A retrospective look at ViacomCBS's billion dollar jukebox
Forty years ago today, a lowly cable network called MTV introduced the world to the concept of music television with the matter-of-fact opening line, "Ladies and gentlemen, rock and roll.” On August 1, 1981, when cable television was still in its adolescence, MTV famously unleashed a pop culture revolution with the prescient song, “Video Killed The Radio Star,” by the British synth-pop band the Buggles.
music companies learned that airing videos sold records and began funneling free copies to MTV’s offices in Fort Lee, New Jersey, while lobbying the network for more air time. By the time it airedIn 1984, the year after “Thriller” debuted, MTV was reaching 25.4 million households and had doubled its revenue to $109.5 million. A year later Viacom bought the network and by 1992, MTV had quadrupled its revenue and its reach across the U.S.
In the five years leading up to 2016, with the network in its third decade, ratings plummeted nearly 50% in its core 18-49 demographic, according to Nielsen, and the network's operating revenue fell more than 17% to $1.15 billion, according to S&P Global Market Intelligence data.
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