It may not surprise you to find out that cord cutting growth is speeding up, but what may surprise you is just how much. According to a report from TVTech, 5.9 million American households canceled cable TV in 2022. This is up from 4.7 million households who cut the cord in 2021.
According to U.S. Census Bureau, the average American household has bout 3.1 people. This would mean about 18.467 million people canceled cable TV in 2022 and became cord cutters.
The growth of cord cutting is expected to speed up in 2023 as inflation, and other economic troubles are expected to push Americans to look for cheaper options. At this rate of growth, we could see cord cutting top 7 million households in 2023, if not more.
This growth is a return to pre-pandemic numbers as cord cutting slowed in 2020 and 2021. During the lockdowns, many were willing to pay more for TV as they had no other entertainment options. However, inflation and a return to a more normal life have made Americans reconsider their TV bills once again.
Cord cuttings growth has long been tied to the economy when times are good fewer people are looking to save money, and cord-cutting slows. When times are bad, the number of Americans willing to try something new to save money grows, and cord cutting explodes. If there is any further downturn in the economy, it could result in explosive cord cutting growth well beyond anything predicted for 2023.