Online streaming has taken the whole world by storm. 2020 was the breakthrough year because different media networks launched their own video-on-demand streaming services such as HBO Max, Quibi, Peacock, etc. to turn the pandemic situation in their favor.
As expected, people gleefully accepted all these streaming services in huge numbers since they were forced to follow different restrictions like social distancing, self-isolation, and others appropriately.
However, this trend did not do justice with the cable TV companies because they are dealing with various issues like customer retention, innovation, advertising, etc.
Sadly, these issues will increase with the passage of time since people have already replaced their traditional TV viewing habit with online streaming.
The whole scenario indicates that traditional TV companies will need to transform themselves as quickly as possible to successfully compete with online streaming platforms in 2021.
At present, the future of TV companies does not look quite promising because they have not been able to innovate themselves as per the requirements of their subscribers.
But if we discuss the future of online streaming, it is progressing in the right direction. Continue reading this post to know how the future of TV and streaming has been reshaped overall.
How the future of TV and streaming has been reshaped so far?
As we all know, users prefer to subscribe to Netflix, Amazon Prime, and Disney Plus in the first place. But, they can also access other media services like YouTube TV, Hulu, BBC iPlayer, TVPlayer, Hostar and many more on a wide range of devices from anywhere as revealed by howtowatchinaustralia to fulfill their streaming needs under their budget.
In a nutshell, all these above-described services have changed the viewing habits of viewers globally. Apart from this, different factors like personalized packages, interactive content, live TV, etc. have reshaped the future of traditional TV companies significantly.
Personalized packages
The good thing about online streaming is that it has forced TV companies to offer customized TV packages in near future. It means consumers will not have to buy the entire package of channels to watch their favorite media content.
Interestingly, they will have the luxury to include their preferred channels in their subscription packages.
Interactive content
Interactive content is the new concept but has already been implemented by a leading online video on demand streaming platform, Netflix. The famous streaming service has allowed viewers to change the plot and dialogues in one of the episodes of Black Mirror.
According to this notion, viewers can participate and change the possible outcome of their favorite shows. Therefore, traditional TV channels or media networks will have to work on the same lines and broadcast such shows in the future to engage and entertain their viewers.
Live TV
Live TV has become an important part of online streaming these days. This trend has changed people’s traditional TV viewing habits and will continue to do so in the future.
When you tune into your conventional TV set, you have to sit in front of your TV screens to watch your favorite TV show or movies. Luckily, this is not the case with online live TV streaming services. For Instance, you can subscribe to Hulu + Live TV package and watch 60+ channels on your desired devices as per your preferences.
How is the online streaming industry changing the viewing habits of consumers worldwide?
The online streaming industry is using different tactics to transform viewing habits of their subscribers globally. All these tactics will certainly impact the future scenario of the TV industry.
For example, streaming platforms offer original content in the shape of TV shows, movies and documentaries to their subscribers regularly. Sadly, you cannot avail such an amazing feature when watching conventional TV channels.
Besides, you can enjoy tons of exciting features like offline viewing, simultaneous streams, virtual party, etc. on your preferred devices if you have subscribed to popular streaming platforms like Netflix, Disney Plus, HBO Max, Prime Video, and others.
Offline viewing is one of the most crucial features that allow users to watch TV shows, movies and other media content without using an internet connection. They need to download content on their devices be it Windows, Android, or iOS.
Wrapping Things Up
There is no denying that the COVID-19 crisis has significantly reshaped the future of cable TV and online streaming to a certain degree. In this age of digitalization, people have options galore when it comes to online streaming. They can easily subscribe to their favorite streaming services from anywhere accordingly.
This is one of the major reasons why users are preferring online streaming services over cable TV providers. As far as cable TV providers are concerned, they are facing hurdles in retaining their customers due to tremendous growth in online streaming viewership.
Therefore, we can expect that online streaming services will continue to improve in terms of customer base, content quality, and additional features. On the contrary, cable TV providers will have to enhance their performance on different fronts like content quality, pricing, etc.
Otherwise, video on-demand services will definitely replace a conventional cable TV package sooner or later.