The marketplace forces undermining traditional media conglomerates are being exploited by Netflix and other direct-to-consumer offerings, as more and more television viewers cut the cord on cable and satellite channel bundles, media analyst Rich Greenfield said Monday.
"Advertising overall is growing. TV advertising [is] declining," he told CNBC's "Squawk Box" in an interview. "I think more and more people are watching content not using advertising. So you look at why Netflix has exploded ... I think the lack of advertising is becoming a bigger and bigger problem for traditional media because eyeballs are shifting."
"Netflix is not just trying to replace and be HBO. Netflix is adding content that would be on Discovery. One of their most popular shows last quarter was a documentary called 'Chef's Table,'" going in the kitchens and the minds of six international culinary stars, Greenfield said. "Netflix is growing like a weed."
HBO rival Showtime, owned by CBS, is also going over the top directly to subscribers, in addition to offering its service to customers of satellite and cable, including Comcast, which owns NBCUniversal and CNBC.