The trend of cord-cutting is showing no signs of slowing down. From this, cable TV providers are taking a big hit.
According to Cordcuttersnews, Comcast lost more than 6,800 TV customers every day during the first quarter of 2023. In its recent earnings report this week, Comcast confirmed that it lost 614,000 video customers during that period.
On the other hand, Charter Communications, the parent company of Spectrum, has once again lost 241,000 TV customers in the 1st quarter of 2023.
The numbers are in, and they’re not looking good for cable TV providers. Compared to the same period last year, the losses have doubled.
To offset the decline in TV customers, both Comcast and Spectrum are shifting their focus to adding wireless customers. In fact, Comcast added 355,000 wireless customers in the first quarter of 2023 alone.
But I’m waiting to see whether this strategy will be enough to make up for the losses in the TV market.
It’s not just Comcast and Spectrum that are feeling the impact of cord-cutting, either. Verizon has also seen a decline in Fios TV customers. They lost 335,000 customers, down about 9.6% from the year before. This works out to be about 3,600 subscribers canceling TV every day for Verizon.
If the trend of cord-cutting continues, the number of customers canceling cable TV services for Comcast and Spectrum could exceed 3 million in 2023.
It remains to be seen how the cable TV industry will adapt to this changing landscape. With more and more consumers choosing to cut the cord, providers will need to find new ways to attract customers and retain their existing customer base.
Did you cancel your cable TV service in 2022? Share your experience in the comments below.