Cable TV Loses 5 Lakh Jobs as Digital Platforms Take Over
The Indian pay TV sector has been reeling under a significant crisis in recent years, with a staggering loss of over 5 lakh jobs in just seven years. The decline is attributed to a sharp drop in subscribers, driven by the rise of over-the-top (OTT) platforms, smart TVs, and free satellite services. The sector’s revenue has taken a hit as well, with a decline of 16% since 2019. This crisis highlights the urgent need for the sector to upskill its workforce and adapt to the rapidly changing post-linear media landscape.
According to a report by India TV, the pay TV sector has been losing subscribers at an alarming rate, with a decline of over 15% in the last three years alone. This has led to a significant reduction in employment opportunities, with many cable operators and service providers forced to lay off employees to cut costs. The report cites industry insiders as saying that the job losses are likely to continue, as the sector struggles to compete with the growing popularity of digital platforms.
The rise of OTT platforms such as Netflix, Amazon Prime, and Disney+ Hotstar has been a major factor in the decline of traditional cable TV. These platforms offer a wider range of content, including original shows and movies, at a lower cost than traditional cable TV. Additionally, OTT platforms allow viewers to watch content on their own schedule, rather than being tied to a fixed broadcast schedule.
The growth of smart TVs has also contributed to the decline of traditional cable TV. Smart TVs allow viewers to access a range of streaming services directly on their TV, without the need for a separate set-top box or cable connection. This has made it easier for viewers to cut the cord and switch to streaming services.
Free satellite services, such as Tata Sky and Dish TV, have also gained popularity in recent years. These services offer a range of channels at a lower cost than traditional cable TV, making them an attractive option for budget-conscious viewers.
The decline of traditional cable TV is not limited to India. The global pay TV market has been declining steadily over the past few years, with a report by eMarketer predicting that the number of pay TV subscribers will decline by 10% in the next five years.
The decline of traditional cable TV has significant implications for the sector’s employees. Many of these employees are skilled professionals who have dedicated their careers to the industry. However, with the rise of digital platforms, their skills are becoming less relevant, and they are facing a significant risk of job loss.
To adapt to the changing media landscape, the pay TV sector needs to upskill its workforce. This involves providing training and development programs to help employees develop the skills they need to succeed in a digital environment. This could include training in areas such as digital marketing, social media management, and content creation.
In addition to upskilling, the sector also needs to adapt to the changing consumer behavior. This involves providing a range of services and content that cater to the evolving needs of consumers. This could include offering streaming services, providing personalized recommendations, and creating interactive content experiences.
The decline of traditional cable TV is a significant challenge for the sector, but it also presents an opportunity for innovation and growth. By upskilling its workforce and adapting to the changing media landscape, the sector can emerge stronger and more resilient in the long term.
Source: https://youtu.be/AMHTmYb_Hz8
