Cable Companies are likely to lose over 9 million subscribers in 2023.
Cable television companies are losing subscribers at an alarming rate. In the first quarter of 2023, Comcast, Dish, and Spectrum lost a combined 930,241 subscribers.
This trend is expected to continue, with reports predicting that cable TV providers could lose over 9.3 million subscribers in 2023.
Cable Companies Losing Millions of Subscribers
DISH TV, which had 7.416 million subscribers at the end of 2022, now reports a reduced figure of 7.10 million, marking a net loss of 316,000 subscribers.
This is an average loss of 3,473 customers daily, partially attributed to a security breach that halted the addition of new customers for a significant period in Q1.
Spectrum experienced a loss of 241,000 subscribers in the initial quarter of 2023, which means approximately 2,648 subscribers opted out daily, costing the company about $4.3 billion in revenue.
This loss is substantial compared to the 112,000 customer decrease reported in Q1 of 2022. The company also lost 220,000 voice customers who found landlines obsolete and switched to mobile-only.
Comcast, too, endured substantial losses, with 614,000 video customers discontinuing their services, averaging to 6,737 cancellations daily.
This represents a substantial increase from the 440,000 customers who left during the final quarter of 2022. The company’s revenue fell by 4.3 percent to just over $29 million this quarter.
As the appeal of streaming platforms over traditional cable contracts grows, services like Peacock TV are thriving, with an impressive gain of 22 million new subscribers in this first quarter. That’s a 60% increase from last year, driving up their revenue by a remarkable 45 percent to $685 million.
For more information on this trend, you can refer to the official reports and data from MoffettNathanson.
As we anticipate the second quarter of 2023’s outcomes for cable television, we’d love to know: Are you still committed to cable, or are you ready to sever ties?
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