The future of broadcast TV
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
23rd November 2020
1 minute read
Just from the number of Netflix memes on social media, it is obvious that there is a new trend in the way we consume TV. Consumers no longer want to sit patiently through ad breaks or wait for the next episode of their favourite programme.
Noticing the way our habits are changing, we took a more in-depth look at how this shift is affecting the money spent on advertising and how our changes in television consumption will continue to evolve in the future.
Back in the day
Before our television habit, there was radio. For years, families gathered around the wireless to hear the news or be entertained. Then came the TV boom and now it seems unusual for a home not to have a television.
But as technology has developed, so has our impatience to see the next episode and discover the latest show. Spending on advertising recognises this shift; In 2017 35% of the national advertising spend went on television, with a huge 41% spent on digital advertising.
As many viewers now record shows or catch up later to avoid watching adverts, the humble television Ad has been massively devalued.
Product placement was legalised in UK film and television production in 2011 and this year Coronation Street made the landmark decision to include a Costa coffee shop and Co-Op store for regular product placement within the show.
Could this be the future of television advertising? 1 in 5 of all TV viewers never watch live TV and the number of viewers watching live TV at least once a week has decreased from 92% to 80% between 2014 to 2017.
This shift towards digital streaming is particularly obvious amongst young people. 18-34 year olds stream approximately 35% of their TV and pre-record 20%. This is true of getting news as well, with just 5% of 18-34 year olds choosing to buy a printed newspaper.
As technology continues to advance, this doesn’t look like a trend that is going away and it’s interesting to see how advertising is changing to match our new television culture.
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