The rise of streaming services has sent shockwaves through the traditional television industry, with many wondering if it can survive the onslaught of Netflix and YouTube. According to Sam Barnett, CEO of Central European Media Enterprises (CME), traditional TV companies in Central and Eastern Europe need to act now or lose their audience to digital giants.
What Happened
In recent years, Netflix and YouTube have expanded their reach into new markets, including Central and Eastern Europe. This has led to a decline in traditional TV viewing habits, with many younger viewers turning to online streaming services for their entertainment needs. In response, traditional TV companies are looking for ways to adapt and stay relevant in a rapidly changing media landscape.
Why It Matters
The shift towards online streaming has significant implications for the traditional TV industry. As Robert Franke, a veteran German executive, noted, the success of YouTube creators is diminishing the influence of the industry's older generation. This is "scary as f**k" for the older generation, Franke said, because they used to know that if they poured something into a distribution funnel, it would find its audience.
What Experts Say
Anke Greifeneder, HBO Max Germany boss, believes that the key to success lies in producing content that has the potential to be the talk of the town. "I try to produce things that have the potential to be the talk of the town," she said. Greifeneder has a track record of launching American networks and streamers locally, carving out space for original German productions while building out teams assembled with the brightest and best.
Key Numbers
- 42% of young adults in Central and Eastern Europe prefer streaming services over traditional TV
Background
The rise of streaming services has been driven by a combination of factors, including advances in technology and changes in consumer behavior. As more people turn to online streaming services for their entertainment needs, traditional TV companies are under pressure to adapt and stay relevant.
What Comes Next
As the media landscape continues to evolve, it remains to be seen whether traditional TV companies can survive the onslaught of Netflix and YouTube. One thing is certain, however: the industry will continue to undergo significant changes in the coming years.
Key Facts
- What: Traditional TV companies need to act now or lose their audience to digital giants
- Impact: The traditional TV industry is under pressure to adapt and stay relevant
"I try to produce things that have the potential to be the talk of the town." — Anke Greifeneder, HBO Max Germany boss
"This is scary as f**k for the older generation because we used to know that if we pour something into a distribution funnel, it will find its audience." — Robert Franke, veteran German executive