World News – US – Will ESPN speed up cable TV’s demise?

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Walt Disney’s ESPN to cut current workforce by 300 employees, as it faces imminent cable TV demise Self-proclaimed sports industry leader says he’s also leaving 200 jobs unfilled within its workforce of 5,000 employees

In a corporate note obtained by the New York Post, Jimmy Pitaro, president and chairman of ESPN, explains that the company has « reached an inflection point of change » in the world of television media accelerated by COVID-19 outbreak Latest round of layoffs came after important cost-saving measures such as time off and pay cuts failed

ESPN, along with its parent company Walt Disney, have been hit hard by unprecedented disruption by the pandemic With the sport at a complete standstill for more than three months, the sports monolith has strived to keep fans happy with little to no audience results The programming gaps filled by ESPN’s Sportscenter and ’30 for 30′ documentaries failed to capture streaming subscribers who turned to premium services. application such as Netflix, Hulu and Amazon PrimeVideo

“Prior to the pandemic, we had been deeply engaged in strategizing to best position ESPN for future success amid a huge disruption in the way fans consume sports,” Pitaro said in the note to employees « The significant impact of the pandemic on our activities has clearly accelerated these prospective discussions »

ESPN is facing the brunt of the global cord-cutting movement that has been on an upward trajectory in recent quarters According to new data from the country’s major cable and satellite TV providers, loneliness and social isolation caused by the pandemic haven’t stopped consumers from canceling the cable In the first six months of 2020, AT&T, Charter, Comcast, Dish and Verizon lost a collective 345 million subscribers (Source: Protocol) These losses coincide with the rise of online subscription services over the course of in its last quarter, Netflix alone gained 10 million new subscribers, including 3 million in North America

The massive change negatively impacted ESPN’s bottom line It now faces a balance between traditional pay TV and its nascent streaming service ESPN, launched in April 2018, has around 85 million subscribers and offers sports content not available on cable.However, ESPN’s Trojan is not allowed to broadcast many matches live because the network sportsman continues to negotiate for heavier intellectual property

ESPN layoffs result of sweeping reorganization efforts announced by Walt Disney last month In September, Walt Disney announced 28,000 layoffs due to a pandemic in travel, theme parks and other operations

The Decline of Cable TV is an Old Story What remains to be seen is whether ESPN is able to carve a niche in the streaming world of established industry leaders Hulu, Netflix, Amazon and Apple Will live sports remain the number one reason consumers continue to pay for expensive cable TV packages? According to Kagan, a media research group within S&P Global Market Intelligence, sports are the reason cable plans cost a fortune ESPN costs $ 8 per month per subscriber, while Discovery Channel costs less than one. dollar

But there is still a significant portion of the audience to keep a foothold in the old media while putting more money into the new ones Ultimately, it is the streaming giants that will have to either buy broadcasting rights to sports, or risk losing to YouTube Live and Google’s Facebook Live Now is the time for ESPN to captivate streaming subscribers by placing all bets on single sports programming.If it succeeds, it may even hasten the demise of cable TV

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ESPN, Bob Ley, layoff, The Walt Disney Company

World News – US – Will ESPN hasten the demise of cable TV?


SOURCE: https://www.w24news.com

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