5 Million US Consumers Expected to Ditch Cable This Year
Ill of shelling out an arm and a leg for cable? Y'all're not lonely.
According to a new study from management consultancy cg42, around 5.4 million US consumers will "cutting the string"—aka ditch their cablevision subscriptions—in 2022, a 685 percent increase compared to 2022. Cablevision companies are expected to lose $v.5 billion in subscription revenue this year because of this growing trend.
Comcast may lose seven.2 percent of its subscriber base of operations, or around 1.5 million customers this year, costing the visitor $ane.half dozen billion in revenue, cg42 found. AT&T/DirecTV is expected to lose 4.8 percentage of its customers, or more ane.1 million subscribers for a potential $one.2 billion striking. Cox could lose 7.9 percent of its subscribers, or around 317,000 people, costing the company $324 million.
The online survey of three,385 The states consumers, conducted this by September, revealed that 52 per centum of millennial paid Television subscribers have thought about cancelling their cable subscriptions in the past year. Meanwhile, 51 percent of Gen Xers and 35 percentage of Boomers have considered it.
High prices are the peak frustration driving this trend. Fifty-six percent of survey respondents said cable providers don't offer competitive or reasonable rates. Other common frustrations include having to pay for channels you don't scout, getting "nickeled and dimed with multiple fees and charges," and the fact that new customers are getting amend deals than existing ones.
"Big paid-Television providers like Comcast, AT&T, and Verizon cause more client service-related frustrations among subscribers, yet deliver more reliable services," cg42 wrote in the report. "Smaller paid-TV providers, such equally Cox and Cablevision, over alphabetize on service quality frustrations, such as 'losing admission to channels because of disputes between cable providers and channels' and 'at that place is likewise much advertising interrupting my viewing.'"
If you're mulling cutting the cord, consider this: 79 percent of cord cutters polled by cg42 said they were happy with their decision and less than 5 percent plan on returning to paid TV in the next year. Moreover, the average cord cutter saves $85 a month.
About Angela Moscaritolo
Source: https://sea.pcmag.com/google-chromecast-audio/28396/5-million-us-consumers-expected-to-ditch-cable-this-year
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