Cord cutting is continuing to see growth in 2023 and now we know how hard it has hit Comcast.
Comcast lost 2,036,000 cable TV customers in 2023. The company also lost 38,676 Internet subscribers in 2023. Comcast started the year by adding more than 32,000 new Internet subscribers but lost subscribers the remaining three quarters of 2023.
These numbers are like the over 2 million TV customers Comcast lost in 2022 and up from the 1.66 million Comcast lost in 2021.
This is double bad news for Comcast. For years many had predicted the decline of TV subscribers would also see the rise in Internet customers. Instead, we have now seen Internet subscribers drop for Comcast as 5G Home Internet, fiber, and other options start to hit Comcast.
Cord cutting and, now cord cutting 2.0, have both hit Comcast hard. With cord cutting 2.0, Americans are not just canceling cable TV but also cable Internet to completely break free from cable TV companies.
Like the early days of cord cutting, Americans finally have other home Internet options. 5G Home Internet has been some of the largest growing, but other new Internet options, including satellite and new fiber Internet options, have also hurt Comcast.
Right now, Comcast seems to be hoping that new faster Internet options will help keep Internet customers from going to less expensive but slower services.
What will happen in 2024? With the cost of Comcast’s cable TV already going up in 2024, it raises the question of what will happen with its remaining TV customers.
Comcast was the first major cable TV company to report its earnings but others including Spectrum are coming soon.