2023 has been a year of solid growth for cord cutting. So far, Spectrum has seen its cable TV subscriber numbers drop by over 441,000 in the first half of 2023.
This comes as Spectrum lost 241,000 subscribers in the 1st quarter of 2023 and 200,000 subscribers in the 2nd quarter of 2023. Traditionally 1st, quarter numbers are often larger than send quarter as Americans look to save money with the new year.
Spectrum is not alone in losing subscribers, but it seems to be one of the hardest hit. During the same period, Comcast lost 1.15 million subscribers, DISH lost 515,000, and DIRECTV reportedly lost 750,000. (Note DIRECTV numbers are not official but reported by the Leichtman Research Group.)
So far, YouTube TV is reportedly the only live TV service to add subscribers in 2023. It is also being reported that YouTube TV is now larger than many cable TV companies. Sadly Google does not release official numbers, but according to LightShed Partners, it now has 6.6 million subscribers. This makes Google the 5th largest live TV provider in the United States, and it may soon be the 4th largest.
According to a report by LightShed Partners, YouTube TV is expected to add 2 to 3 million new subscribers thanks to the addition of the NFL Sunday Ticket. This would make YouTube TV the 4th largest live TV provider in the united states, just behind DIRECTV, Spectrum, and Comcast.
To help offset slow internet growth and declining TV subscribers, Spectrum did add 648,000 wireless customers in the 2nd quarter of 2023. Spectrum did see revenues up 0.5% to $13.659 billion. Internet revenue grew by 3.1% year-over-year thanks to new customers and “rate adjustments,” as Spectrum says.
“We are growing our business by providing differentiated and valuable products, and high-quality service to our customers,” said Chris Winfrey, President and CEO of Charter. “We are also executing well on our evolution and expansion initiatives, and these strategic investments will lead to further customer and financial growth, creating long-term value for Charter shareholders.”
If these numbers continue Spectrum is on track to lose over 800,000 subscribers in 2023.