TV's golden era ends in America: 40% audience decline, entertainment companies in debt

The golden age of television in America seems to be coming to an end. Compared to 2019, about 40% of the viewers have stopped watching TV. Big companies like YouTube-Facebook have also stopped their TV projects. Most serial-making companies are in debt. Orders for more than 350 new TV shows placed earlier this year have been cancelled.
According to the report of America's renowned research firm Ampere Analysis, the viewership decreased by 24% in the first 6 months of this year as compared to last year. Netflix viewership has also declined for the first time in a decade. Shares of entertainment companies have fallen.
Fred Black, research manager at Ampere, says companies have tried to make up for losses in their cable business through streaming, but haven't had much success. A company like Disney itself suffered a loss of Rs 12.5 thousand crores from its streaming division. The company fired CEO Bob Chapek. Now companies like Google, Apple, Amazon and ESPN want to stream NFL games.
Entertainment companies have also reduced advertising rates. All the companies have fired the employees. Also cutting down on other expenses. Jay Carson, the producer of the Apple TV + series, says – I have many projects right now, but the entertainment market is suddenly ending.
Robert Greenblatt, former chairman of NBC Entertainment and Warner Media, says, 4-5 years ago TV was at its peak. Programs were ordered over the phone. Only 3 big companies including Warner Bros Discovery, and Paramount have reduced orders for TV programs by 22-27%. Now people are disenchanted with scripted serials.
TV viewers are decreasing not only in America but also in India. According to the report of Statista, before Corona, there was about 1.60 lakh crore Average Minute Audience (AMA) in 2018. 1.61 lakh crore AMA in 2019, 1.73 lakh crore in 2020, while in 2021 around 1.59 lakh crore AMA remains. The reason for the increased viewership in 2020 was the lockdown.