American’s Are Forgoing Cable TV Due to High Costs
By Tess Farrand, Staff Writer
Move over cable TV, there’s a new school in town and his name is streaming.
According to a new survey collected by Morning Consult/The Hollywood Reporter, American’s are forgoing cable TV by the droves in order to sign up for streaming services. The main culprit being that cable is too expensive.
Over 2,000 adults were asked this month about their feelings towards cable payments, frequency of TV viewing, the option to watch live content, etc. One of the questions reads, “In general, how affordable do you think the following are in the United States? Cable television.” The responses found that only a mere 10% of polled individuals found cable TV “very affordable.”
In contrast, when asked how important cost was in deciding between cable TV and streaming, 74% of polled persons found it “very important.” It also appears that consumers want both quality and quantity of programming options. Leading streaming services like Amazon Video, Netflix and Hulu have over thousands of titles to their name on top of original programming options and even sports coverage.
The Hollywood Reporter notes, “In 2015, there were 205.4 million subscribers to traditional TV, according to eMarketer, but that will drop to 169.7 million by 2022. If TV executives intend on wooing some of those defectors back, they have their work cut out for them, as the THR/Morning Consult poll indicates that 72 percent of those who have cut the cord have little or no interest in resubscribing.”
It’s also noteworthy to mention that the younger demographic, 18-29, spend less time on traditional TV and more time on social media and gaming. Sites like YouTube and Instagram are having to get creative to bring tv-like features to their platforms to stay in touch with their users. Further proving that social media is changing the entertainment industry, a new mobile video start-up called Quibi, backed by Dreamworks Animation founder Jeffrey Katzenberg is aiming to produce high-quality short form content.
With the changing landscape for programming, one uniform fact remains: filmmakers and content producers are living in the heyday of original programming.