Media companies continue to struggle as consumers pivot away from traditional forms of content.

The latest example comes from the BBC, which has announced it will cut over 100 jobs . The U.K.-based broadcaster is attempting to save £500 million ($670 million) over the next two years.

BBC is primarily funded by a licensing fee , a £180 annual payment that provides viewers with all TV channels, streaming services, and more. It’s designed to keep the BBC “free of advertisements and independent of shareholder and political interest” in the U.K.

However, the number of TV licenses sold has shrunk in recent years.

“We need to make every pound work harder for audiences as we respond to the immediate cost pressures and reinvent the BBC for a changing world,” BBC director-general Matt Brittin said in a statement.…