ACCESS Newswire
12 Jun 2019, 06:13 GMT+10
ENCINO, CA / ACCESSWIRE / June 11, 2019 / Cord-cutting - the term coined to describe the migration from cable TV to online streaming services - is a relatively recent phenomenon, but in the span of only about a decade, it has fundamentally changed the nature of content consumption. Most industry experts credit Netflix with the unrelenting acceleration of this trend and peg the start of the momentous shift at around 2007, when the SVOD (streaming video on demand) giant offered its customers the 'watch instantly' feature. Within several years, viewers had a choice that included Hulu, Amazon Video, Apple TV, HBO GO, and a number of other services. Analysts also point to a generational shift, with an expanding group of consumers growing up in an internet-centric society and thus unlikely to ever consider cable TV subscriptions. Among these so-called cord-nevers, 61% watch television primarily online via streaming services, according to a study by Pew Research Center. The younger generations are undoubtedly reshaping the demand patterns in video, music, and gaming content consumption, but the astounding growth of the over-the-top (OTT) market is driven by a combination of factors, comments digital media expert Daniel Aharonoff.
In the latest edition of its 'Couch Potato' series of annual reports, Convergence Research Group notes that revenues generated by traditional cable and satellite TV providers still far exceed the amount attributable to video streaming services. However, the latter are growing at a rate that should quickly narrow the gap: while pay TV proceeds in 2018 fell by 3% to $103.4 billion, SVOD platforms collected 37% more, or $16.3 billion. According to Convergence Research, the proportion of North American households that canceled their traditional subscriptions or never opted for any rose from 26% in 2017 to 30% in 2018, with the report predicting an increase to 34% in 2019. Similar developments can be observed in the music and gaming markets, Daniel Aharonoff points out. The Recording Industry Association of America (RIAA) estimates that streaming services accounted for 75% of total industry revenues in 2018, which represents a 10% jump year-on-year. In online gaming, the value of the market is projected to rise from $21.1 billion in 2011 to $33.6 billion in 2019.
'Media consumption across the globe is increasingly happening in digital formats. The increase in the number of devices capable of supporting digital media, along with increasing internet access speed, has provided consumers with an option to access the media content of [their] choice, be it information, entertainment or social activity anytime, anywhere,' Deloitte observes in a report titled 'Digital Media: Rise of On-Demand Content.' However, convenience is only one factor fueling the phenomenal growth of the streaming services market, Daniel Aharonoff notes. Research has established that cost is another key attraction, and OTT providers are steadily gaining ground due to the appeal of the so-called skinny bundles and tiered subscription models, which allow consumers to opt for lower-cost plans that best suit their needs and thus save money by customizing their selection of channels. Other reasons for the growth in streaming services is the widespread availability of broadband, the steady shift to mobile devices, and the increasing adoption in enterprise settings, where video streaming helps companies improve internal and external communication.
Daniel Aharonoff has been involved in the digital media industry for more than 20 years, laying the foundations of his remarkable professional success with his appointment as a strategic consultant to NBC Television. He advised the company on the launch of its VideoSeeker online service which showcased its digital properties on numerous pioneering portals, among them World News, The Tonight Show, and Saturday Night Live. This assignment was followed by the position of interim Chief Digital Officer at FoxKids and Fox Family Channel, where Aharonoff consulted on all technology and digital media initiatives & execution. In 1997, he founded movie content aggregator VideoDome Networks, serving as its CEO until 2004. After a number of senior roles at digital media companies, he has developed core strategies and has collaborated with industry's icons & major brands from Marc Cuban and Haim Saban to the world's largest entertainment and consumer goods brands and advertisers. In 2009, he formed BroadScaler Consulting, a boutique digital media consultancy group, assuming the CEO responsibilities.
Daniel Aharonoff - CEO of BroadScaler Consulting & Digital Media Expert: http://danielaharonoff.com
Daniel Aharonoff - Digital Media Consult - SwagBucks - LinkedIn: https://www.linkedin.com/in/danielaharonoff/
Daniel Aharonoff - Trusted Digital Media Pioneer: http://digitalmediarockstar.com/
Contact Information:
DanielAharonoff.com
[email protected]
http://danielaharonoff.com
SOURCE: Daniel Aharonoff
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...