Seven has announced the TV market actually dropped around 11% in the last three months.
👉 Background: Seven West Media is the Australian media company that owns Channel Seven and the West Australian newspaper.
👉 What happened: Late last year, Seven West Media warned that the whole television market was expected to drop in the "low single digits" in 2023. But now, Seven has announced the TV market actually dropped around 11% in the last three months. Yikes.
👉 What else: As a result, they’re slashing $15 - $20m in costs. The silver lining though? Advertising through free-to-air streaming apps is actually expected to grow in double digits.
💡The TV landscape has shifted under the feet of the free-to-air networks…and they’re scurrying to find a soft landing.
💡2021 was the first time that more Australians watched online subscription services than commercial free-to-air television, and the gap is only growing wider. But the decline in the television also provides a number of opportunities to capitalise on broadcast video on-demand platforms (BVOD).
💡By adapting their strategies and focusing on new opportunities, broadcasters can position themselves for success during the recovery.
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