Jul 18, 2018
'Netflix effect' poses challenge to British TV
Video streaming services such as Netflix and Amazon Prime now have more subscribers than traditional pay TV services in the UK, new data from Ofcom has revealed. The BBC, ITV and Channel Four have already held preliminary talks looking at the idea of creating a joint streaming service to compete with Netflix and Amazon. Ofcom has also revealed that spending on TV by the BBC, ITV, Channel 4 and Channel 5 has dropped by nearly £1 billion over the last 20 years. The new data shows that the long growth of traditional pay TV services stopped last year with a revenue decline of 2.4%. Advertising revenue was also down by 7%. However, Sky and other similar pay TV services made much more money than their new online rivals, with revenues of £6.4 billion versus £895 million for subscription video on demand services. The number of hours spent watching traditional TV schedules also continued to drop.
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