Over 9 million customers might be dropped by television companies in 2023, as per reports.
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There is an alarming pace of subscriber decline witnessed by television providers. Comcast, Dish, and Spectrum together observed a reduction of 930,241 subscribers in the first quarter of 2023.
This downward pattern is predicted to persist, with estimations indicating that television providers may encounter a loss of over 9.3 million customers this year.
This movement can be credited to different factors, including the growing popularity of IPTV services, accessibility of free streaming applications and streaming websites, the rise of OTA antennas, and more.
Television Companies Losing Millions of Subscribers
Dish TV
By the end of 2022, Dish TV had 7.416 million subscribers, a number that has decreased to 7.10 million, resulting in a net loss of 316,000 subscribers.
This equates to an average loss of 3,473 customers per day, partially attributed to a security breach that halted the addition of new customers for a significant period in Q1.
Spectrum
Spectrum encountered a subscriber decline of 241,000 in the initial quarter of 2023, translating to around 2,648 customers opting out daily and leading to a revenue loss of approximately $4.3 billion for the company.
This reduction is notable compared to the 112,000 customer decrease reported in Q1 of 2022. Furthermore, the company lost 220,000 voice customers who transitioned to mobile-only, deeming landlines obsolete.
Comcast
Comcast also faced substantial losses, with 614,000 video customers canceling their subscriptions, resulting in an average of 6,737 cancellations per day.
This signifies a considerable increase from the 440,000 customers lost in the final quarter of 2022. The company’s revenue dropped by 4.3 percent to just over $29 million in this quarter.
As streaming platforms continue to rise in popularity compared to traditional television agreements, services like Peacock TV have flourished, acquiring an impressive 22 million new customers in the first quarter. This marks a 60% increase compared to last year and has contributed to a noteworthy 45 percent revenue increase, reaching $685 million.
For more information on this trend, refer to the official reports and data from MoffettNathanson.
As we await the outcomes of the second quarter of 2023 for television, we would like to hear from you: Are you still committed to television, or are you prepared to sever ties?
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