Paid TV services shed 2.3M customers in the first quarter trends now
Cord cutting in the US has hit an all-time high, with paid subscriptions for live multichannel TV packages dropping another 2.3 million in the first quarter, according to a new report.
Paid TV packages, including cable, satellite, and streaming multichannel services, ended the first quarter with 75.5 million customers, down nearly 7 percent from a year ago, according to a report from SVB MoffettNathanson cited by Variety.
By comparison, Netflix, the largest streaming video-on-demand provider, reported 74.4 million paid streaming across the United States and Canada in the first quarter of 2023.
'We are watching the sun beginning to set' on the paid multichannel TV business, senior analyst Craig Moffett wrote in the report published on Friday.
The report found that total paid TV penetration of occupied US households, including streaming multichannel services, dropped to 58.5 percent, the lowest point since 1992.
Paid TV packages, including cable, satellite, and streaming multichannel services, ended the first quarter with 75.5 million customers, down nearly 7 percent from a year ago
Cord cutting in the US has hit an all-time high, with paid subscriptions for live multichannel TV packages dropping another 2.3 million in the first quarter (stock image)
In the first quarter, cable giant Comcast lost 614,000 subscribers, the most of any television provider.
Meanwhile, Google's YouTube TV streaming package was the only multichannel provider that added customers,
