US media companies hit by viewer switch to online services

The Financial Times reports:

A great switch-off is under way on US primetime television with a majority of cable channels losing viewers in 2015, a trend that is reshaping the media landscape and rattling investors.

Audience data compiled by Nielsen, the research firm, show that 26 of the top 35 cable channels attracted lower average primetime audiences in 2015 compared with 2014. ESPN, Bravo, Comedy Central and MTV were among those hit.

“This is a multiyear issue and is leading to lower industry advertising growth,” said Michael Nathanson, a media analyst with MoffettNathanson. “A business that had been growing in advertising is now struggling.”

We are moving to the a la carte world.