25-29 May: Your guide to what’s happened this week in the media, entertainment and technology industry.
Quarter of consumers expect traditional TV to die out
Almost a quarter of TV viewers believe traditional TV will cease to exist due to major shifts to streaming.
A survey from Imagen found 24% of consumers believe traditional TV will die out, although 17% said too many streaming services could revitalise the traditional linear market.
Nearly a third (29%) of UK consumers would be more inclined to subscribe to more streaming platforms if they were bundled, the survey of 1,000 consumers found, showing the importance of aggregation and partnerships.
Covid-19 also had a major impact on consumption habits. The time spent on video streaming apps globally during the peak weeks of March and April 2020 grew 30% compared to the weekly average time spent in January 2020.
Technicolor gets thumbs up for restructuring plan
Shareholders at Technicolor have approved the company’s planned financial restructure as it looks to stave off bankruptcy.
In May, Technicolor said it was seeking €400 million in new financing after putting its planned rights issue on hold because of the coronavirus pandemic.
Earlier this month, it reached an agreement with its creditors on a plan to safeguard the company, and with shareholder backing,t he company now needs to seek court approval for the restructure.
Following the shareholders meeting, the first wave of the €240 million of new investment will be made available to the company.
Richard Moat, CEO of Technicolor, stated: “This approval of our shareholders and the availability of the first part of the [new investment] are great achievements and key milestones for the implementation of our financial restructuring plan. We thank the shareholders for their decisive support for the future of the company.”
Social streamer Mixer due to shut down
Microsoft-owned social streaming platform Mixer is expected to shut down today.
According to The Verge, Mixer announced it would shut down on 22 July but the platform was still running today.
Microsoft bought Mixer - once seen as a major rival to Amazon-owned Twitch - for an undisclosed fee back in 2016. But on 22 June, Microsoft said it would should the service down, with plans to move existing partners over to Facebook Gaming.
Microsoft said it has struggled to reach the scale needed for Mixer to compete with Twitch, YouTube, and Facebook Gaming which led to its decision to close the platform.
- Read more: Twitch takes aim at TV