitter, Instagram, and Snapchat, so they feel less of a need to pay for cable to watch live games” (Roberts). In addition to other forms of media taking the attention away from live sports on television, and being able to ‘experience’ the game without truly watching it, other cord-cutting devices are taking attention away from the sports industry’s pull on the world. “In addition to cutting their cable packages, Americans have a wider array of exciting viewing distractions arrayed before them than ever before, thanks to original streaming series from Netflix, Amazon Prime, Hulu, HBO, and Showtime” (Roberts).
Now, in order to respond to cord-cutting taking shape and gaining significant ground in the public’s media consumption trends, the sports industry over the next 10 years, should be following the footsteps of ESPN’s game plan. The ‘worldwide leader in sports’ is joining the streaming game by launching ESPN+ and it may not be long before other sports broadcasting companies follow. “ESPN+, the upcoming direct-to-consumer subscription streaming service from Disney Direct-to-Consumer and International in partnership with ESPN and featuring ESPN branded content, will launch on April 12 and offer fans a dynamic lineup of live sports, original content and an unmatched library of award-winning on-demand programming – all for a subscription price of $4.99 per month” (Adler). Thus, instead of sticking with live sports which has been a hallmark of the sports industry since its inception, moving towards streaming and cord-cutting methods to watch and consume sports will be a thing of the future.
In addition to the sports industry undergoing the most change, the news industry will be in the same boat. As millennials are cutting more and more cords and going more towards streaming and social media consumption of news, the news media industry will have to adapt in order to keep viewers and popularity up. For example, CBS News is implementing new and innovative changes to appeal to this growing demographic. “By producing a streaming news channel that’s available across different streaming platforms and devices, CBSN is helping CBS News reach a younger audience. This is especially important in a time when traditional broadcast and cable news viewers are aging” (Patel). And, the new changes and innovations seem to be working. “In 2016, CBSN drew more than 240 million live streams, up 232 percent over the previous year. The growth is continuing into 2017, with total streams up 38 percent in the second quarter compared to the previous year” (Patel). Thus, streaming and interaction with social media will be the way of the future for news media, as millennials and cord-cutting take over.
Works Cited
DeleteAdler, Kristie. “ESPN to Launch April 12, Bringing Sports Fans More Live Sports, Exclusive Originals and On-Demand Library – All for $4.99 Per Month.” ESPN MediaZone U.S., 13 Apr. 2018, espnmediazone.com/us/press-releases/2018/04/espn-to-launch-april-12-bringing-sports-fans-more-live-sports-exclusive-originals-and-on-demand-library-all-for-4-99-per-month/.
Patel, Sahil. “How CBS News Is Trying to Reinvent Itself.” Digiday, 2 Aug. 2017, digiday.com/media/inside-cbsn-a-cbs-news-for-a-new-era/.
Roberts, Daniel. “The NFL Is Not Dying, but It May Be Plateauing.” Yahoo! Finance, Yahoo!, 30 Dec. 2017, finance.yahoo.com/news/nfl-not-dying-may-plateauing-161457955.html.
Within the next 10 years, I can see the journalism (both print and broadcast) and film industry undergoing the most change. I believe journalism is already dying in the sense of print and soon, broadcast. It seems as though many people have been getting their news via social media or other apps. This causes a decline in the print industry, overall affecting journalism. As for broadcast, I feel as though that will only decrease from now on, especially since cable is dying. Cable TV has been quite expensive recently, so many people have been cutting their cable and using SVOD’s. SVOD’s offer a more affordable source of entertainment but many SVOD services do not have live TV. Along with the boom of SVOD’s, skinny bundles have been really popular as well. A lot of media sources such as YouTube have been creating a skinny bundle package. YouTube TV now has over 50+ live TV networks for only $40 a month along with free cancellation anytime.The way that we used to mainly get news was typically print. This later on shifted to television. Now, people are getting their news from the media. According to the Pew Research Center in the Key trends in social and digital news media article, “As of August 2017, 43% of Americans report often getting news online, a share just 7 percentage points lower than the 50% who often get news on television. The gap between the two news platforms was 19 points in early 2016, more than twice as large.” (Bialik and Matsa 2017.) This shows how more and more people have been going to online media for news. Television news has dropped by 7% whereas online news has increased by 5%. Within 10 years, this will definitely fluctuate even more.
ReplyDeleteThe film industry is another one that is quite iffy as it is now and in desperate need of change. Throughout the years, the film industry has kind of been the same. When I say same, I mean, not diverse. A lot of times in Hollywood you see white actors/actresses playing diverse characters. For instance, in The Prince of Persia, Jake Gyllenhaal plays an Iranian character. This is called “whitewashing.” It is known throughout Hollywood. This also isn’t the first time. There are plenty of movies I can name -- Breakfast at Tiffany’s, Doctor Strange, Gods of Egypt, etc. As you can see, there is minimal diversity amongst the film industry. It wasn’t until this year, 2018, that I actually felt as if the film industry was shifting. When Black Panther came out, not only was it a mainly black cast, but it really defied the odds with how greatly it did. In a Deadline article titled ‘Black Panther’: Hollywood Cannot Stop Praising The Groundbreaking Marvel Blockbuster, author Dino-Ray Ramos says, “One of the most notable tweet review came from former First Lady Michelle Obama gave her review of the movie saying that she loved it and how it will “inspire people of all backgrounds to dig deep and find the courage to be heroes of their own stories.” (Ramos 2018.) This explains how many viewers really see the change in Hollywood and this is only a start. Not only is the film industry becoming more diverse with races, but also genders. There have not been a lot of films with female directors, but in 2017, there was an overwhelmingly amount of women that succeeded in directing huge feature films. In an article by Hollywood Reporter, author Rebecca Sun says, “The share of female director on the top 100 list rose from 4.2 percent to 7.3 percent from 2016 to 2017, but throughout the decade, the figure has been flat, with women directors accounting for just 4.3 percent the total since 2007.” (Sun 2018.) These stats show how although the number of female directors is little, there has been improvement within the industry.
DeleteThese changes in both the journalism and film industry will impact the consumers slightly. Most millenials and now Gen Z are our future. They have already grown with these changes and are constantly adapting to them each and everyday. Soon print newspapers will be exclusive and considered vintage. It is a long cycle that always comes back. Much like vinyl records, I do predict for these industries and trends to repeat itself.
Bialik, Kristen and Matsa, Katerina. Key trends in social and digital news media article. Pew Research Center. 4 Oct. 2017. http://www.pewresearch.org/fact-tank/2017/10/04/key-trends-in-social-and-digital-news-media/
Ramos, Dino-Ray. ‘Black Panther’: Hollywood Cannot Stop Praising The Groundbreaking Marvel Blockbuster. Deadline. 19, Feb. 2018. http://deadline.com/2018/02/black-panther-reactions-marvel-studios-ryan-coogler-chadwick-boseman-oprah-winfrey-michelle-obama-bob-iger-1202295646/
Sun, Rebecca. "Eight Women Directed a Top 100 Movie in 2017, Study Finds," The Hollywood Reporter 4 Jan. 2018. https://www.hollywoodreporter.com/news/eight-women-directed-a-top-100-movie-2017-study-finds-1071527
The rise of the technological revolution is having a massive impact on the world and how people communicate. It is changing big companies and how they operate, how they produce content, and how the general public consumes media. I think the two industries that are being hit the hardest by hand-held digital devices is the news and television industries.
ReplyDeleteIt is not accurate to say that people are no longer watching television or reading newspapers. What is changing is the way we consume its content. Both industries have had to adapt to how the public wants to access what they read and watch. Neither of these industries is declining, but they have to make changes to keep up with the current times.
Streaming services are the primary way people prefer to watch television, and you would assume that broadcast networks are struggling, but this is not the case. Instead, they have figured out how to take advantage of people using multiple platforms to watch television. An article titled “Revenge of the Broadcast Networks?” highlights these changes. Bob Greenblatt, NBC chairman, says, “… a whole new business model is evolving for us, which is being drive by new technology and the will of the viewer. Our goal isn’t to just attract the most eyeballs to the network anymore, but to bring content to audiences wherever and whenever they want to watch it.” Powerful television executives have figured out that people want to watch their shows to their convenience. With that being known and understood, broadcast networks are selling their content to streaming services and trying to reach younger audiences.
I think broadcast television networks will still get a lot of viewership, but I also think within the next ten years they are going to be selling most of their content to streaming services. According to an article titled “Hollywood in 2018- The Old Order Ends, a New One Rises,” Netflix now has a market cap at $83 billion. Aside from Disney, it is the biggest media company. Hulu is also not far behind. With so many people relying on streaming services, broadcast networks almost have no choice but to jump on board. Consumers who still watch broadcast television will be keeping the networks alive, but if streaming completely takes over, they too will have to make the switch.
The second industry that will see the most changes within the next ten years in the news industry. Reading is certainly not dead, but our digital devices are making it more convenient and timely to get the news on our phones or tablets. An article titled “The future of Digital Platforms,” reports that our time on the Internet has tripled in the past seven years, which has led to a growth in our mobile usage. Sixty-seven percent of Americans say they get their news from social media. It’s hard to know for sure if newspapers will disappear completely, but it’s safe to say they will decline. More print companies have moved to online subscriptions and have large followings on social media sites. You can get news on Twitter, Facebook, and even Snapchat. As our society continues to be one that is constantly on the go, I think less and less people will make time to read newspapers, but instead will turn to online news.
WORKS CITED:
ReplyDeleteFulgoni, Gian. "The Future of Digital Platforms." ComScore (n.d.): 1-45. Print.
Goodman, Tim. "Critic's Notebook: Revenge of the Broadcast Networks?" The Hollywood Reporter. N.p., 04 Aug. 2017. Web. 15 Apr. 2018.
Shearer, Elisa, and Jefferey Gottfried. "News Across Social Media Platforms." Pew Research Center, 7 Sept. 2017. Web.
Waxman, Sharon. "Hollywood in 2018: The Old Order Ends, a New One Rises." TheWrap. TheWrap, 31 Dec. 2017. Web. 15 Apr. 2018.
The two industries that will undergo the most change in the next 10 years are the music industry and the sports industry.
ReplyDeleteThe music industry has already undergone a lot of change. For example, it has shifted from selling hard copies of records on CDs, cassette tapes or even vinyl to a digital model. The prominence of the internet and the widespread use of it has introduced many conveniences to its users. If we hear a song we like, we simply pull out our phones and ask Siri, “What song is this?” and we have the answer in a few seconds, which benefits both the listener and the artist. On the other hand, we also have the ability to create playlists and listen to songs right away, without paying. While that is great for the user, it’s resulted in lower music sales for the artists. Why would anyone pay for the music they can get for free? In recent years, the industry has seen the shift of online music streaming websites. The first to come to prominence was Pandora, a music radio website. It did well while it was the only one of its kind, but then Spotify was introduced and Pandora suffered. Now Spotify and Apple Music are the top streaming companies. As consumers, these are fantastic applications but for the artists they aren’t so great. According The Verge, “Spotify admits the average “per stream” payout to rights holders lands somewhere between $0.006 and $0.0084” While we may not have seen the full effects as consumers quite yet, there are signs. For example, according to the New York Post, Taylor Swift is charging over double for tickets compared to her 1989 tour, and decreased prices once her team realized they weren’t selling. “Any particular reason that #Reputation tickets in the 100s section during presale last week were $446 APIECE and now they’re $267????” asked “bigbiiisch.” There are a lot of theories as to why this is, but it could be attributed to the reduced income singers are experiencing.
Another changing industry is sports media. For years, ESPN reigned supreme. For all things sports, consumers turned to ESPN and their multiple channels. But these days, the cost to show the games isn’t balancing out with the profits. According to Yahoo! Finance, “It pays $1.9 billion per year to show 17 Monday Night Football games. It recently signed an eye-popping new deal with the NBA that took effect this season: $24 billion for 9 years, or $1.4 billion per year. It pays $700 million per year to show MLB games. It pays $600 million per year to show the College Football Playoff and other bowl games.” With the prominence of cord cutting, ESPN introduced its first OTT service, ESPN+. Unlike other OTT services, ESPN’s is not meant to be a substitute to their traditional channel. This means that ESPN is putting minimal effort into adapting to the changing, cord cutting times. Nielsen reported that, over the last 15 years, people are spending more time not heir phones and other devices and less time watching live television. If they refuse to keep up with the change, then they’re going to become forgotten and irrelevant. Eventually, it won’t matter to consumers because they will be able to get their sports programming elsewhere.
"Year in Sports Media Report 2017," Nielsen.com Feb. 2018. Web.
Roberts, Daniel. "Disney's ESPN problem comes down to simple math," Yahoo Finance 9 May 2017. Web.
Morgan. Richard. "Taylor Swift’s ‘Reputation’ Tour Shaping Up To Be a Disaster," New York Post 1 Jan. 2018. Web.
Plaugic, Lizzie. “Spotify's Year in Music shows just how little we pay artists for their music.” The Verge 7 Dec. 2015. Web.
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ReplyDeleteOur media environment is constantly going through a change. It seems like every month, there’s a technological advancement or trend that alters the way we use and view media. From cord cutting to social media, these diverse developments will ultimately transform the future of media. The two industries that I foresee will undergo a drastic change within the next 10 years are the journalism industry and the television industry. These industries are presently going through a modification process so its safe to say that they will definitely be remodeled in the future.
ReplyDeleteThe journalism industry is currently undergoing a change in regards to broadcast and print media. However I think the biggest change that the industry will undoubtedly face will be their struggle with the notion that news cannot be trusted. The idea of “Fake News” is damaging the integrity of journalism. With print media declining and social media becoming the prevalent source for news, individuals are having a hard time deciphering what is the truth and what is deceit. According to an article by “The Atlantic” “People tend to remember information, or how they feel about it, while forgetting the context within which they encountered it,” they write. “There is thus a risk that repeating false information, even in a fact-checking context, may increase an individual's likelihood of accepting it as true” (Meyer 2018).
Because of this problem, it’s scary to think about where the journalism industry will be in the next 10 years. Will people have lost all their trust completely? Will print media be gone forever and social media officially take over? Who will be responsible for deciphering “fake news” if the people can’t do it themselves? How will we get our news?
The television industry has already gone through a radical change in regards to how viewers watch T.V. TV is altering and the content and types of shows have begun to be modified in order to acclimate to the ever-changing modes of TV viewing. Subscription services like Netflix, Hulu, and Amazon are contributing to the trend of cord cutting. Individuals who have chose to “cut the cord” are “primarily trying to keep expenses down, but they also prefer to stream. They rely heavily on their mobile devices” (Baar 2017).
In the next 10 years I think there will be a major decline in broadcast and cable network viewership because of SVOD services, “one of the main contributing factors to the decrease in viewership on TV is the increase in the number of series across TV. More channels have more programming. Streamers make original programs, equal or higher in quality to broadcast and cable” (Shapiro 2018). Because consumers will change the way they watch TV, media professionals will have to find innovative ways to keep up with the changes, its unpredictable how they will find the solution for this but I predict that broadcast and cable networks will still be around but there will be more of emphasis from media professionals on SVOD services.
ReplyDeleteMeyer, Robinson. “Why It's Okay to Call It 'Fake News'.” The Atlantic, Atlantic Media Company, 9 Mar. 2018, www.theatlantic.com/technology/archive/2018/03/why-its-okay-to-say-fake-news/555215/?yptr=yahoo.
Baar , Aaron. “Cord-Cutters, 'Cord-Nevers' Differ In Viewing, Demographics, Pay TV Subs.”04/24/2017, 24 Apr. 2017, www.mediapost.com/publications/article/299611/cord-cutters-cord-nevers-differ-in-viewing-dem.html.
Shapiro , Evan. “How Peak TV Arms Race Is Shaping the Way We Make, Sell and Watch (Guest Blog).” TheWrap, TheWrap, 6 Feb. 2018, www.thewrap.com/peak-tv-arms-race-evan-shapiro-shaping-way-make-sell-watch-guest-blog/.
Over the next 10 years, I think that the television and the music industry will undergo the most change. These two industries will have to adapt to new technologies and ever-changing consumer behavior, as they have in the past. Both television and music have had to change their ways many times in the past several decades.
ReplyDeleteFor both of these industries, one thing has seemingly been dominating both of them: streaming. The television industry has seen a large shift within the past 10 years of people switching from watching live TV and having cable subscriptions to cutting the cord and only using streaming services to watch TV. The millennials and generation X are the main cause of this. They spend more time on digital media rather than watching live TV, a sign of shifting media consumption. They spend over double the amount of time in digital media than on live TV (“Cross-Platform”). In regards to streaming only households, with no satellite or cable subscription, there are about 15 percent of the OTT households that solely rely on streaming services (“Cross-Platform”). Another trend relevant to the TV industry is the actual content that people are consuming. There has been a large shift to companies investing in and producing original scripted content. The king of this currently is Netflix. They are being increasingly known for their original series and movies they produce and roll out at a very fast pace. New content does not seem to be an issue for Netflix, probably because they are expected to continue to spend upwards of $7 billion on originals (Goldberg). Amazon comes in with $4.5 billion and Hulu with $1 billion on original content (Goldberg). The number of scripted originals went up 7 percent in one year from 2016 to 2017 (Goldberg). I think that there is a large shift in moving from live TV to streaming or time-shifted viewing, which is going to cause a lot of change in the industry down the road in the next few years. Consumers are going to find themselves turning to their devices and subscription services as a means to find most of their content. I think things won’t change too dramatically for the media professionals because it is simply another means of how users get their content. They still want the content, they would just be retrieving it from other sources more often. I don’t think live TV will be extinct, I just think the gap between the two is going to become much smaller.
The music industry has finally caught on and realized that the concept of streaming can be extremely beneficial to them. Over the past few years, streaming music services have sky rocketed and seen a huge amount of growth in subscribers. They have found a way to make revenue off of them, with simply having a monthly charge for each subscriber. Spotify, with 140 million users worldwide, and Apple Music, with 38 million subscribers worldwide, are the two largest names in the streaming music area (Christman). I don’t see growth declining anytime soon. I think these two will continue to flourish and set a new platform for how music is consumed. Physical sales of music will drop so low, it will virtually be a thing of the past. The future of music is definitely reliant on the Internet and its instant streaming capabilities. Consumers are already gravitating towards this concept and the industry will keep having to adapt to these changes in the future to keep the industry alive and growing.
Works Cited
"Cross-Platform Future in Focus 2017." commScore. Accessed 16 April. 2018. Web.
Goldberg, Lesley. "Scripted Originals Hit Another Record High in 2017." The Hollywood Reporter 5 Jan. 2018. Web.
Christman, Ed. "Apple Music, Spotify Battle Heats Up Again as Race for US Subscribers Gets Closer," Billboard 5 Feb. 2018. Web.
I believe the two industries that will see the most change over the next 10 years will be television and news media. These two industries have already started evolving and making changes but I don’t believe these industries will stay in their current state for long.
ReplyDeleteOver the past five years the television industry has changed dramatically. Many TV shows have either moved to streaming services or new shows have been made for specific streaming services. Live TV is being watched less and less because of DVR and the fact that most shows can be streamed online the next day. TV services have been scrambling to separate themselves from their competition by teaming up with streaming services, but at this point it isn’t that special anymore because most people are already subscribed to Netflix, Hulu, or Amazon Prime. With that, new ideas are being thought up to take the television industry to the next level. Shonda Rhimes, the genius writer and producer behind Grey’s Anatomy and Scandal, announced that she was leaving ABC for Netflix. When asked what prompted her to make this big decision, Rhimes stated “On Netflix, I think, there’s not necessarily a sense of, ‘You have to make a particular kind of show for a particular kind of branded audience. The brand of Netflix is just creativity. And that’s exciting: the idea that I get to write in whatever manner I want to write…” (Mangalindan).
The news industry has also drastically changed over the years. The best way to get news was to either watch the nightly news or read newspapers. Today, news is retrieved mainly through social media and online news articles. A recent report from the Paw Research Center stated “About a quarter of all U.S. adults (26%) get news from two or more social media sites, up from 15% in 2013 and 18% in 2016” (Grieco). The use of social media for retrieving news isn’t only being used by millenials, in fact, a research report from Pew Research Center found that “more than half (55%) of Americans ages 50 or older report getting news on social media sites.” (Shearer & Gottfried).
Both forms of media are evolving and will continue to evolve over the next 10 years. With Rhimes’ decision to leave television for a streaming service, I believe this will become a trend among other producers and writers in order to have more creative freedom with their shows. Streaming services having done remarkably well and by having a popular writer/producer team up with them, it’s a win-win for both parties. I also believe that with the way social media has taken over, news media will take the opportunity to consolidate its services to social media more than ever as a way to keep news media popular while adapting to the changes in how media is retrieved.
Works Cited:
Grieco, E. (2017, November 02). More Americans are turning to multiple social media sites for news. Retrieved April 17, 2018, from http://www.pewresearch.org/fact-tank/2017/11/02/more-americans-are-turning-to-multiple-social-media-sites-for-news/
Mangalindan, J. (2017, November 21). 'Scandal' creator Shonda Rhimes: Why I left ABC for Netflix. Retrieved April 17, 2018, from https://www.yahoo.com/finance/news/scandal-creator-shonda-rhimes-left-abc-netflix-182124114.html
Shearer, E., & Gottfried, J. (2017, September 07). News Use Across Social Media Platforms 2017. Retrieved April 17, 2018, from http://www.journalism.org/2017/09/07/news-use-across-social-media-platforms-2017/
Technology is rapidly changing the media industries and the industries that follow the trends of the media industry. The two industries that I have seen and can see taking/making the biggest changes over the next ten years are the Television and Sports industry. Even now, you’re seeing these big time television and sports channels try and spark their own OTT service/app. However, I believe cable television is in the beginning phases of fading away as an optimal choice as your entertainment provider. According to an article Sean Burch wrote, “Netflix Has as Many Subscribers as Cable TV, New Study says”, proves that on line streaming has picked up the attention of the public eye and that trend will only continue until the last domino falls (Burch). That last domino that keeps cable television relevant is live sports. Between the commercial appeal and large fan base, Sports is by far the largest live entertainment platform cable still owns. In an article by Rick Porter, “The Highest-rated TV programs of 2017: 60% sports, 40% everything else”, Rick proves that the sports industry is carrying cable network and their viewing ship (Porter). Within the next 10 years, cable television will be seen as dish satellite TV is seen TD, non-existent. In an article by Mike Rich, “What Behavior Data Tells Us About the OTT Habits of Cord-Cutters” goes on to explain how OTT users and cord cutters actually watch more content weekly through their OTT service compared to a normal cable provider. This was Mikes take on Cord-Cutting, “The data from this first-of-its-kind study was based on measuring March 2017 behavioral OTT viewing data for the approximately 870 cord-cutting homes in our 12,500+ household panel. This data was then weighted and projected to the represent the proportion of Wi-Fi homes in the U.S. who have cut the cord. We also analyzed data from more than 4,700 homes that watch OTT content and also subscribe to pay-tv. While the average OTT viewing home in the U.S. spends 49 hours a month viewing OTT content, cord-cutter homes consume 79 hours of OTT content a month (2.5 hours per day) – about 60 percent more than the average.” (Rich). People who are watching these services are taking in more content daily and that’s what big time networks need to realize and target. The Sports industry is watching ESPN ratings drop tremendously and watching this massive worldwide sports entertainment crumble all because of their lack of live content. If the data I just showed anything, people want live content, not some analytics guy breaking down statistics on television. They want more action and more sports and yes, ESPN launching their first OTT service is a step in the right direction, but that’s banking on them being able to sell the live content their cable team already can produce. Within the next 10 years, you’re going to see the television and in particular, the sports entertainment industry take a turn for the best and move all their content online through an online streaming service.
ReplyDelete
DeleteSources-
Burch, Sean. “Netflix Has as Many Subscribers as Cable TV, New Study Says.” TheWrap, TheWrap, 19 Dec. 2017, www.thewrap.com/netflix-passing-cable/.
Porter, Rick. “The 100 Highest-Rated TV Programs of 2017: 60% Sports, 40% Everything Else.” TV By The Numbers by zap2it.Com, 3 Jan. 2018, tvbythenumbers.zap2it.com/more-tv-news/the-100-highest-rated-tv-programs-of-2017-60-sports-40-everything-else
Rich, Mike. “What Behavioral Data Tells Us About the OTT Viewing Habits of Cord-Cutters.” ComScore, Inc., www.comscore.com/Insights/Blog/What-Behavioral-Data-Tells-Us-About-the-OTT-Viewing-Habits-of-Cord-Cutters.
There are two industries that will undergo serious change in the future: streaming and network television. While these two industries are obviously related, and in contention with one another, they will undoubtedly undergo the most change in the next 10 years as they fight tooth and nail for their core viewership.
ReplyDeleteMedia networks have already began undergoing transformations to compete with streaming services like Netflix and Amazon Prime Video by hastily creating their own streaming services exclusive to their content only.
A 2017 article from The Hollywood Reporter quotes Mark Pedowitz from the CW stating, “That casual meeting was set up before my column appeared, and Pedowitz joked that, contrary to my point, he quite liked his job and felt very confident about the state of the industry. Pedowitz has worked at other networks and has a business background. I asked him to — in so many words — explain how networks can make money. You know, low ratings, etc. And yes, I know enough about international sales and OTT deals and some other things to realize there are ways, in 2017, to offset some of the hurt. Conveniently, The CW had been forced, ahead of its more successful network counterparts, to learn now to monetize digital. So Pedowitz explained some things. I can't say I understood it all — words, not numbers, for me. But he was unshakable in his belief that broadcast networks were in a better place than most cable channels” (Goodman).
Though the CW may have been ahead of the curve in terms of broadcast networks getting into streaming, most have lagged behind as streaming services have dedicated massive resources to their original content. In another 2017 Hollywood Reporter article, again by Tim Goodman, Goodman writes, “Just thinking about all of this tumult is as sentimentally heartwarming as when Cersei Lannister told all the other houses to go get their asses eaten by the dead and she'll mop up whoever's left. Think about these giddy times we live in, as of, say, last week: Amazon is revamping its strategy as its boss is demanding a worldwide hit, not some twee costume drama about Zelda Fitzgerald. Netflix is talking openly about budget constraints. Both streamers are canceling series. Meanwhile, streaming gnat Hulu might be a much bigger threat than most realized, especially after Sunday. In less than two years Disney is going to get in your wallet no matter what you're saying now. All three premium cable channels — HBO, Showtime and Starz, have an OTT component that grows bigger every week. And out there in the hamburger hills of ad-supported cable, prestige players like FX and AMC are about to seriously complicate your skinny-bundle decisions”.
Skinny bundles, however, could be the bane of both industries as people pay less to get the content they want only. But while streaming services invest countless dollars in original content, and media organizations consolidate to combat them, the streaming and network television industries are undoubtedly poised for the most change over the next 10 years (Goldberg).
Works Cited
Goodman, Tim. "Revenge of the Broadcast Networks?" The Hollywood Reporter 4 Aug. 2017. Web.
Goodman, Tim. "Has Anyone Noticed That the TV Industry Has Lost Its Shit Lately?" The Hollywood Reporter 15 Sept. 2017. Web.
Goldberg, Lesley. "Scripted Originals Hit Another Record High in 2017." The Hollywood Reporter 5 Jan. 2018. Web.
Streaming services are the trend that have been impacting media as we know it the most and will continue to change the way we consume media for years to come. Subscription streaming services have impacted both television and music industry in such a big way that major players in music are going on tour to make money and the cable companies are seeing a small drop in cable subscriptions.
ReplyDeleteNetflix and streaming services pushed cable to its limits. They have forced cable company’s hand to start streaming services of their own and force companies like Netflix and Amazon to start creating original content of their own. In doing so this puts tremendous pressure on Netflix to sign a powerful creative staff and be smart with their spending because they have no advertising revenue and depend on their shareholders and international subscriptions. Tim Gooden of the Hollywood reporter told us that FX is coming out with their own streaming service that has no commercials much like Netflix but has shows like “It’s Always Sunny In Philadelphia” a show that was once on Netflix. Disney is throwing their hat in the streaming ring with a 60% stake in Hulu and ESPN+ launching in April. With the continuation of cable companies forming their own streaming service for their programing and pulling their content off Netflix will continue to push the envelope and the challenges of television moving forward. The way people are watching cable television is changing as well. Tim Goodman of the Hollywood Reporter wrote that cable companies are in fact making money. They are making their money after the live plus 3 and live plus 7. Cable companies have transformed like I said above to keep their viewership and continue to make money while everyone is writing off cable television. Advertisers will have to pay attention to this data that NBC presented and stick with cable television because there is still money to be made from traditional cable it just won’t be the traditional route that has been taken in the past. Online viewers will still watch cable programing and that market has been overlooked because myself included has only viewed cable as a box and a television but that is not the case as of late. TV became its own beast for the better of these networks.
The Music industry has undergone changes of its own as well. Streaming has hit the music industry and has changed the way we consume music. Spotify allows you to pay a flat rate and create your own playlist and listen to as much music as you please. Apple has also started a similar business model with Apple music. But while spotify is increasing in popularity, it is not increasing in profits. According to Cherie Hu of Billboard Spotify is not yet profitable due to difficult negotiations with major record labels and high royalties paid to these labels. What keeps Apple more sustainable than Spotify is that they are a tech company. They have their own product that offers Apple music. Apple is also a company that is in the positive and making money and shows no signs of slowing down.
How we consume media will continue to change it will be interesting to see how these major companies that are around now stand the test of time. With Netflix suffering from cable companies making their streaming presence felt, Spotify not turning a profit but potentially going public to increase shareholder equity and improve their debt to equity ratio to help their filings and losses. How long can media sustain the growth that technology has allowed us? Only time will tell and it is a very exciting time to be a student and hitting the workforce.
Works Cited
DeleteGoodman, Tim. "Has Anyone Noticed That the TV Industry Has Lost Its Shit Lately?" The Hollywood Reporter 15 Sept. 2017. Web.
Goodman, Tim. "Revenge of the Broadcast Networks?" The Hollywood Reporter 4 Aug. 2017. Web.
Hu, Cherie. "Why Music Streaming's Greatest Hopes Are Spotify's Toughest Challenges," Billboard 8 March 2018. Web.