By Princewill Ekwujuru
Over the last few years there’s been much talk about the “death of television, TV. However, TV is not dying so much as it’s evolving, extending beyond the traditional television screen and broadening to include programming from new sources accessed in new ways.
It is evident that more consumers are shifting their media time away from live TV, while opting for services that allow them to watch what they want, when they want.
Indeed, we are seeing a migration toward original digital video such as YouTube Originals, Subscription Video on Demand, SVOD services such as Netflix, and live streaming on social media platforms.
However, not all is lost for legacy media companies. Amid this rapidly shifting TV landscape, traditional media companies are making moves across a number of different fronts — trying out new distribution channels, creating new types of programming aimed at a mobile-first audience, and partnering with innovative digital media companies. In addition, cable providers have begun offering alternatives for consumers who may no longer be willing to pay for a full TV package, in different parts of the world.
In a recent report by Brand Intelligence, it revealed how TV viewers, subscribers, and advertising trends are shifting, and where and what audiences are watching as they turn away from traditional TV.
The report showed increased competition from digital services like Netflix as well as new hardware to access content shifting consumers’ attention away from live TV programming. Across the board, the numbers for live TV are bad.
The number of Nigerian adults watching traditional TV on a daily basis has dropped significantly. In keeping with this, pay-tv subscription is rising, while traditional TV ad revenue is dropping, occasioned by a slash in marketing budget as a result of drop in oil price.
Today people are consuming more media content than ever before, but how they’re doing so is changing.
An increased number of TV households now subscribe to pay–TV services, Netflix, Youtube on pones and viewing of original dgital video content is on the rise. Legacy TV companies are recognising these shifts and beginning to pivot their business models to keep pace with the hanges. They are launching branded apps and sites to move their programming beyond the TV glass, distributing on social platforms to reach massive, young audiences, and forming partnerships with digital media brands to create new content. The TV ad industry is also taking a cue from the digital landscape.
However, TV advertising expenditure by quarter in the last three years showed a drop in tv ads from the first quarter to fourth quarter of 2015, which was N9.1billion, N9.2billion, N11.6billion and N9.1 billion respectively.In 2014, N7.7 billion TV ads were recorded in the first quarter, N10.5 billion in second quarter, N7.9billion and N8.5 billion, respectively in the third and fourth quarters.