Industries as a whole have been disrupted by the exponential growth of technology in the last decade to fifteen. To provide just a few examples, digital channels and streaming services such as Netflix, Amazon Web services, and others have had a profound impact on the entertainment and television sectors. Given the rate at which technology is advancing, the environment will have changed significantly by the year 2022. Let’s take a look at WOW Internet and TV entertainment business trends that are anticipated to emerge during the next decade.
Packages comprising several channels have long been the mainstay of the cable TV business model. Channel bundling allows viewers to save money by purchasing a bundle rather than the channels individually. Despite this, cable TV is being threatened by new streaming services. Traditional cable TV has seen a drop in popularity as a result of competition from online streaming services like YouTube, Showtime, Spotify, Netflix, Chromecast, and Amazon Prime, all of which produce and deliver high-quality original content.
Service Providers for Streaming Media
The entertainment business is moving in the direction of offering more options for viewers, whether they want to tune in to a live program, catch up on yesterday night’s most-watched program, or binge-watch a whole season of a show from the past or present. The proliferation of subscription services is causing a stir in the media and cable industries by giving viewers access to more programs, movies, and other forms of entertainment on-demand. Netflix dominates the streaming industry because it provides uninterrupted viewing for a monthly subscription. Films, live TV (including sports), and TV series are all available on WOW’s streaming platform. WOW, subscribers may see episodes from ABC, Telemundo, and CBS the day after they are broadcast on network television. WOW also has extras, like Netflix & Fox sports for sporting events. WOW Special, much like Netflix, offers a variety of different subscription tiers, from the freemium option with occasional ads to the premium, commercial-free service.
Disentangling the Networks
Consumers now can choose whatever channels they want to subscribe to and watch their preferred programs whenever they like thanks to the massive unbundling. It is projected that there would be an increase in competition from new entrants as a consequence of improved customer choice. It is expected that cable channels will continue to unbundle their services to maintain their competitive position. However, in the not-too-distant future, entertainment corporations will almost certainly merge. To provide just one example, Disney is the owner of not just the ABC television network but also ESPN and the entertainment companies Pixar and Marvel. Through a series of savvy purchases, Disney has been able to broaden the scope of its product catalog and better satisfy the requirements of its customer base. That is to say, even if customers continue to switch their subscriptions away from cable and toward streaming services, the streaming industry itself is re-bundling via a series of mergers and acquisitions. This is happening at the same time. The freedom-of-choice movement is projected to continue regardless of who owns the various media businesses, and as a consequence, traditional television service providers are realizing that they need to reevaluate their business strategies to remain competitive.
Separating the Plug
It is projected that there will be 31 million homes in the United States in the year 2020 that will not have cable or satellite television service, and it is anticipated that there will be an additional 6 million households who will cancel their subscriptions in just that one year alone. It is anticipated that by the time the current year comes to a close, more than 46 million people would have participated in the continuous trend of canceling their subscriptions to cable or satellite television services. This is based on estimates provided by several research organizations. Even though more than 110 million households already have access to broadband internet or satellite television, it is anticipated that the number of homes with such access will decrease by 7% between the years 2019 and 2020. This is the case even though there are currently households with such access. It is essential to point out that the lockdowns that people enacted in 2020 as a reaction to the coronavirus pandemic probably contributed to the year’s higher than average incidence of cord-cutting. This is something that should be noted. This is something that has to be taken into consideration. Remember to keep this in mind as it is something that has to be taken into consideration. Even if a disproportionate number of people begin using streaming services in 2020, there will still be an increase in the number of people canceling their subscriptions to cable or satellite television. This trend is expected to continue through the year 2020.