— Rich Greenfield (@RichBTIG) November 7, 2018
Let that sink in. Over one million (now former) subscribers ditched their cable in a three month period.
This is not an anomaly, as each quarter for at least the past three years has seen quarterly falloff of cable and satellite customers.
In 2016, there were an estimated 99 million pay TV subscribers in the United States, with each year seeing a big decline, with estimates expecting this number to keep dropping.
While it used to be fairly simple in that a consumer several years ago would cancel their subscription and simply sign up for Netflix, the number of streaming services is on a rapid rise as well, which analysts believe has accelerated the cancellation of cable.
Now, outside of just Netflix’s healthy growth, services like Hulu and Amazon Prime are seeing a big jump in subscriber numbers as well. Adding to this, the concept of live TV through streaming services seems to be getting more popular, with Hulu Live, Fubo, Playstation Vue, Sling, and a growing list of others, all offering skinny bundles for less than half the cost of a cable package.
This isn’t a fad, the number of pay TV subscribers is going to continue to go down, and we’ll see you in three months, when we’re reporting another big drop.