House introduces bipartisan bill on AI in banking and housing
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more...Long gone are the days of network TV dominance. First, it was cable that took a bite out of the so-called "big three," meaning NBC, ABC and CBS, and now they have to deal with services like Netflix, Amazon and Hulu, all of which offer their own original content.
There's just so much competition these days and, if we're being honest, the networks have been slow to keep up with the changing times. Finally, they are just now starting to develop digital strategies to compete against their newest rivals.
On Wednesday, ABC announced the launch of a revamped streaming service, which will contain full seasons of 38 “throwback” shows, along with a redesigned user interface that it says "improves discovery and navigation."
Most importantly, it will contain seven original digital short-form series, which will only be available to view on the app. This is content that will never air on ABC's television network.
“Our team has completely reimagined the digital viewing experience for ABC fans,” Karin Gilford, SVP of Digital Media at ABC Television Network, said in a statement. “All of this allows us to expand beyond the bounds of our linear schedule and extend ABC storytelling to viewers across screens and platforms.”
All seven shows that will be available on the app are either comedies, or what ABC calls "lifestyle digital series," which basically is another way of saying reality TV. That includes a show called Boondoogle, which stars Modern Family star Ty Burrell as a fictional version of himself, in a show that sounds kind of like Entourage.
Another is called I Can Find $3,000 In Your Home, starring Linda Lightman, a real person who makes $25 million a year selling stuff on eBay. The show will revolve around her going to go to people's houses and find stuff that they can sell online,
The other titles include comedies All My Gay Friends are Getting Married, Forever 31, and Newborn Moms, along with Get Cookin’, a cooking show from Tastemade, and On The Record, a show where songwriters perform an acoustic version of the song and share the inspiration behind it.
ABC has big plans for its digital-only content going forward, with 40 other shows currently in development. The plan is to roll them out on a monthly basis.
On top of that, ABC is also offering users access to its many of its past series as well, including Sports Night, Ugly Betty, School House Rock, Ellen and My So-Called Life.
Network TV goes digital
Going digital is likely the only way that traditional television networks are going to survive, as young people watch less and less of "traditional TV," meaning sitting down in front of a TV and watching a show as it airs.
Between the first quarter of 2011 and Q1 of 2016, traditional TV viewing among 18-24-year-olds dropped by more than 10 hours per week, or 90 minutes a day. That is a drop of 38 percent in five years.
Meanwhile, video streaming has come to dominate the Internet. A report put out in December found that Real-Time Entertainment, which means streaming video and audio services, now account for over 70 percent of Internet traffic in North America.
Netflix has over 37 percent of all downstream traffic, followed by YouTube, with just under 18 percent. Together, those two services encompass nearly 55 percent of all traffic. After them comes Amazon, which places in a distant third with 3.1 percent, just barely above Hulu, with 2.58 percent.
In the wake of chord cutting, and the rise of streaming, CBS and NBC have both also launched their own streaming services. CBS has also gotten into the digital-only mindset with its new Star Trek series, which will only be available to online subscribers.
There's one important difference with ABC's service: unlike Seeso, the comedy subscription streaming service that is owned by NBC, which costs $3.99 per month, and CBS All Access, which goes for $6 a month, ABC is offering all of this content for free, using an ad-based model instead.
Of course, if someone is a paying subscriber they do get some advantages, including a 24-hour live network stream in select markets, access to exclusive programming events and the most recent episodes of ABC series and news programs the day after they air. The point is, though, that they don't have to be to get access to ABC's content.
There is some danger in ABC using an ad-based model. It could hurt the app going forward, as a survey from IBM, put out last week, shows advertising as the main pain point for streaming subscribers. When asked why they might consider dropping a service, ads were the top answer, with 27 percent.
(Image source: tvguide.com)
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
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