The future of cord cutting and cable TV has always been something hotly debated, with both sides dedicated to showing that their side will be the final winner in the battle for your entertainment dollar.
Now a new study from Clearleap, a digital-video tech firm, shows that cord cutters are likely the ones to win out in the end.
One of the biggest findings is that 71% of all adult US consumers currently subscribe to at least one streaming service. Other studies have shown that the more services people subscribe to, the more likely they are to become cord cutters. Having 71% of adult US consumers already subscribing to a service, such as Netflix, is like having a salemans foot in your door.
The other scary statistic for cable companies is the fact that 26% of millennials ages 1829 have never had a pay-TV provider. Only 64% of millennials have a paid TV subscription vs. 79% of total Americans.
According to this survey, almost half of consumers say the max they are willing to pay for subscription video services is $10 to $25 something that should scare cable companies who now average over $100 a month.
A lot of this growth has come from the increase in the number of streaming services out there. As pointed out by David Mowery, the vice president of product management at Clearleap, A number of services have spun up in the last 12 months, and it’s really taken off, he said. Its not an option for content companies anymore. They must go direct to consumers to stay relevant.
Although the future of cord cutting is very bright, we are still far from there yet. With many new services on the way and over 90 million people still paying for cable TV it will be some time before we see the final shape of what cord cutting will look like 10 years from now.
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