While not specifically mentioned in the report, Mr Papps also expressed concern for media freedom after last week's Australian Federal Police raids on a News Corporation journalist and the Sydney headquarters of the ABC. The report also highlights the growth of downloaded audio including podcasts, which is forecast to jump 17 per cent, compared with just 1.7 per cent growth for terrestrial radio. "The battle for attention is playing out across all different media and people have only got so much discretionary time available to consume content which is where the battle is going to be won." Do they represent a new stage of capitalism or a dangerous aberration? Read more Some of the world's largest companies make no profit.
"While there might still be some appointment viewing for sport or a flagship program, free-to-air TV is creating other ways for consumers to get that content when and how they want it, which is much more customer centric than their old model." "What we've seen in both free-to-air and newspapers is those businesses re-inventing themselves. "I definitely wouldn't say they are on their way to extinction," he said. However, despite the continuing demise of free-to-air TV and traditional newspapers, the race to adapt is now more important than survival, Mr Papps added. "At a dinner party, conversations are now around what you last binged on or the program you found and I think that is the exciting part of this is people are consuming content they might not have ordinarily found otherwise." Re-inventing traditional media "I think the last Netflix show you watched is almost currency in a social environment. These new viewing habits are also changing social norms and conversations, PwC partner Justin Papps (editor of the firm's annual Media and Entertainment Outlook) told The World Today. In the last year, streaming services have grown by a rapid 31 per cent, with consumers prepared to pay for multiple platforms, often opting in and out. Increasingly popular streaming services are tipped to increase their subscription revenue by 13.7 per cent between 20.įoxtel, meanwhile, is expected to experience a 2.9 per cent drop in subscriber revenue during that period as the market continues to fragment. Netflix and Stan are on track to easily outstrip free-to-air television and subscriptions to News Corporation's Foxtel, according to a report from advisory firm PriceWaterhouseCoopers (PwC).