A More Creative Medium.
A decade ago, media experts would have said that traditional television (TV) broadcasting was on its way out given the rise of streaming video, free digital content, and new online channels such as Youtube. A decade ago, most superstars wouldn’t have even considered being in a TV show, preferring big-box and artistic movies, as well as the stage. Those venues signaled they had made it and had artistic relevance. Appearing in a TV show would have signaled the end of their career and that they were on their way out.
Yet, the television medium is still kicking. As a matter of fact, it’s one of the most creative outlets out there today, drawing exceptional actors to series, eyeballs to the screen, and money to the content providers.
Why is television winning? Because it’s creating great content that wins with consumers. Movies aren’t winning this game today, because the industry’s business model demands they play it safe. Studios tend more towards proven franchises and sequels given their release model of big launches that release globally, along with the fact that video sales no longer provide a viable revenue stream that extends the reach and life of a picture.
Television is also winning, because that great content draws great actors. Because the storylines are intriguing and engaging, it draws viewers. And the best part about it for the industry, these consumers are willing to pay for this great content.
Michael Wolff wrote an excellent article in The New York Times that articulates “How Television Won the Internet.” Despite what many thought would be the demise of TV, he articulates how those producing traditional TV shows have a more sound business model and have beat new digital entrants despite their advanced technology.
So, if you’re in an industry undergoing wholesale change, before thinking you’re down and out, it’s wise to remember a simple axiom—consumers will pay for great products that meet their needs. Going back to the basics can be the savior to holding your ground.
The Industry Forecast: Help me win by creating great products that meet consumer needs.
Wolff, Michael. “How Television Won the Internet,” The New York Times, June 29, 2015. http://www.nytimes.com/2015/06/29/opinion/how-television-won-the-internet.html?smprod=nytcore-iphone&smid=nytcore-iphone-share