Posts for 'Hulu'

  • Here's Why Any Deal For Hulu Is Unlikely

    Late yesterday, the WSJ reported that an unnamed company made an unsolicited offer to acquire Hulu, prompting Hulu's board to consider soliciting other offers. Following up, the LA Times reported that Yahoo is the bidder. However, neither article cited any named sources and so it's unclear how legit any of this is. But even if it is legit, the odds of any Hulu acquisition at this point are actually quite low. Here's why:

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  • comScore: YouTube's Time Per Viewer In May Tops 5 Hours, More Than Next 5 Sites COMBINED

    comScore released its May 2011 U.S. online video rankings today which once again illustrated the extent to which YouTube remains the 800-pound gorilla of the online video market. For the first time, YouTube's time spent per viewer during the month exceeded 5 hours, coming in at 5 hours, 11 minutes. That reflects nearly 2.2 billion viewing sessions generated from over 147 million unique viewers (83.5% of all Americans who watched any online video in May).

    Looked at another way, YouTube's 5 hours, 11 minutes of viewership is more than the next 5 properties ranked had during the month, combined. The number 6 property, Microsoft's sites, had 46.5 million visitors for the month, less than a 1/3 of YouTube's, and 252 million viewing sessions, just 1/9 of YouTube's (see below). Hulu is the only property remotely close to YouTube in viewing time per user, racking up 3 hours, 38 minutes per viewer in May from 196 million viewing sessions. But Hulu had 28.5 million unique viewers in May, less than 1/5 of YouTube's.

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  • Hulu Also Making Move Into Original Video Production

    While Netflix got a lot of attention this week for possibly moving to distribute an original TV series, "House of Cards," an interesting scoop in Adweek notes that Hulu may also be looking to ramp up its original production efforts. According to the article, Hulu has been building two content groups, one focused on branded entertainment and the other on niche comedy and documentaries.

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  • Op-Ed in the L.A. Times and NPR Interview

    I was very pleased to have an op-ed piece published in the L.A. Times this week, "Pay-TV's Full-Court Press" in which I explained how the recent Time Warner Cable deal with the L.A. Lakers is going to be very costly for pay-TV subscribers in the L.A. area, whether they are sports fans or not. The piece echoes points I made last month in "Not A Sports Fan? Then You're Getting Sacked For At Least $2 Billion Per Year."

    Producers at the main L.A. NPR affiliate, KCRW noticed the op-ed and called for an interview on the "Which Way, LA?" program with Warren Olney which runs at 7pm weekdays. The recording is here, and my interview segment starts about 1 minute into the broadcast. I continue to believe that the huge cost for pay-TV's non-sports fans and casual fans to receive expensive sports networks they don't watch is ultimately going to cause them to re-evaluate the value of their pay-TV subscriptions. With the rise of lower cost and free over-the top options like Netflix and Hulu - plus the proliferation of connected devices -  entertainment-minded consumers will be very tempted to save money by reducing their pay-TV service.
     
  • With New CBS Deal, Netflix Reminds Amazon (and Hulu) Who's King of the Streaming Jungle

    As if on cue, Netflix announced a new streaming deal with CBS this morning, just hours after Amazon took the wraps off its own new streaming feature for Prime users. Under the 2-year deal, Netflix will get episodes from classic series like "Star Trek," "Frasier," "Cheers," "Twin Peaks," "Hawaii Five-O," "The Twilight Zone," and others. It will also include certain episodes from current shows like "Medium" and "Flashpoint." The companies had a previous streaming deal signed in late 2008 that covered series like "NCIS," "CSI" and "Numbers" which appears to have expired.

    The new CBS agreement sends a strong message to Amazon that when it comes to premium content, Netflix is still king of the streaming jungle. If Amazon wants to compete title-for-title, it is going to have to spend aggressively for content. As I pointed out earlier today, Amazon is only likely to do this if it sees meaningful increases in Prime membership due to the new streaming feature, which I believe is unlikely.

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  • VideoNuze Report Podcast #87 - Feb. 11, 2011

    Daisy Whitney and I are pleased to present the 87th edition of the VideoNuze Report podcast, for February 11, 2011.

    In this podcast, Daisy and I do a deep dive into the role of sports in pay-TV packaging, based on my post from Monday, "Not A Sports Fan? Then You're Getting Sacked For At Least $2 Billion Per Year." I think this is a fascinating topic and something that has been under-reported even though it has huge implications for pay-TV subscription rates as over-the-top services gain awareness.

    The basic premise of my post was that since a relatively small cluster of sports-oriented channels (e.g. ESPN, TNT, Regional Sports Networks and others) collectively cost pay-TV operators $10 per month, then the charges being incurred by non-fans and casual who fans who rarely, if ever watch these channels, could amount to at least $2 billion per year. Since writing the post and gaining feedback from various sources, it's actually quite possible that the annual charges incurred in exchange for little-to-no value could exceed $3 billion. Whatever the number is, it's very large, and effectively represents a massive subsidy that non-fans and casual fans pay each year because of escalating sports TV rights deals and astronomical player compensation.

    Click here to listen to the podcast (17 minutes, 8 seconds)



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  • Hey Jason Kilar: You Should Go Back to Amazon and Compete Against Netflix

    Not that Hulu's CEO Jason Kilar has asked for or needs my career advice, but in light of his controversial "speaking truth to power" blog post on the future of TV, which has wags all over the industry saying his tenure at Hulu is all but over, I'll offer it up anyway: he should go back to Amazon (where he was prior to Hulu) and run their soon-to-be-launched video subscription business that will compete directly against Netflix.

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  • Hulu's Saga Continues

    Yesterday the WSJ ran a lengthy piece on Hulu, focusing mainly on the rancorous relationships among Hulu's owners and the tight position the company has found itself in. One juicy new tidbit was that CEO Jason Kilar threatened to quit over resistance to his proposal that Hulu Plus be priced at $4.99/mo. Though I've long been a fan of Hulu's user experience, the company has been severely pinched from a content perspective. As the WSJ article points out, as Hulu's parents have sold their programs to Netflix and explored doing their own thing, Hulu is getting painted into a corner.

    Hulu has also been dogged by its parents' push for retransmission consent payments which are compelling the networks to shift away from making their programs freely available online. Then there's the TV Everywhere issue; as pay-TV operators want to add value to their own services as part of their retrans deals, Hulu is the odd man out. Now Hulu is apparently considering becoming a "virtual cable operator" whatever that means exactly. Bottom line: it's getting harder and harder to see how Hulu can zigzag to ultimate success.
     
  • CES Takeaway #1: Broadcast TV Networks Were Missing In Action

    (Note: Each day this week I'll be writing about one key takeaway from CES 2011.)

    Broadcast TV networks were conspicuously absent from the buzz of last week's CES 2011, even through one of the main themes of the show was enhanced video viewing through connected devices. Aside from a deal giving boxee the right to sell CBS episodes, and an expected, forward-looking announcement that Hulu Plus would soon be available on Android-powered devices, broadcast TV networks didn't participate in any of the excitement around new connected and mobile devices.

    Their absence was both a missed opportunity, and also a clear illustration of how backward-looking their posture toward connected devices is. At a time when the entire CE industry sees the big prize of untethering video viewing from the living room, while creating boundless opportunities for new interactivity and higher engagement, the broadcast TV networks and Hulu have taken exactly the opposite approach, choosing to block access to their programs by connected devices, even though these programs are already available online.

    I've previously written about the folly of broadcasters trying to force an artificial distinction between computer and TV screens (here and here with respect to Google TV), noting that their motivation for doing so is the pot of gold they see in retransmission consent payments from pay-TV distributors. But while those payments are a bonanza, they shouldn't come at the price of non-participation with connected devices. Indeed, three key things broadcasters risk by shunning connected devices emerged at CES last week.

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  • Hulu Pulls IPO Due to Lack of Long-Term Content Rights

    The WSJ is reporting that Hulu has pulled its widely-rumored plan for an initial public offering next year due to lack of long-term rights to distribute its three broadcast TV network owners' content. The WSJ says the company may look at other options to raise capital. Hulu's exclusive short-term distribution deals with owners ABC, FOX and NBC are the company's primary asset, and no doubt banks and other would-be investors closely scrutinized whether the rights would be extended.

    As I wrote last April, from a content rights perspective, Hulu is getting squeezed from all sides. Pay-TV providers are ramping up their TV Everywhere rollouts and are trying to lock down online distribution rights themselves, sometimes as part of retransmission consent deals. The NBC rights in particular are subject to extra uncertainty longer-term as Comcast takes over the network. As the biggest subscription TV provider, which is rolling out its own online capabilities, Comcast has little incentive to support an online competitor.

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  • 5 Items of Interest for the Week of Nov. 15th

    After a short break, VideoNuze's Friday feature of curating 5-6 interesting online/mobile video industry news items that we weren't able to cover this week, returns today. Read them now or take them with you this weekend!

    Time Warner Cable Experiments With Lower Tier Video Package
    It's a rare day when a cable operator announces a lower-priced offering, but that's what Time Warner Cable did yesterday, unveiling a test of what it's calling "TV Essentials." The new tier, priced between $30-$40, will most notably exclude ESPN, the most expensive channel in the cable universe, meaning right away TV Essentials isn't targeted to sports fans. I've argued for a while now that pay-TV operators have ceded the low-priced/value-oriented end of the video market to Netflix (and others), which given the ongoing recession is a mistake. It will be interesting to see how the new bargain service fares; 2 things that will limit its appeal though are that no channels will be offered in HD, and that it appears those with broadband Internet and telephone services won't benefit from typical package discounts.

    Nielsen study: We're still a nation of couch pumpkins

    More evidence this week that despite all the deserved enthusiasm over online and mobile delivery, good old-fashioned TV viewing still rules in terms of hours of consumption. Nielsen said that the average person watched 143 hours of TV per month in Q2, essentially flat vs. a year ago. For homes with DVRs, hours of time watched on them nudged up a bit to about 24 1/2 hours. On a related note, this week comScore released its online video viewing data for October, which showed average viewing of 15.1 hours per person. While online video has made huge progress in the last few years, it still has a ton of room to grow to catch up with TV.

    More Videos Ads, More User Acceptance
    Speaking of the comparison between online video and TV, this week brought some interesting new data on monetization patterns for premium online video. Online video ad manager FreeWheel released data that showed mid-roll ads are the fastest-growing category of ads (up 693% since Q1), and now represent 8% of its ad volume. Completion rates have increased for pre, mid and post-roll ads this year, but notably mid-rolls have the highest completion rate, at 90%. FreeWheel's conclusion is that monetization of premium online video is starting to look a lot like TV, with ad pods inserted throughout. Going a step further, if viewer acceptance of mid-rolls stays high, then this represents a valuable opportunity for TV networks in particular to combat DVR-based ad-skipping.

    Startup Claims To Have Set-Top Hulu Can't Block
    It was inevitable that Hulu's decision to block access to its programs would set off a game of whack-a-mole, with various devices springing up to do end-arounds. Sure enough, the $99 Orb TV debuted this week, prominently positioning itself as the device that can bring Hulu (among other content) to your TV. One catch is that Orb streams video from your computer and only does so in standard definition. It addresses the "keyboard in the living room" challenge by also including a smartphone app to control the device. It's not a perfect solution, but it does provide a glimpse into the PR-unfriendly dynamic that Hulu, and the broadcast networks, have created for themselves by blocking access to their content by Google TV and others. No doubt there will be plenty more Orb-like devices to come to market in the months ahead, all positioning themselves as solving the blocking problem.

    Comcast's Top Digital Exec Amy Banse to Open New Silicon Valley Equity Fund for Cable Giant and NBC
    As Comcast enters the final stages of approval for its NBCU deal, the company this week announced a new NBCU management structure. One item that wasn't formally announced yet, but was reported by AllThingsD earlier this week was that Amy Banse, formerly head of Comcast Interactive Media (now headed by Matt Strauss), will be heading to Silicon Valley to run the combined operations of Comcast's current Comcast Interactive Capital venture arm, and NBCU's current Peacock Equity (a JV with GE). With all the distribution, technology and content assets that will be under the Comcast roof, the fund will be at the top of any online/mobile video startup's list of strategic investors. I've known Amy for a while and have enjoyed having her on industry panels; she'll be a huge asset to Comcast in the Valley venture world.
     
  • VideoNuze Report Podcast #80 - Nov. 19, 2010

    Daisy Whitney and I are back this week for the 80th edition of the VideoNuze Report podcast, for November 19, 2010. Before getting started, congratulations to Daisy on the release of "The Mockingbirds," her first fiction book, for young adult readers. It debuted 2 weeks ago and is published by Little Brown. In addition to writing the book, Daisy has put together a clever social media campaign which has lifted the book's visibility. Congrats Daisy!

    This week Daisy and I discuss my post from yesterday, "Broadcast TV Networks Are Wrong to Block Google TV - Part 2" in which I laid out the case for why the networks are using a backwards-looking strategy in their decision to block their programs from access by Google TV and other browser-based connected devices.

    To their credit, the networks have actually been quite forward-looking in releasing many of their programs for free viewing on their web sites and on Hulu. But now, by creating an artificial distinction between computer-based and TV-based viewing of online-delivered content, they are violating one of the most basic rules of the Internet era: don't create friction between the product and the customer. While that may help them win retransmission consent deals in the short term, I believe that in the long term it will hurt them. Listen in to learn more.

    Click here to listen to the podcast (11 minutes, 43 seconds)


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  • Broadcast TV Networks Are Wrong to Block Google TV - Part 2

    When Fox decided last week to block access to its programs by Google TV, it was no big surprise since its broadcast brethren ABC, CBS, NBC and Hulu had already done so. By speaking in a unanimous voice, the broadcasters have sent a clear signal that viewing their programs on TV, for free, via online delivery, is not to be. While they're happy to make Hulu Plus subscriptions available via connected devices, if you want to watch for free, you'll be restricted to computer, or limited mobile device-based, viewing.

    A few weeks ago in the first part of "Broadcast Networks Are Wrong to Block Google TV," I speculated on what was motivating the broadcasters to block Google TV, boxee and other browser-based connected devices. In the case of Google TV, it's tempting to believe they are looking to extract payments from Google to distribute their programs. Another possible explanation is that programs aren't monetized as well in online as they are on-air (the "swapping analog dollars for digital pennies" argument). Yet another explanation is that measurement of online viewing is not yet fully mature, so they're worried that if their audience shifts to connected device-based viewing, it would hurt their ratings points, and consequently their ad revenues. But none of these are broadcasters' main motivation.

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  • Listening To Hulu's Jason Kilar: Motherhood, Apple Pie - And Reality

    Listening to Hulu's CEO Jason Kilar today at NewTeeVee Live, it's hard not to admire what he and the Hulu team have accomplished. For the first time, Jason disclosed 2010 projected revenues of $240 million, up 10-fold from $24 million in '08 and $108 million in '09, which is pretty impressive growth. As always, Jason's message is extremely user-centric and forward-looking. Hearing him speak, you definitely get a sense of the positive, relentless efforts he's led to improve the service.

    A key part of Jason's message is that premium video should, and will be available anytime, anyplace and on any device in the future. It's a wonderful "motherhood and apple pie" message that's hard to argue with as a viewer. Unfortunately it's also a message that's bumping up against some hard realities in the TV business that Hulu is going to have to surmount to ultimately succeed. Here are at least a few of them:

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  • Initial Pros and Cons of Logitech Revue, The First Google TV Product

    Logitech debuted its Revue connected device, offering an up-close look at the first implementation of Google TV to hit the market. I attended the press briefing in NYC; here are some of the key highlights, followed by pros and cons as I initially see them:

    HIGHLIGHTS:

    - Logitech Revue will retail for $299.99, which includes the box itself and a "keyboard controller" which is a lightweight combination QWERTY keyboard with a touchpad and left/right/up/down arrow controller
    - Revue is available for pre-order at Amazon, BestBuy.com and Logitech.com. Delivery is expected by end of October.
    - Optional accessories include an additional keyboard controller ($99.99), a "mini controller" ($129.99) which offers all the same features in a smaller clamshell form factor and a Logitech TV cam, which is a 720p HD webcam that works with Revue ($149.99).
    - Apps for iPhone and Android are available free and effectively turn these devices into a third controller for the Revue.
    - A one-touch search bar allows discovery across broadcast TV and online sources, both free and paid (a Google spokesperson said a new optimized content "corpus" with just relevant video is searched, not the entire web; this means you don't have to wade through a lot of typical Google results for any term you enter into the search bar).
    - Search will also tap into your DVR recordings for pay-TV operator optimized set-top boxes. The only operator on board so far is Dish Network, which has a short-term exclusive deal to only work with Logitech. Dish will also retail the Revue box and the accessories.
    - In addition to search, you can also navigate via menus for websites, channels, apps, most visited, and "Spotlight" which allows surfing. A "queue" feature lets you explore podcasts.
    - When using the apps, voice control navigation is also enabled. We saw a neat example of searching for "The Price is Right" simply by speaking the words. You can also share a video discovered on your phone to the Revue device with a couple of clicks. Both very Jetsons-like.
    - "Dual view" is a picture in picture mode that allows you to watch video in one window while searching or doing other things in the larger background.
    - Flash 10.1 video is supported.
    - Netflix has created an app for Google TV that looks a lot like the first version of the Roku app I'm very familiar with. Note that browsing the Watch Instantly catalog isn't yet possible, and also that Revue's search doesn't crawl the Netflix catalog to expose results for searches conducted. This type of true universal search is already available in the TiVo Premiere for example and is really valuable.
    - Other apps preloaded include CNBC, Chrome, Napster, NBA Game Time and Pandora, though none of these were demo's. No social media app was demo'd either, though Twitter was mentioned earlier.
    - There's a Logitech media player that allows you to access and play media files from other devices on the network
    - 720p HD-quality video calling is enabled with the new webcam using the Vid HD app. This can work Revue to Revue, or Revue to PC/Mac. Less than 1 megabit is needed upstream for video calling.
    - Revue uses "Harmony Link" with RF connections so that all devices currently recognized by Harmony remotes will be recognized immediately

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  • 5 Items of Interest for the Week of Sept. 27th

    It's Friday and that means that once again VideoNuze is featuring 5-6 interesting online/mobile video industry stories that we weren't able to cover this week. Have a look at them now, or take them with you for weekend reading!

    Nielsen Unveils New Online Advertising Measurement
    comScore Introduces Digital GRP `Overnights` in AdEffx Campaign Essential
    Dueling initiatives from Nielsen and comScore were announced on Monday, aimed at translating online usage into comparable TV ratings information, including reach, frequency and Gross Ratings Points (GRPs). While online video ad buying is ramping up, the tools to measure viewership in a comprehensive way have been lacking. This is one of the main issues holding back content providers from participating in TV Everywhere. 

    Analyst: Cord-cutting fears overblown
    New research shared this week by BTIG analyst Rich Greenfield concludes that less than 8% of the market is actually interested in cord-cutting. The big impediment: losing access to sports and cable programming, which is unlikely to migrate to free over-the-top alternatives. Greenfield's conclusion is that cord-cutting isn't a major threat to pay-TV operators over the next 3-5 years. Notwithstanding the research, another factor I'd point to that could tip cord-cutting the other way is consumers' belt-tightening. Much as nobody wants to lose access to programming, if the price is perceived as too high, they'll make compromises.

    Why YouTube Viewers Have ADD and How to Stop It
    Abandonment rates for online video have always been a concern, and using new research, Visible Measures CMO Matt Cutler now quantifies the behavior. Expect 20% of the audience to drop out within 10 seconds of hitting play, 33% by the 30 second mark and 44% by 60 seconds in. Pretty sobering data but incredibly important in thinking about content creation and monetization.
     

    Networks Have Sharing Issues With Hulu
    Hulu's New Hoop
    On the one hand, Hulu's network partners, ABC, NBC and Fox are reportedly pulling back ad inventory that Hulu is allowed to sell, yet on the other, Hulu is reportedly out aggressively selling ads in Hulu Plus, its subscription service. Meanwhile this week Hulu also announced that Hulu Plus will be accessible on both Roku devices and TiVo Premiere, as it continues chasing Netflix in the subscription game.

    The New Apple TV Reviewed: It`s All About the Video
    Apple TV devices started shipping this week, and reviews began popping up all over the web. This mostly positive review indicates that the user experience is solid, but that content selection is still skimpy. That's no surprise given how few deals Apple has struck to date. Yet to be seen is how Apple TV performs when it can access other iOS apps.
     
  • Netflix's Expanded NBCU Deal Further Marginalizes Hulu Plus

    This morning Netflix announced its latest content licensing deal to bulk up the its streaming catalog, adding a range of programs from NBCU. It's a long list which includes next day access to Saturday Night Live (plus the full back catalog), last season episodes for 30 Rock, The Office and Law&Order: SVU (in addition to renewing back episodes already available), plus past seasons of Friday Night Lights, Psych, Monk, Battlestar Galactica, Destination Truth and Eureka. Netflix didn't identify exactly how many total episodes the deal adds to streaming, but it's very substantial.

    On the losing end of this deal is Hulu, and more specifically, its budding subscription service Hulu Plus (note the irony that one of Hulu's parent companies is NBCU). As I explained in late August, in "88% of Hulu Plus Content is Already Available for Free on Hulu.com," when it comes to content, Hulu Plus is getting squeezed from all sides, seriously limiting its ability to be much more than an outlet for delayed-release current season and past seasons' episodes of broadcast programs. This is an extremely narrow value proposition which is unlikely to gain widespread adoption.

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  • Over 88% of Hulu Plus Content is Already Available for Free on Hulu.com

    A new analysis of all the content available on Hulu Plus reveals that over 88% of all the full-length TV program episodes available in the $10/mo subscription service are already freely accessible on Hulu.com. For clips, it's almost 98%. Research firm One Touch Intelligence found that out of 28K+ episodes on Hulu Plus, just 3,345 of them can't also found on Hulu.com. Two-thirds of these incremental program episodes are sourced from Hulu's broadcast TV network partners/owners, ABC, Fox and NBC.

    In fairness, Hulu Plus has been live for less than 60 days and will no doubt will be adding more content down the road. But for now the high proportion of free availability diminishes the Hulu Plus value proposition for Hulu.com users considering an upgrade. In addition, the relatively small amount of incremental episodes risks inducing churn, particularly for heavy users most familiar with the service, as they come to realize much of what they've paid to watch is actually available for free. Compounding the problem, Hulu Plus viewers see the same quantity of ads as do free Hulu.com users, so there's no ad-avoidance benefit to subscribing either.

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  • 5 News Items of Interest for the Week of Aug 16th

    I've received positive feedback on the Friday feature I introduced 2 weeks ago, highlighting 5-6 of the most intriguing online and mobile video industry news items that I noticed during the week. As a result, I'm continuing on today and look forward to your further reactions.

    As a reminder, each day in the right column of both the VideoNuze web site and email you'll find the "Exclusive News Roundup" which includes the most relevant online and mobile video industry articles that I've curated from numerous sources around the web. Typically there are 35-40 links rounded up each week, which means VideoNuze now has thousands of links available, all fully searchable. This is an invaluable resource when doing research and I encourage you to take a look next time you're hunting for a specific piece of online/mobile video information.

    Now on to this week's most intriguing news:

    Hulu is Said to Be Ready for an I.P.O.
    The big news leading off the week was that Hulu is testing the waters for a public offering valuing the company at $2 billion. Investors beware: while ad sales are up, exclusive deals with key TV networks are short-term, subscription service Hulu Plus is still unproven and competition from Netflix and others is intensifying. If the deal works, it will be a huge milestone for the company.

    Rumored $99 iTV Could Pave Way for $2,000 Apple-Connected Television
    A Wall Street analyst conjectures that Apple is well-positioned to offer a high-end, connected TV. Apple has been on the sidelines as online video makes its way to the TV, surely this won't remain the case forever.

    Netflix Lust for "True Blood" Is Unrequited As HBO Blocks Path
    Though Netflix just landed Epix, it is unlikely to get a deal with HBO any time soon, as the big premium network is committed to its current distribution partners, and to its own online extension, HBO Go. Netflix will still find plenty of other willing partners given its strong motivation to acquire streaming content rights.

    In Battle of Smartphones, Google Has the Right Answer
    With Google's Android phones proliferating, the iPhone's market share is slipping. And with Android tablets coming, the iPad will soon be in the crosshairs from competitors. For mobile video this means more choices and flexibility.

    Net Profits for BermanBraun
    Big ad agency Starcom MediaVest commits up to a $100 million to upstart Hollywood producer for deeper brand integrations. More evidence that ad spending is moving online and in more creative ways.
     
  • CBS-Comcast Deal Underscores Importance of Subscriptions

    Yesterday's 10-year retransmission consent deal between Comcast and CBS further underscores the importance of subscription revenue streams in addition to advertising. Under the deal, CBS is rumored to receive between $.50-$1.00 per subscriber per month from the biggest cable operator in the U.S., putting it in the top tier of cable network compensation. When combined with other deals CBS has previously struck, plus additional ones it will likely conclude in the future, CBS has laid firm claim to the same "dual revenue" (monthly payments + advertising) business model as cable TV networks have long enjoyed.

    The CBS-Comcast deal is more evidence of how dynamic the relationships have become between broadcast TV networks, cable TV networks, pay-TV operators and new distributors like Hulu and Netflix. The online/mobile/on-demand era has set off a scramble by premium content providers to lock in payments for their programming, while also remaining nimble enough to gain new distribution opportunities. Likewise, distributors are hungry for exclusive well-branded content.

    Consider what's happened in just the last 8 months:

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