Cable TV Loses 5 Lakh Jobs as Digital Platforms Take Over
The Indian pay TV sector has experienced a significant decline in recent years, with over 5 lakh jobs lost since 2014. This staggering figure is a direct result of the shift in consumer preferences towards digital platforms, such as Over-the-top (OTT) services, smart TVs, and free satellite services. The decline in jobs is mirrored by a decline in revenue, with the sector experiencing a 16% drop since 2019.
The news comes as a wake-up call for the industry, highlighting the urgent need for workforce upskilling and adapting to the post-linear media landscape. The days of traditional cable TV are numbered, and operators must evolve to stay relevant in the face of digital disruption.
According to a recent report, the pay TV sector in India has been experiencing a sharp decline in subscribers. In 2014, the sector had a subscriber base of over 70 million. Fast-forward to 2021, and that number has dwindled to around 40 million. The decline is attributed to the rise of OTT services, which have become increasingly popular among Indian consumers.
OTT services, such as Netflix, Amazon Prime Video, and Hotstar, offer consumers a wide range of content at an affordable price. This has led to a significant shift away from traditional cable TV, as viewers opt for the convenience and flexibility of digital streaming. The decline in subscribers has had a direct impact on the number of jobs available in the sector, with many cable TV operators struggling to adapt to the changing landscape.
The decline of cable TV is not limited to India alone. Globally, the pay TV sector is facing significant challenges, with many operators struggling to stay relevant in the face of digital disruption. According to a report by Deloitte, the global pay TV market is expected to decline by 2.5% annually between 2020 and 2025.
So, what does the future hold for the Indian pay TV sector? To remain relevant, operators will need to evolve and adapt to the changing landscape. This may involve offering their own OTT services, partnering with digital platforms, or focusing on niche content that cannot be replicated online.
One possible solution is for cable TV operators to offer their own OTT services. This would allow them to leverage their existing infrastructure and content libraries to compete with digital platforms. Another option is for operators to partner with digital platforms, such as OTT services or social media companies, to offer bundled packages and increase revenue.
Another area of focus for the sector is upskilling the workforce. With the rise of digital platforms, the skills required to work in the pay TV sector are changing rapidly. Operators will need to invest in upskilling their workforce to ensure they have the necessary skills to adapt to the post-linear media landscape.
In conclusion, the decline of cable TV in India is a stark reminder of the need for the sector to adapt to the changing landscape. The rise of digital platforms has brought about significant challenges, but it also presents opportunities for operators to evolve and thrive. To remain relevant, the sector will need to focus on upskilling the workforce, offering competitive services, and adapting to the post-linear media landscape.
Source: https://youtu.be/AMHTmYb_Hz8
