The television landscape has reached an inflection point but we shouldn’t be surprised. In May 2025, streaming officially dethroned broadcast and cable TV, capturing nearly half of total viewership—surpassing the combined share of traditional TV for the first time in history. And while this milestone represents a seismic reset for media’s future, this moment has been inevitable.
A Few Data Points
- Streaming’s Meteoric Rise: Since May 2021, according to Nielsen, streaming usage has surged 71% while broadcast and cable viewership dropped by 21% and 39%, respectively
- YouTube Dominates: Leading all platforms with 12.5% of total TV viewing, YouTube’s 120% growth since 2021 underscores the power of free, ad-supported models. What a segue…
- FAST Channels Fuel Growth: Free ad-supported streaming TV (FAST) services like Pluto TV, Tubi, and Roku Channel now collectively outpace individual broadcast networks, claiming 5.7% of viewership.
What Should Established Media Companies Do?
There’s no easy answer. For legacy players, this moment demands brutal honesty:
Revenue Models Are Broken
Traditional ad-supported cable and broadcast face existential pressure. Cord-cutting is a fact of life, forcing media giants to rethink monetization. As Warner Bros. Discovery and Disney prioritize streaming, they’re grappling with subscription fatigue and ad-market fragmentation.
Content Strategies Must Evolve
Traditional TV’s mass approach is obsolete. Streaming thrives on hyper-targeted content and algorithm-driven personalization. Media giants must now compete with that or risk irrelevance.
FAST is the New Battleground
Free ad-supported streaming is not a footnote. While it resembles TV of old (free, ad-supported), FAST is measurable, and so provides advertisers the information they have come to expect about audiences. Companies like Paramount (Pluto TV) and Fox (Tubi) are leaning into FAST to retain viewers who’ve abandoned their subscriptions. What’s become clear, thought, after a couple of years, is that mounting a successful FAST channel requires expertise (it ain’t as easy as it looks) and companies like @VideoElephant are specializing in this.
Streaming Startups Unlock Opportunities
For founders, streaming’s dominance can provide unprecedented opportunities:
Niche Content is King
As Nielsen highlights, “The enduring value of niche content may be FAST’s most potent secret weapon”. Dynamic young companies like @VideoElephant—which partners with publishers and creators to license premium video and manage FAST channels—exemplify this shift. For innovators, untapped areas like indie film, education, and local sports are available for experimentation.
Tech Innovation Is More Powerful Than Size
While traditional media struggles with legacy systems, startups can get ahead by capitalizing on cutting-edge solutions—whether it’s AI for smarter content delivery, integrated e-commerce experiences, or open, creator-friendly distribution networks. This agility allows them to challenge incumbents.
Agility Over Legacy
While traditional media wrestles with shareholder expectations, startups can pivot rapidly.
Convergence is Here
I remember talk about convergence back in the 2000s. Content now travels seamlessly across TikTok shorts, YouTube verticals, and FAST channels, and consumers are the beneficiaries.
Redefining TV
This streaming revolution isn’t about burying traditional TV. It’s about redefining what “television” means. For legacy players, it’s a wake-up call to innovate or perish. For startups, it’s an invitation to rewrite the rules. As I often counsel founders: “In chaos, there’s clarity. The winners will be those who see disruption not as a threat, but as oxygen.”
The data is clear: Streaming isn’t the future. It’s the present. Adapt your story accordingly.
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