Legacy TV, the old big three (NBC, CBS, and ABC) had a no good, terrible year last year, losing millions of viewers.
But so did most of the rest of them.
As Variety reported, 44 of the top 50 TV channels lost viewers in 2022. Only three (ESPN, ESPN 2, and the Paramount Network) gained any.
And this drop in viewers occurred despite the fact that both a highly contentious election and the Olympics were aired during the year.
Cable news also lost numbers. Fox News viewership dropped 1%, MSNBC dropped 22% and CNN dropped 34%.
“There may come a time when it just doesn’t make sense to rank the broadcast and cable networks anymore,” Variety added. “Actually, that time is probably already here, with most viewing now taking place via streaming and other means. And yet, Nielsen’s numbers — which include time shifting and other ways people watch, not just live — are still the best barometer of who’s watching what in the linear world.”
It appears that streaming really is killing legacy TV.
Indeed, the money is bleeding from TV and cable.
“Digital TV Research said the U.S. will lose $23 billion in revenues between 2019 and 2025, and that after peaking at $105 billion in 2015, U.S. pay TV revenues will drop to $56 billion in 2025,” Fierce Video reported.
Broadcast TV and Cable are on track to losing half their revenue over the next ten years.
It hasn’t happened yet, exactly, but soon enough we will see the end of a whole ton of new programing. The nets just won’t be able to afford it.
Further, actors will find an end to the gravy train. The big salaries will be gone. That, on turn, will mean the end of La La Land and its big mansions, luxury stores, and that fantasy life style.
Can’t say that’s a bad thing at all.