Guardian - Warner Bros Discovery’s announcement this week of a $9bn writedown in the value of its TV networks is a stark acknowledgment of the damage the streaming wars are inflicting on traditional broadcasting models.The astonishing figure, which pushed the US entertainment group to a quarterly net loss of $10bn and sent shares sliding 12% in early trading on Thursday, lays bare how channels such as CNN, TLC and the Food Network can no longer rely on a captive cable subscriber base.
The rapid consumer shift away from high-priced TV packages, coupled with the inexorable decline in advertising, has forced traditional TV companies to invest billions in low-cost streaming services to catch up with first movers such as Netflix.
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