According to the latest stats, over 35 million people in the U.S alone have cut cords when it comes to cable TV and in 2022 the number of cord cutters is predicted to reach at 55 million+
With this unbelievable rise in the cord-cutting population of the U.S and the entire world, it is very important for all TV networks (large-scale and indie) to adapt to the new technology and make sure it is just as profitable for them as it is for the customers.
So, as an indie TV network owner, you must be curious as to what the future of cord-cutting will truly be like and how will it affect the TV industry? Well, that’s a very interesting question.
In fact, TvStartup.com realizes the need for you to learn about the effect of cord-cutting on the future of the cable TV industry which is why we’ve gathered all that you need to know about cord-cutting into this comprehensive post, so you can be successful with your own TV channel.
Before we get into the future of cord-cutting and how people are switching to watching content digitally, let’s take a look at what cord-cutting really is, to get an understanding of the changing TV technology and how you can adapt to it.
What is Cord-Cutting?
Cord-cutting refers to the process of TV content consumers and audiences canceling their Pay TV subscriptions and dropping cable TV channels or simply reducing the time spent on cable or satellite TV channels and reducing their number of channels to switch to content service providers and TV networks powered by the internet.
The typical reason for consumers cutting cable cords and moving towards digital internet-based TV channels is because of the variety of content and the cheaper subscription prices that lucrative cord-cutting channels provide to users around the global village of the internet.
This trend of cord-cutting seems to keep growing as more users are starting to prefer some sort of combination of IPTV content servicer providers and internet broadcast connections which end up being preferable to consumers than going for satellite-based or generic cable TV channels.
So, naturally, as a TV network owner, if you want to truly achieve success and utilize the cord-cutting market to your channel’s advantage, tapping into this heavily growing market is very important.
Cord-Cutting Stats and Figures to Look Out For
Since 2016, cord-cutting has been increasing every single year by the millions, that too, only the nations and consumers that have been tracked. For reference, in 2019, over 6.3 million people cut cords and moved towards internet TV subscription channels.
This was an overall 18.3 percent increase in the number of cord-cutters than the previous year (2018). In the following years, more and more people switched to internet TV for varying reasons but the numbers haven’t stopped growing around the world.
Despite the popularity of cable TV from the previous few decades, now, only 55% of people with access to television have cable TV subscriptions. This number is projected to dip much further by 2030 which is less than 10 years away. So, it is evident that a change is necessary for cable TV network owners.
This doesn’t mean that TV network owners completely need to change the system because the cable TV market is still in the game, despite losing millions of subscribers each year. Cord-cutters just need to become more of a targeted market for growing channels looking for audiences and growth in the industry. Connected (internet based) TV is the trend, clearly, going forward.
To put things in perspective, here’s a fact for you; Netflix alone has more viewers around the world than both cable and satellite TV viewers combined. This is an unbelievably staggering number but it is the reality and it shows how fast internet TV is growing.
Especially when it comes to teenagers and the new generation that’s more technology-forward, internet TV is more captivating and interesting. And that notion is going to continue building as technology, the internet, and online streaming becomes more popular among the masses in the coming few years. So, cord-cutting is definitely the future of TV.
Digital content creation is the future of the TV industry. If you want to thrive, you need to have your TV network on internet TV.
But if you’re not sure how that works, you can learn about it with us. Join TvStartup’s Live Demo and our highly professional strategists will share their guidance with you and explain to you how TvStartup.com will help your TV channel reach the peak of success. It is just that simple.
When it comes to cord-cutting in the TV industry and switching to internet-based TV channels, there are a lot of benefits for both consumers and TV channel owners. Let’s take a look at some of these advantages to get an idea of why cord-cutting is a step in the right direction for the prosperity of the TV industry.
Content is Available Everywhere
One of the best benefits of cord-cutting and switching to internet-based TV channels is the fact that, unlike cable TV, the content can be watched anywhere at any time. Whether you’re in one room, or the other, traveling or, laying on the beach, you’re going to be able to see the content that you love. That’s great for both consumers and creators.
Subscription Costs are Less
One of the many problems with cable TV is that the subscription costs and collective fees are too much to handle for the average consumer, especially compared to the value that users can get by switching to streaming platforms. By providing content in a centralized cloud-based platform on the internet, the TV channel owners can give more to the consumers while reducing the subscription costs which is exactly what the audience wants.
More Variety of Content to Watch
Cable TV is under the control of the service provider. This is a fact since every program runs on its provided time and exactly for the amount of time it is dedicated. You can’t switch between content that used to run in the past and doesn’t anymore. On the contrary, internet-based channels allow you to choose on-demand from a variety of content whenever you want to without any kind of restriction.
No Need for Unnecessary Channels
When you’re subscribing to internet-based TV channels and effectively cord-cutting, you’ll have a list of channels that you and your family like to watch and enjoy. This helps you choose the right channels and pay for only the things that you like to watch. So, you won’t be paying an excessive amount of money for content that you don’t like to or want to watch.
How can Your TV Channel adapt to a Cord-Cutting Market?
The future is very bright for cord-cutting and internet-based TV channels and networks. As the trend of cutting cords gets more popular with time and more people move towards internet TV subscriptions, you’re going to want to become a part of the trend.
As an indie TV network owner, the strategy that you need to go for is creating an online presence and a platform for online streaming of your content. If you already have a cable channel, you need to quickly integrate into the cord-cutting community by creating an internet-based version of your channel.
You might be thinking, how will my internet TV channel make the revenue that it needs to? Well, it’s simple. To make sure your TV channel makes bank, you’re going to have to utilize advertising in a better way. Plus, you don’t have to make your content completely free to watch either.
All you need to do is offer your audience a lucrative deal with better subscription prices, or free content with sponsorships and/or ads powering your monetization strategy, and many viewers are going to flood towards your internet TV channel. So, as long as you’re in tune with the trend, you can transition from cable to internet TV platforms, save big time on your network, and grow your audience all at the same time.
As the world moves towards a cord-cutting television consumption market, the ideal strategy for your TV channel’s growth will definitely be launching or transitioning to connected (internet) TV. And a secondary option is creating a hybrid solution that offers both cable and internet channel options to your audience, which would only be effective if you have an existing cable TV network.
Not sure how to do that? Well, that’s where TvStartup.com comes into play. With the excellent expertise of our professionals, you can set up your very own TV channel (internet, cable, and satellite) on the best platforms in front of millions of captive living room viewers.
Along with that, our high-quality CMS contains the best features for easy management of your channel and even mobile applications for tapping into the mobile streaming market.
Being the reason for a multi-billion dollar dip in the Pay TV subscription industry, cord-cutting is definitely going strong in pulling the viewing audience towards it. Curious about learning more about the modern TV industry news and opportunities? We’re here for you. All you need to do is subscribe to our newsletter and you’ll stay ahead of the competition.
(stats source: emarketer and techjury.net)