TV Broadcasting


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Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 830 television broadcasters in the US operate studios and facilities for the programming and transmission of TV programs to the public. Firms may also produce or transmit programming to affiliated television stations, which broadcast programs to the public. They generate revenue primarily through advertising sales, which include on-air and digital media.

Cyclical and Seasonal Sales

Advertising sales, which are the main source of revenue for television broadcasters, are seasonal and cyclical and driven by political campaigns and major events, such as the Super Bowl.

Competition from Alternative Media

Television broadcasters compete for advertising revenue with a variety of alternative media, including newspapers, magazines, outdoor ads, direct mail, multichannel video programming distributors (MVPD), over-the-top video distributors (OTTD), and online media (Google, Facebook).

Industry size & Structure

The average television broadcaster employs about 80 workers and generates about $87 million annually.

    • The television broadcasting industry consists of about 830 firms that employ about 67,500 workers and generate $74 billion annually.
    • The industry is highly concentrated; the top 20 companies account for about 86% of industry revenue.
    • Large firms include Sinclair Broadcast Group and Nexstar (Tribune Media Group). The major television broadcast networks (ABC, NBC, CBS, Fox, CW) also own and operate local television stations, primarily in major media markets. Major media companies, such as Gannett and Hearst, also own stations that operate as network affiliates.
    • About 1,760 television broadcast stations exist in the US, including almost 400 educational stations, according to the FCC.
                                Industry Forecast
                                TV Broadcasting Industry Growth
                                Source: Vertical IQ and Inforum

                                Recent Developments

                                Nov 8, 2024 - Networks Respond To Decreasing Demand For Linear TV
                                • Networks are responding to the rapidly decreasing value of linear TV with asset value write-downs, according to TheWrap. Paramount Global and Warner Brothers Discovery have taken write-downs totaling $15 billion related to the value of their linear networks and softness in the advertising market this year. Comcast is likely to join them soon in writing down the value of its cable assets, analysts told TheWrap. A spinoff of Comcast’s cable network portfolio, as suggested by company president Mike Cavanagh, could get the cable giant’s most-distressed assets off its books while sparking a new wave of consolidation in the fast-declining linear TV business, according to TheWrap. TheWrap estimates that a spun-off company filled with Comcast cable networks could be worth $23 billion or more.
                                • YouTube is the first streaming service to garner more than 10% of all TV use in the US, according to media audience measurement firm Nielsen. Viewing of YouTube on televisions accounted for 10.4% of all TV usage in July according to Nielsen's Media Distributor Gauge. People aged 17 and under accounted for 30% of all YouTube viewing on TVs for the month and 13%of all TV use regardless of platform — the highest mark for that cohort since a year earlier.
                                • Several local broadcast groups are leading a venture to accelerate the commercial launch of the ATSC 3.0 Framework Authority (A3FA), the driving force behind the RUN3TV platform, according to Comscore. RUN3TV allows broadcasters to integrate essential and advanced features like 'Start Over', viewer content discovery, and advanced emergency alerts across various platforms, while also allowing for the customization of unique services and content. It also enhances broadcasters' ability to gather detailed viewership data, offering insights that help tailor content directly to viewer preferences.
                                • TV broadcasting industry revenue decreased 2.8% year over year and 9.1% quarter over quarter during the second quarter of 2024, according to the US Census Bureau. TV broadcasting industry employment decreased slightly and average wages for nonsupervisory employees increased slightly during the first nine months of 2024, according to the US Bureau of Labor Statistics (BLS). TV broadcasters slightly increased their prices during the first nine months of 2024, according to the BLS. Television broadcasters generate revenue primarily through advertising sales, which include on-air and digital media.
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