Online streaming is a blessing in disguise for users who do not want to use their traditional TV sets anymore. According to www.howtowatchinaustralia.com, such users can stream numerous streaming services in 2024, including Netflix, Hulu, HBO Max, Disney Plus, Prime Video, YouTube TV, BBC iPlayer, etc., on various devices across the globe.
We can expect that more and more people will be eager to use video on demand services in the future. However, it will make things extremely difficult for the slowly shrinking cable TV industry.
Read this post in detail to discover how streaming wars will influence TV’s future in the coming years.
What are the new streaming services?
2020 was a groundbreaking year online streaming-wise. During the last year, various media companies like WarnerMedia, NBC, etc., launched their online video on demand streaming platforms to attract potential consumers’ eyes.
These online streaming services were HBO Max, Peacock, Quibi, etc. The best thing about these streaming services was their acceptance among the masses in huge numbers.
Besides, all these new streaming services are successfully raising the standard of streaming war among various video on demand services significantly. Furthermore, they have influenced other seasoned streaming giants like Netflix, Hulu, Prime Video, and Disney Plus to include other compelling features in their armory respectively.
For instance, offline viewing is now perceived a must when it comes to watching media content without using an internet connection. Therefore, all the new services that will become a part of the online streaming industry will focus on providing features like offline viewing, virtual watch party, shuffle play, and others proactively.
How does the prevailing streaming war among video on demand platforms hurt cable TV?
The current streaming war among different video on demand services has already affected the performance of cable TV. Users are reaping rewards of this streaming war in many ways. They can watch anything they want from anywhere anytime instantly. They are not dependent on traditional TV viewing methods anymore.
Besides, they can watch a variety of original media content based on different genres like romance, adventure, horror, comedy, etc. on multiple devices accordingly.
However, they cannot find such luxury while using their conventional cable TV services. But, when they use a streaming platform, they can share their account credentials with their loved ones so that they can also stream their favorite shows or movies on a wide range of devices using impressive simultaneous connections features.
Thanks to this streaming war, they do not have to spend hundreds of bucks per month while using streaming services. They can pay around $5.99 to $10 per month depending on the service they choose.
For example, they can subscribe to Hulu’s basic monthly package by paying $5.99/month. Likewise, they can use Netflix’s basic monthly plan at the cost of $8.99/month.
Is there a market for new streaming services?
Considering the success of new streaming services like HBO Max and Peacock, we can expect that more video on demand platforms will be launched in the future. Overall, the future of online streaming seems to be encouraging because Netflix has just crossed 200 millions in terms of paid subscription recently. In addition, HBO Max is already enjoying the subscription base of 41.5 million customers. As far as the subscription base of Peacock is concerned, more than 33 million media consumers have already subscribed to the US-based online streaming platform.
It means there is enough room left for the new streaming services to grab the eyes of potential users. From viewers’ point of view, this is a win-win situation to say the least. They will continue streaming a multitude of original media content from anywhere on their preferred devices without breaking their bank.
Future of cable TV
Unfortunately, the future of cable TV seems to be bleak. If we discuss its performance in terms of customer base, 25 million homes have already cut the cord in the last 8 years. In addition, 25 million households are planning to ditch their current cable TV subscriptions by the end of 2025.
Apart from this, different major sporting events such as ICC T20 World Cup 2024, Tokyo Olympics 2024, Wimbledon Tennis tournament, etc., were postponed or canceled in 2024 due to the COVID-19 pandemic. This was one of the key reasons why cable TV services and providers lost a significant chunk of their customer base in the last year.
Sadly, this trend will continue to hamper the growth of cable TV services in the coming years. As expected, 27% of US households will replace their existing cable TV packages with the online streaming services of their choice by the end of 2024. In short, the future of cable TV lies in the hand of online streaming services.
Will cable TV die?
As previously discussed, the emergence of various online streaming services has put a full stop to cable TV services’ growth or expansion. Therefore, it will not get the much-needed attention from viewers due to the above-described reasons.
The only thing that goes in favor of cable TV providers and other related businesses is sports. Sports broadcasting or coverage does help cable TV services stay afloat in the crowded streaming world. Surprisingly, different TV networks still have the exclusive media rights to telecast major US sporting tournaments on their respective TV channels worldwide.
Wrapping Things Up
There is no denying that the prevailing streaming war among video on demand services is a great thing for viewers in particular. Interestingly, they no longer use their TV sets to watch their favorite content.
Besides, they can subscribe to their desired streaming services without stretching their monthly entertainment expenses. Above all, they can watch a plethora of TV shows, movies, and other media content on multiple devices hassle-free.
As far as the future of cable TV is concerned, it does not look quite encouraging. There is a strong likelihood that cable TV will become obsolete in the coming years. Furthermore, millions of people have already started replacing their existing cable TV packages with different online video on demand services.