Traditional Cable TV providers see huge subscriber losses in recent years
With the average US consumer’s monthly cable TV bill now topping $140 a month not including hi-speed internet costs, more and more households are ditching traditional cable TV for a growing number of on-demand and LIVE TV streaming services. Benefits include lower costs, fewer (or no) commercials, on-demand and LIVE content streaming, just to name a few. Recent reports from the Leichtman Research Group show that nearly nine out of ten U.S. households have one, if not more, internet-connected televisions.
Since 2019 the major Cable TV providers have collectively lost about 6 million subscribers per year through 2022. While many households opt for one or the other, in 2019 43% had both pay cable TV plus at least one streaming service subscription. The pandemic shifted the balance and ‘cord-cutting’ is now clearly on the rise.
As of Q1 2023, the top 3 cable TV ‘replacers’ are Google’s YouTube TV (6.3 million subscribers); Hulu + LIVE TV (4.4 million subscribers); and Sling TV (2.1 million subscribers). A few other players are in the space but based on adoption rates, these top three are clearly preferred by most subscribers. As their content quality and quantity continues to increase and now as LIVE TV options abound, more and more consumers are making the switch to streaming and saving dollars along the way.
For a deeper dive into the numbers, check out this recent report by CompariTech. If you’d like to talk with an expert about your streaming options and how to get there, fill out the form below and we’ll be in touch.