Ever since I came into marketing and advertising, TV was “dead”. Probably because we always tend to expect a faster outcome and onset of events that we predict will happen. I remember back in the late nineties the internet was still niche and checking out tech-specs of dial-up modems was the new geek hype. Well 25 years later, internet is a commodity and we totally and absolutely freak out, if we are not online. We get nervous if that little red notification bean on you app icons is silent. So has the online advertising market grown to a hefty amount of 332 billion USD in 2020 as estimated by emarketer.com
Well TV hasn’t died. YET. I have seen research for our market, which shows that actually digital is shaving off from print newspapers and magazines, not from TV as well as that people are cutting back on their off-screen leisure time to add to TV. So actually we spend less time outside and with our families – and approximately the same time in front of TV plus extra time in front of online media such as YouTube. Of course there is an age divided along those lines where we see people aged 20 and below consuming significantly less TV than 30+. Why is that?
- Convenience: Most households are, historically (yes we can say that today) oriented around a TV set. It is the most convenient method of one-button entertainment without any complexities. So until the household infrastructure changes, there is little motivation to switch radically.
- Habit: We tend to underestimate the power of habit and further-more the power of collective habit. The awe of TV and the emotions linked with that (as creepy as it sounds) do create a narrative and a bond.
- TV is still exclusive: You cannot upload “your” whatever to TV. It is curated and finite. That creates exclusiveness which creates pressure on content quality.
It is inevitable that we will see a decline of TV in the future as well as I would expect a completely new media-channel coming into play down the road. But we still have to see, what will be the next big thing to replace TV as the king for advertisers… and it is not happening yet.