Technology is changing the way we consume information and entertainment, and many people are ditching cable TV subscriptions that cost upwards of $100 a month in favor of streaming video services, such as Netflix, that cost as little as $10 a month.
People are also shifting to mobile platforms. A 2015 report by Cisco shows that in 2016, 6.1 exabytes of data were consumed on mobile platforms, which is expected to rise to 9.6 exabytes in 2017 and jump to 15.2 exabytes in 2018.
It’s clear that many people are choosing to cut the cord and explore alternatives to cable TV, which means there are some truly exciting horizons ahead for savvy media producers to explore. Here are five reasons video streaming is gaining ground in the market.
No one wants to be tied to a TV schedule, and a video stream means you can watch your programs when you have the time to watch them. This creates the ability to watch programs while riding a train, sitting at a bus stop, on a break at work, etc.
Many services allow consumers to choose the features and functions they want to pay for. Consumers can effectively pay for the content they want to watch and forego payment for programs and services they don’t want or need.
Video streaming apps and video stream services make recommendations based on viewing profiles. This creates a customized buffet of recommended content that is targeted toward the consumer’s interests.
It’s a Demographic Shift
Millennials and Generation Xers are leading the way when it comes to the move toward alternatives to cable TV. Sixty-three percent of Millennials watch live video, and streaming services put that capability in the palm of their hands.
The bottom line is the bottom dollar. While convenience, scalability and customization are major drivers in the shift toward alternatives to cable TV, most budget-conscious consumers are choosing to cut the cord to save money.
The shift toward streaming video and live programming presents challenges and opportunities for the video production industry. Those who are willing to adapt by adjusting to these changes and riding the trend will strengthen their position within existing markets and establish their reach far beyond their present capabilities.
At our Media Schools in Florida, Colorado, Ohio and Illinos, we teach our students how to follow these trends and adjust to them as they evolve. This positions graduates of our video production programs to lead the way when their coursework is completed. We invite you to contact us to learn more about our programs and the progressive skills we teach in our classrooms.