Viewers continue to leave CNN and other networks owned by Warner Bros. Discovery in droves, depressing advertising revenue and creating an unstoppable freedown for the cable TV industry.
Warner Bros. Discovery’s TV ad revenue fell 11% in the most recent quarter, with the Hollywood media giant missing its revenue goals. The company’s stock price fell nearly 4% in premarket trading Thursday on the news.
Executives blamed the advertising collapse primarily on “decreasing viewership across domestic general entertainment and news networks and soft linear ad markets in the U.S. and Latin America.”
According to Adweek, CNN continues to lag far behind Fox News and MSNBC in viewership, with just 462,000 total daily viewers in March, down 4% from the previous month. report. In March, there was no CNN show on the top 15 list of most-watched cable news shows.
The anti-Trump network has been plagued by executive musical chairs, layoffs, and an endless shuffling of on-air talent, all in an attempt to scrape together stubbornly low ratings.
Warner Bros. Discovery executives announced new plans to put Thursday’s bad news behind them. Lord of the Ring In addition to movies, a new streaming bundle partnership with Disney has also been signed.
Warner Bros. Discovery, like other major Hollywood studios, is facing the slow-motion collapse of the traditional cable TV market, long a cash cow for studios, as American households continue to cut the cord by the millions. confronting.
As Breitbart News reported, a recent study predicts that in four years, only 38 percent of households will have access to cable TV.
The TV ad market is suffering under the Biden administration, as rising consumer prices due to inflation continue to have a severe impact on consumer spending.
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