The thinking goes that you can replace the transmission technology by writing some software running over the internet - Netflix, Stan, etc. To a large degree, we've seen that shift. Fewer eyeballs watching FTA these days.
But that's slowing significantly. And FTA channels are using their content to build their BVOD offering (which I believe to be superior to the Netflix model - mostly because it's 'free' [forgetting that the viewer is the product])
So whilst the remaining viewers of FTA fall off slowly (die off), BVOD will build up. I fully expect that FTA will remain relevant for far longer than anyone realises, with minimal competition (mostly because an existential threat is a deterrent to new capital).
It's a similar situation playing out in cable TV as far as I can tell.
SWM Price at posting:
45.3¢ Sentiment: Buy Disclosure: Held
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