WHAT:
The Subcommittee on Communications and Technology held a hearing today examining the rapidly-changing state of the traditional and digital media marketplace. #SubCommTech members heard from expert witnesses about how trends in consumer habits and innovation have shaped the 21st century media landscape.
WHY:
“It goes without saying that consumers in 2018 have unprecedented access to high-quality media content. From the smartphones in their pockets, Americans can watch hours of TV programming and YouTube videos, stream millions of songs and podcasts, and peruse endless hours of content on social media. New platforms and variety in content have changed the way consumers spend their time and money, and the industry is responding accordingly," Energy and Commerce Committee Chairman Greg Walden (R-OR) said.
WHO:
* Craig Moffett, Founder and Senior Research Analyst, MoffettNathanson Research (Opening Statement )
* Ian Olgeirson, Research Director, Kagan Media Research Group, S&P Global Market Intelligence (Opening Statement )
* Jeff Corwin, Wildlife Biologist and Executive Producer, ABC’s Ocean Treks, Litton Entertainment (Opening Statement )
KEY MOMENTS:
In response to a question from Rep. Gus Bilirakis (R-FL), Mr. Olgeirson spoke to how generational changes in viewing habits impact the marketplace and how traditional media has adapted.
Mr. Moffett discussed the relationship between digital technology’s entrance in the marketplace and competition in the media landscape. “It is very clear that the moves that you’ve seen from companies like AT&T and Comcast have been precisely to respond to the fact that the scale and market power of companies like Google and Facebook are in fact much greater than their own," he told #SubCommTech.
RESOURCES:
The Majority Memorandum, witness testimony, and an archived webcast are available online HERE.
