Watch as Archbishop of New York, Cardinal Dolan, as he blesses the animals and performers from this year’s Radio City Christmas Spectacular.
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Traditionally, broadcast news and cable broadcasters have been profitable businesses. In fact, CNN, Fox, and MSNBC are expected to make $3 billion in profits by 2020. But the new free news streaming services want a piece of that pie as well, and they are taking the style and approach of the old cable stations. As a result, they are telling viewers that they can cut their cable subscription and get cable quality news for free.
While traditional news programs have long lived on cable and airwaves, they have experienced a dramatic decline in their audience. In fact, the share of Americans watching cable TV fell from 76 percent in 2015 to just 56 percent by 2021. The Fox News Channel has reported that their audience has shrunk by over $20 per year. And while the number of cable TV subscribers has decreased, the number of streaming subscribers has increased dramatically. More people are choosing to watch online news, including streaming services.
Major news networks have also invested heavily in streaming operations. In addition to CNN, CBS and ABC have launched their own apps. While the new streaming services are still in the developmental stages, major broadcast networks have high hopes for them. For example, Fox’s streaming service Fox Nation has attracted 1.5 million subscribers. Meanwhile, NBC News Now boasts 31 million hours of content each month.
