Over the last decade the world has watched online platforms slowly but surely completely take over. 15 years ago Live television and radio were at the forefront of entertainment, if you wanted to watch anything or gain any relevant information they would be the places you would go. However, things have changed dramatically over the 2010s to the point now in the year 2020 the future of radio and television does not look bright. 6 out of 10 people prefer online platforms to television.
Live broadcasting has now primarily been moved onto the web with huge amounts of young people watching their favourite football games through online streaming, this allows them to watch games on the go and wherever. Something televised entertainment is hugely disadvantaged with. Radio has also taken a deadly hit from streaming platforms such as Spoify and Apple music. We are now able to pay a monthly subscription of £10 a month to access over 30 million songs. 15 years ago you would have to have separately purchased albums and songs which got incredibly expensive which lead to people just turning to the radio instead. In the year 2020 major streaming platforms such as Netflix and Disney + have become standard household needs, it works out significantly cheaper to have a subscription for 3 streaming services then having a subscription to a Tv company.
Technology is changing and people are changing with it. We are watching TV personalities pour more energy into online platforms such as YouTube and Instagram, this is mainly because it is so more accessible for their audience which then leads to them getting more views which will then equal in more profit for them. An example would be love islanders, they enter the biggest show in the country and gain a huge social media following from it. After they leave the show we are seeing a large majority of them start their own YouTube channels to try and capitalize on their new found fame. It would literally take them 10 minutes to set up a YouTube channel and away they go. This makes it very easy for Tv personalities to potentially turn themselves into influencers. The TV industry is in a lose-lose state as it is unwillingly fuelling the enemy.
At Powah we believe that within the next 10 years the world is going to watch live television and radio fade into the darkness. Smart televisions will take over the TV aspect and radio will mainly be a thing that an older generation tunes into. Younger generations will not see the need to tune into radio when they can easily access any music they want straight from their fingertips.
15 years ago streaming platforms seemed like an impossible thing, they appeared to have just creeped up out of nowhere. The interesting question is, could there be a new technological breakthrough over the next few years which puts streaming services on the line?