This week Comcast and Spectrum reported their first quarter 2024 earnings that showed how hard cord cutting is hitting cable TV.
The two largest cable TV companies lost 892,000 TV customers and 137,000 Internet customers in the first three months of 2024. That works out to the two companies losing more than 9,800 TV customers every single day in the first quarter of 2024.
If this trend continues, Spectrum and Comcast will lose more than 3.5 million TV customers in 2024. This is on top of the more than 3 million cable TV customers Comcast and Spectrum lost in 2023.
In Comcast’s first quarter earnings report released this morning, the company reported it lost 487,000 cable TV customers. That works out to over 5,300 subscribers lost every day. In addition, the company lost 65,000 broadband customers for the quarter, a jump over the 34,000 it lost in the fourth quarter of 2023.
Charter Communications, the parent company of Spectrum, reported it lost 405,000 TV customers in the first quarter of 2024. This is on top of the 320,000 TV customers it lost in the fourth quarter of 2023. Spectrum, for the second quarter in a row, lost 72,000 Internet customers.
These numbers are just for the two largest cable TV companies in the first quarter of 2024. Other cable TV companies will be announcing their first quarter 2024 numbers over the coming weeks.
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