Xia Chen’an, director of China Internet Video Reach Center and former director of Zhejiang TV. [Photo/Xinhua]

Apart from an increasing flow of talent away from traditional TV, the industry is facing a constant decline.

According to statistics, the average viewing rate of television in the US has fallen by 50 percent since 2002. In China, annual average time spent watching TV dropped from 179 minutes in 2003 to 165 minutes in 2013.

Notable is that time spent viewing TV by those aged above 60 has climbed, which means television is losing its young audience.

Another headache for the industry is the shrinking advertising market, which is threatening the survival of many local stations.

"The decline of TV advertisements initially appeared last year while ads on new media increased by 30 percent. Advertisers are increasingly turning to the Internet which generates a pressure on the TV industry," said Peng Kan, director of research and consulting service of Legend Media.