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The traditional TV slump is intensifying as viewers switch off

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Traditional TV experiences its most significant drop in viewership since Ofcom began recording data.

While major events like the Queen’s funeral and England football matches continue to attract large audiences, public service broadcasters ITV and BBC are facing tough competition as viewers increasingly turn to alternative sources of entertainment.

According to a recent report by Ofcom, the proportion of people watching broadcast TV each week declined from 83% in 2021 to 79% in 2022, the largest decrease on record. The rise of streaming platforms like Netflix and Apple, along with social media sites such as YouTube and TikTok, has been drawing younger viewers away from traditional television.

Older audiences

Surprisingly, the report also indicates a significant decline in daily broadcast TV viewing among older audiences (aged 65+), dropping by 10% year on year and 6% below pre-pandemic levels.

Furthermore, the average time spent watching broadcast television per person per day decreased from two hours and 59 minutes in 2021 to two hours and 38 minutes in 2022.

While public service broadcasters still dominate the list of most-watched programs in the UK, the number of shows with over four million viewers has more than halved in the past eight years, indicating a shift towards streaming platforms.

Netflix, in particular, accounts for the majority of programs with large viewership on streaming services.

TV decline

The decline in traditional TV viewership is evident in the reduced number of people watching early and late evening news bulletins, as well as popular soaps like Coronation Street, EastEnders, and Emmerdale.

BBC One and ITV1 remain the top choices for viewers when they first turn on their TVs, but streaming platforms like Netflix are catching up.

On-demand services such as BBC iPlayer and ITVX are also experiencing growth in usage.

Yih-Choung Teh, Ofcom’s group director for strategy and research, stated that today’s viewers have an abundance of broadcasting and online content to choose from, leading to declining viewership for traditional broadcasters.

Nevertheless, public service broadcasters continue to unite the nation during important cultural and sporting events, and their on-demand platforms are witnessing positive growth as they adapt to meet audience demands.

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Why the meme-stock frenzy is unlikely to repeat

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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