The cable industry has been in a nose-dive for years. Comcast’s Q1 2024 earnings report showed its cable business losing 487,000 subscribers. The cable giant ended 2022 with 16,142,000 subscribers; in January, it had 13,600,000.
Charter, the only US cable company bigger than Comcast, is rapidly losing pay-TV subscribers, too. In its Q1 2024 earnings report, Charter reported losing 405,000 subscribers, including business accounts. It ended 2022 with 15,147,000 subscribers; at the end of March, it had 13,717,000.
And, like Comcast, Charter is looking to streaming bundles to keep its pay-TV business alive and to compete with the likes of YouTube TV and Hulu With Live TV.
It’s a curious time as cable TV providers scramble to be part of an industry created in reaction to business practices that many customers viewed as anti-consumer. Meanwhile, the streaming industry is adopting some of these same practices, like commercials and incessant price hikes, to establish profitability. And some smaller streaming players say it’s nearly impossible to compete as the streaming industry’s top players are taking form and, in some cases, collaborating.
But after decades of discouraging many subscribers with few alternatives, it will be hard for former or current cable customers to view firms like Comcast and Charter as trustworthy competitive streaming providers.
I’m really glad AT&T and Verizon decided to step in and start competing. At least in my area it’s changed everything, Spectrum (formerly the only cable provider) is now offering much more competitive pricing and better service (though AT&T has earned some loyalty because the fiber and symmetric speeds have been really great.
Following the Biden admin pricing transparency regulations I was able to get a better price as well.