Are you still thinking cable TV may be cheaper than cord cutting? A new look at the true cost of cable TV from Mntn Research puts a lie to those claims.
According to the report, the average cable TV bill just for TV is now $147. The worst part of it is they report that 92% of the channels in these packages are never watched by the subscribers. In total, every year cable TV subscribers are now paying $1,764 per year for TV.
According to Demandsage, the annual median income in the United States in 2023 is $56,940. That means cable TV just for TV costs the average American just over 3% of their yearly income.
With live TV cord cutting service ranging in price from $6.99 for Frndly TV to $74.99 a month for DIRECTV STREAM and Fubo, you can see why millions of Americans are canceling cable TV every year.
“Over half of all customers polled—62%— think they’re wasting money on their monthly TV bill. Further, 45% say they’d cancel their subscription altogether if their cable wasn’t attached to the internet provider—a sign that cable’s strategy to bundle services together and keep people subscribed is causing people to feel “locked in” rather than elect to pay for cable TV. As the monthly bills—and frustrations—grow, these consumers will likely start looking for alternatives, including ISPs that don’t force cable TV packages.” Mntn Research said in a statement on their website.
Recently cable Tv companies have used internet bundled with TV to try and keep cable TV subscribers. Now though, with new options on the market like T-Mobile and Verizon 5G internet, many subscribers are now finally cutting the cord.
In the 1st quarter of 2023, every cable TV company lost subscribers. The only live TV streaming service to add subscribers was YouTube TV.
The question now is, with prices going up, if you are not a sports fan, will Americans continue to pay for expensive live TV services? Or will Americans switch to cheaper on-demand streaming services? Recent subscriber numbers seep to suggest they will be switching to cheaper on-demand services.