The great TV shift: How streaming is reshaping entertainment

Streaming officially took the lead in U.S. TV viewership in 2022, and there’s no sign of cable making a comeback. As of 2025, just 68.7 million U.S. households still have cable—a steep drop from 83.8 million in 2020, marking a 22% decline in just five years.

The reasons typically sound like: cable is expensive, rigid, and losing ground to streaming’s on-demand convenience and award-winning content libraries. In 2023 alone, over 6 million Americans cut the cord, accelerating a years-long trend. Meanwhile, streaming platforms continue to surge, cementing their place as the future of TV.

With their traditional assets underperforming, major media players are reshaping their business models to stay relevant. In a landmark move back in November 2024, Comcast announced plans to spin off most of its cable networks and selected digital properties into a new publicly traded company, tentatively dubbed “SpinCo.” By separating traditional cable assets from its more agile streaming and broadcast operations (like NBC, Telemundo, and the Peacock streaming service), Comcast is positioning itself to invest more strategically in assets that are profitable.

Even sports broadcasting is feeling the ripple effects of these changes. ESPN and Major League Baseball have mutually agreed to end their long-standing national TV deal after the 2025 season—a clear sign that the shift in viewership habits is penetrating even the most traditional corners of media.

Now, legacy media companies are doubling down on streaming, racing to build platforms that can compete in a world where cable is no longer king.

Streaming isn’t just an alternative to traditional TV—it’s now the go-to choice for professional video content consumption. With on-demand watch options, exclusive original content, and flexible viewing options, streaming platforms are capturing audiences by the millions. Traditional networks, recognizing that this shift isn’t reversible, are either launching their own streaming services or striking partnerships with existing platforms.

Here’s a look at how major players are adapting:

Legacy media companies and their streaming ventures:

While behind the trend, traditional media giants are showing up to compete in an already competitive arena.

Comcast – Peacock (launched in 2020) blends live TV, on-demand content, and a mix of free and subscription-based tiers.
Warner Bros. Discovery – Max (formerly HBO Max) rebranded in 2023, consolidating HBO, Warner Bros., and DC content.
Paramount Global – Paramount+ (formerly CBS All Access) offers movies, sports, news, and exclusive originals and Pluto TV, a dominate free ad-supported TV app (FAST), was acquired in 2019.
Disney – Disney+, Hulu, and ESPN+ together cover everything from blockbuster films to live sports.
Sony – After merging with Funimation, Crunchyroll now dominates the anime streaming market.
Fox Corporation – Tubi, the most popular FAST platform acquired in 2020, attracts younger, digitally native audiences.
MGM (via Amazon) – Amazon Prime Video strengthened its catalog with MGM’s film and TV assets.
Lionsgate – Starz Play offers premium originals alongside a deep movie and TV library.
Discovery – Discovery+ (launched in 2020) leans into unscripted and lifestyle content from HGTV, TLC, and more.
A&E Networks – Niche platforms like Lifetime Movie Club and History Vault serve loyal audiences.

Streaming-first titans:

The household names that got their start without the help of legacy media companies.

Netflix – What started as a DVD rental service is now a global powerhouse in original content and on-demand streaming.
Amazon Prime Video – Evolved from Amazon Unbox into a full-fledged streaming service with deep integrations into the Amazon ecosystem.
Apple TV+ – Launched in 2019, Apple’s platform focuses on high-quality, exclusive originals.
YouTube (Google) – YouTube, YouTube Premium, and YouTube TV offer everything from user-generated content to live TV.
The Roku Channel – Once just a streaming device, Roku now curates its own free, ad-supported channel with exclusive programming.

Legacy media companies are facing a stark reality: traditional TV isn’t bouncing back. With viewership shifting and competition intensifying, innovation is no longer optional. The future likely includes more consolidation, divestment of traditional TV assets, and an even stronger push into streaming.

The takeaway? Traditional TV as we once knew it is fading, but its biggest players aren’t going quietly. They’re adapting, evolving, and positioning themselves to meet U.S. audiences where they are—on streaming platforms. Because at the end of the day, it’s the viewers who shape the future of TV.

Streaming is now the default—and that means advertising has to evolve, too. Consumers are spread across dozens of platforms and devices, watching what they want, when they want. Reaching them takes more than a traditional media buy. It takes precision, smart data, and partnerships built for a fragmented landscape.

EMG makes it easy for automotive advertisers to show up where it matters. With curated audience data, household graph tech for cross-channel attribution, and direct access to hundreds of top streaming apps, we take the complexity out of CTV—so your ads actually reach car buyers ready to purchase.