- Cable and satellite TV companies had their worst quarter on record in Q1 2020.
- In addition to all of the US households that are cutting the cord, many businesses, such as restaurants, bars, and hotels, are canceling their subscriptions because they aren’t open.
- Furthermore, without live sports, many businesses don’t see the point in paying for TV.
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As streaming video and over-the-top internet TV services continue to flood the market, traditional cable companies have struggled to keep their subscribers from cutting the cord. Subscriptions have been dropping at a steady clip for years now, and despite the fact that the novel coronavirus pandemic is forcing everyone to stay inside, the top cable and satellite TV companies just recorded their sharpest quarterly decline ever.
According to The Wall Street Journal, the biggest companies in the industry lost more than two million subscribers in the first quarter of 2020. AT&T and Dish Network have been hit especially hard, while Comcast and Charter suffered more modest losses. There are a number of factors contributing to this phenomenon, but the lack of live sports has perhaps been the single most influential driving force behind many of the cancellations.
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You won’t believe how many people cut the cord during the coronavirus pandemic originally appeared on BGR.com on Mon, 11 May 2020 at 19:36:30 EDT. Please see our terms for use of feeds.
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