TV industry - factors in change, changing face of the industry Research Paper

TV industry - factors in change, changing face of the industry - Research Paper Example Traditionally, the factors that often caused changes in the companies are competing, strategies and the industry’s life cycle. These have been superseded by technology in the recent past which has forced the industries to undergo various changes in their systems and operations lest they become irrelevant in the current market. There is a greater need for any industry to adopt and be at pace with the changing technology so as to improve on its competitive level, changing its strategies to merge the trend and the right distribution channels. The media industry and in particular television has been undergoing many of these changes. Right from the mode of transmission to the contents of what is being aired. In the last decade, television used to be a medium of communication that brought people of diverse cultures together over common programs and was more focussed on information as opposed to the current consumer demand for entertainment. Consumers are currently demanding more ent ertainment requiring the TV industry to relate its service to consumer needs. In relations to some business models, Porter’s forces of analysis have been of great importance to the industries in making their qualitative evaluation of the firm’s progress and make necessary adjustments. These factors include; the threat of new entrants in the market, bargaining power of the suppliers, bargaining power of the buyers, the threat of the substitute products and the intensity of competition rivalry. Technology advancement has greatly affected the television industry and prominently changed its lifecycle (Okoye, 2013). Internet accessibility is one of the major factors that have revolutionized the television industry. Video Streaming, social media and new forms of completion have taken the TV industry by storm. Many consumers prefer streaming videos and movies online other than sitting