A recent Royal Television Society panel discussion offered insightful perspectives on the television industry’s trajectory in 2024. The overarching theme of the discourse focused on navigating impending financial constraints and adapting to evolving audience preferences.
Shifting Budgetary Landscape: One key prediction highlighted the tightening of content creation budgets. This anticipated financial climate suggests a proliferation of lower-budget productions, posing challenges to traditionally resource-intensive, high-end television.
Big Tech’s Continued Ascendancy: The panellists emphasised the enduring influence of Big Tech and its role in shaping media consumption. Evan Shapiro drew a noteworthy distinction between the US and UK media landscapes, suggesting a more precarious state for the American industry.
Sports Broadcasting Redefined: The emergence of streaming platforms as the new frontier for sports content was also explored. The recent Netflix-WWE partnership exemplifies this trend, potentially foreshadowing significant change for conventional broadcasters. Adapting to this seismic shift in the sports broadcasting landscape will be crucial for traditional networks to maintain relevance.
Transforming Advertising Landscape: The panel projected a substantial improvement in the advertising sector throughout 2024, offering a positive economic signal for the television ecosystem. This anticipated transformation signifies the need for continued diversification and innovative approaches within the advertising industry.
Live Event TV: A Beacon of Hope: Despite the challenges, live event television was identified as a key area for attracting viewers in 2024. Major events like the US and UK elections and the Olympics present opportunities to engage audiences through real-time, must-watch programming.
A Landscape of Adaptation and Innovation: In conclusion, the television industry in 2024 stands at a crossroads, confronted by financial constraints, technological dominance, and changing audience preferences. While high-end television may face funding hurdles, the rise of streaming platforms and the allure of live event TV offer avenues for adaptation and innovation. Content creators and broadcasters must remain agile and embrace digital transformation to thrive in this dynamic landscape.