Cable TV Providers Lost Almost 6 Million Subscribers in 2022
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Cable TV providers lost a total of almost six million subscribers in 2022.
The cable TV industry is projected to continue its decline throughout this year as more consumers opt for live TV (IPTV) services, according to a report from eMarketer.
The report predicts that by the end of 2023, the number of U.S. households that subscribe to traditional pay-TV services will drop to 72.7 million, down from 77.6 million in 2021.
The report also predicts that the number of cord-cutters, or households that have canceled their traditional pay-TV service, reached 50.2 million by the end of 2022.
Examples of cable TV providers that experienced huge losses include the following:
- Comcast: -2,000,000 subscribers
- DirecTV: -1,500,000 subscribers
- Charter: -686,000 subscribers
- Cox: -340,000 subscribers
This trend is largely driven by the increasing popularity of live TV services, streaming websites, and free streaming applications which offer a wider range of content and greater flexibility in terms of when and where users can watch.
According to eMarketer, the number of U.S. households that subscribe to at least one streaming service is expected to reach 200 million by the end of 2022, up from 169 million in 2021.
This shift away from traditional pay-TV services is also reflected in the declining revenues of cable companies.
The report predicts that the U.S. cable TV industry will see a 9.2% decline in revenues in 2022, with losses totaling $15.96 billion.
Despite these challenges, some cable companies are adapting by offering their own streaming services or partnering with existing streaming services.
For example, Comcast’s Peacock streaming service and AT&T’s HBO Max have gained significant traction in the market.
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Comcast CFO Jason Armstrong stated the following to investors at a conference on February 27:
“It’s a costly pivot, and we’re right in the middle right now.”
Disney CEO Bob Iger also noted the following during the company’s 2023 Q1 earnings call:
“The streaming business, which I believe is the future and has been growing, is not delivering the kind of profitability or bottom-line results that the linear business delivered for us over all over a few decades. And so we’re in a very interesting transition period, but one I think is inevitably heading towards streaming.”
Overall, the cable TV industry will continue to face significant challenges in the coming year as streaming services become increasingly dominant.
You can refer to the official report below for more information.
The Hollywood Reporter – Press Release
Refer to the video below for more information on transitioning from cable to cord-cutting.
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In conclusion, the end-user is responsible for all content accessed through free IPTV apps and paid services.
See our detailed guide below for more information on the legality of IPTV and everything you need to know before streaming.
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