In 2023, the landscape of television viewership is undergoing a significant transformation, and it’s affecting both cable TV networks and local TV stations. The era of cord-cutting continues to take a toll on traditional TV, impacting major broadcasters like ABC, CBS, FOX, and NBC. While these networks remain among the most-watched, their primetime viewership has taken a hit compared to five years ago.
Back in 2018, these major broadcasters had an average of over 25 million subscribers tuning in for their primetime lineups. Fast forward to 2023, and that number has dwindled to 16.2 million, marking a substantial loss of 8.799 million viewers. NBC saw a decline of more than 3.3 million viewers, CBS lost over 2.8 million, ABC saw a drop of nearly 1.5 million, and FOX lost around 1.05 million viewers during this period.
The driving force behind this shift is the growing trend of Americans moving away from live TV in favor of on-demand streaming services. To combat this, ABC, CBS, FOX, and NBC are doubling down on live events to attract viewers. This includes broadcasting sports events like Pickle Ball tournaments and striking deals to air more football and basketball games on local TV stations.
While local TV stations still reign supreme regarding viewership, they are not immune to the changing landscape. As cable TV fees decrease due to cord-cutting, broadcasters may increasingly rely on advertising to cover their costs, leading to potentially significant changes in the industry’s future………[read more]
How do the shifts in TV viewership and the reliance on advertising revenue impact the business models of major TV broadcasters like ABC, CBS, FOX, and NBC, and what strategies can they adopt to navigate these changes effectively?
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