'Concerned' About Traditional Media Companies, 'Continue To Like' Netflix Says BTIG

The advertising dollars flowing to internet seems to be taking a major toll on traditional media companies whose mainstay is advertising revenue. BTIG analyst, Rich Greenfield, was on CNBC Monday to discuss how the decline in TV advertising and emergence of new services like Netflix, Inc. NFLX is impacting media companies as a whole.

TV Advertising Is Struggling

"Look, I think, we have gotten increasingly concerned about the whole group," Greenfield began. "What we are seeing right now is that advertising is really struggling. This is really the first time ever that the economy has been good for a long time...advertising overall is growing, TV advertising - declining. So, TV advertising which [is] really lifeblood across this whole group is now in decline and really struggling as consumers move to other devices."

Netflix + Mobile + Cord Cutting

Greenfield highlighted how lack of advertising on other platforms and no big presence on mobile is adding to the woes of traditional media companies, saying, "I think, more and more people are watching content not using advertising and so when you look at why Netflix has exploded and that's the stock we have liked and continue to like, I think, lack of advertising is becoming a bigger and bigger problem for traditional media because eyeballs are shifting and you think about your mobile devices...there are no major media companies that have any substantial presence on mobile."

"So, despite the fact that mobile is kind of eating the world every single day in terms of our time and attention, big media nowhere in terms of mobile penetration, in terms of their apps, the time spent. And then think about the bundle, everyday you are meeting more and more people who are giving up on the bundle," Greenfield concluded.