Cord Cutting 2.0 is exploding in popularity as Verizon and T-Mobile added 941,000 5G home internet customers in the 3rd quarter of 2023. That is up from the 890,000 they added in the 2nd quarter 2023.
This all comes as a growing number of Americans not only want to cut the cord on cable TV but also cable internet. This is helping grow a new movement of cord cutting 2.0.
So what is cord cutting 2.0? Cord Cutting 1.0 was cutting the cord on cable TV. Now in 2023, cord cutting 2.0 is about cutting the cord on home internet and getting new options. This move to break 100% free from major cable TV companies not just for TV but the internet also is what many call cord cutting 2.0.
Cable broadband providers like Comcast and Spectrum are facing competition from fiber, fixed wireless access service providers, and more. For the first time ever, many Americans finally have options for home internet, and they are starting to cut the cord.
That’s not the only factor contributing to subscriber losses. Pricing is heavily factored into people’s decisions on whether switching providers is the best option for them, and a growing number of people have decided yes.
AT&T has also launched 5G home internet services to bring home internet options to Americans who have not had options in the past. We have yet to get AT&T’s 3rd quarter 2023 5G home internet numbers.
Verizon added more than 434,000 broadband customers, including 384,000 5G wireless home internet customers. This is great news for Verizon’s hope to grow its home internet service by offering 5G home internet. Over all Verizon saw broadband adds jump 11.8% compared to the same period in 2022.
During the three months of the third quarter of 2023, T-Mobile added 557,000 5G Home Internet customers. That works out to be more than 6,000 new 5G Home Internet customers added every day. That is up from the 509,000 5G Home Internet customers T-Mobile added in the 2nd quarter of 2023.
This comes as Comcast lost 18,000 home internet customers. Unlike Comcast Spectrum does not break out its residential internet customers from its small business customers. Spectrum reported adding 60,000 home and small business internet customers in the 3rd quarter of 2023.
Over the next five years, cable providers will have to deal with a growing number of competitors in a business that was once seen as their safe bet to fight cord cutting. Now internet is on the front line of the next generation of cord cutting as cord cutters look for new ways to save money.