Linear TV will soon be a thing of the past, if you ask Netflix's co-founder and co-CEO Reed Hastings, because "streaming is working everywhere".
Cable TV, satellite TV, flow-TV, linear TV or whatever you want to call traditional broadcast TV was the hot thing for a few decades but streaming is starting to take over in earnest in many parts of the world.
For example, Netflix's share of US TV viewing reached an all-time high of 7.7% in June 2022 (versus 6.6% in June 2021), according to Nielsen, which is almost the same as the two most watched broadcast networks (CBS and NBC) combined.
Netflix's co-founder and co-CEO, Reed Hastings, is now ready to put an expiration estimate on linear TV.
- "Streaming is working everywhere," said Reed Hastings. "Everyone is pouring in. It’s definitely the end of linear TV over the next five, ten years."
Netflix's other CEO, Ted Sarandos, chimed in:
- "Our biggest hits have all come out in the last 12 months, which is a phenomenal sign of progress," argued Ted Sarandos.
Also read: Netflix: Password sharing crackdown and ads coming in 2023
Netflix lost 970,000 subscribers worldwide in the second quarter of 2022 due to various factors including inflation and the war between Ukraine and Russia, but it is merely a speed bump according to the company. Netflix expects to gain 1 million subscribers in the third quarter.
- Source: IndieWire