Cord-cutting shows no signs of slowing, with struggling cable TV companies losing another 1.62 million members in the second quarter of 2024.
This reduction comes ahead of the recent public disagreement between DIRECTV and Disney, which highlights the pay-TV industry’s issues. The overall number of pay-TV subscribers has already dropped to just 68.76 million, and this figure is anticipated to fall further.
For years, industry insiders believed that live TV streaming services such as YouTube TV, Fubo, and Hulu + Live TV would counterbalance the decline in traditional cable subscriptions. However, MoffettNathanson reports that these services attracted only 49,000 members in the second quarter.
READ MORE: Cable TV Now Accounts For Just 26.7% Of Total TV Viewing
Pay-TV services, which include both cable TV and streaming, have lost a startling 5.07 million members over the last year, going from 73.83 million in the second quarter of 2023 to the current 68.76 million.
This shift away from traditional pay-TV is being driven by an increased preference for on-demand services such as Disney+, Max, and Netflix. This pattern raises severe worries about the future of cable television networks. As viewership declines, so does their ability to collect high advertising rates and carriage fees, despite rising operational costs. The industry is at a critical point, with enormous challenges ahead.
Radiant TV, offering to elevate your entertainment game! Movies, TV series, exclusive interviews, music, and more—download now on various devices, including iPhones, Androids, smart TVs, Apple TV, Fire Stick, and more.
