Audio-visual media faces this basic challenge. The audience now prefers to access long-form content by streaming platforms because of the superior interface, discovery, navigation, personalisation, interactivity and, increasingly, content available. Netflix’s standalone subscription model has also made the cable bundle appear expensive, outdated and plain unfair. Pay TV subscribers numbers are falling and with diminished audiences advertising can no longer bridge the gap in revenues. In fact, ad dollars are migrating away from linear resulting in a remnant TV business that is significantly smaller in terms of scale, revenues and margins. This phenomenon is spreading eastwards from the US to the rest of the world.

Unfortunately, the standalone streaming services launched by legacy pay TV brands look like they will be much less profitable enterprises. To date billions have been lost and the future promises much lower revenues, profits and relevance, as younger viewers abandon these brands wholesale with little prospect of returning. Netflix stocks have reached all-time highs in late 2024 while legacy media’s share prices continue to nose-dive post Covid.