This week the two largest cable TV companies reported their earnings, giving us an idea of how fast cord cutting is growing. According to the most recent numbers, both Comcast and Spectrum have lost over 2.4 million cable TV companies so far in 2023.
If this trend continues, the two largest cable TV companies could easily lose over 3 million cable TV customers before the end of 2023. With major TV providers still to report 3rd quarter 2023 earnings including DISH, the number of new cord cutters could skyrocket.
According to the Leichtman Research Group in 2022 all Major Pay-TV providers lost about 5.9 million subscribers. With just Comcast and Spectrum possibly losing 3 million on their own that number may go up in 2023.
In Comcast’s 3rd quarter earnings report released this morning, the company reported it lost 490,000 video customer losses. That works out to almost 5,300 Subscribers Every Day. The company lost 18,000 broadband customers for the quarter. Comcast now has 32 million total broadband customers. Revenue from domestic broadband was up 3.8% to $6.4 billion in the 3rd quarter.
Spectrum, has once again lost 320,000 TV customers in the 3rd quarter of 2023. Spectrum also reported that they lost over 288,000 voice customers as many Americans turned away from traditional phone lines and TV services. Spectrum did add 63,000 internet customers during that time for both residential and business customers. That represents the largest-ever drop in TV customers in a single quarter for Spectrum.
Cable TV companies are still working hard on ways to keep as many cable subscribers as they can. The question now is how successful they will be.