2022 was not kind to cable TV companies as Comcast and Spectrum lost a combined 2.6 million TV customers in 2022. Now in 2023 that number is growing as Spectrum has already doubled it losses in the 1st quarter of 2023 vs that same period in 2022.
In Comcast’s Q1 of 2023 earnings report released this week, Comcast reported it lost 614,000 video customer losses. That works out to be 6,800 subscribers Every Day.
Comcast saw traditional pay TV customers leave at a far faster rate in in the 1st quarter of 2023 vs the 4th quarter of 2023 when they lost 440,000 video customers. To help offset these losses, Comcast also reported adding 355,000 wireless customers.
Charter Communications, the parent company of Spectrum, has once again lost 241,000 TV customers in the 1st quarter of 2023. The rate of cord cutting is once again speeding up in 2023, as in 2022, Spectrum only lost 112,000 TV customers during the same time. This means that the growth of cord cutting has more than doubled over the last year.
If these numbers continue, these two companies alone could easily lose 3 million TV customers. That would work out to over 8,000 people canceling Comcast and Spectrum every single day in 2023.
Spectrum and Comcast are not the only TV companies losing subscribers. Verizon lost 335,000 Fios TV customers, down about 9.6% from the year before. This works out to be about 3,600 subscribers canceling TV every day for Verizon.
We are also still waiting for other large companies like DISH to report their subscriber numbers for the start of 2023.
Now it seems to be clear that cord cutting is not going to slow down any time soon.
Did you cancel cable TV in 2022? Leave us a comment and let us know.