Research: US pay-TV slump gathers pace
May 18, 2023
Findings from Leichtman Research Group indicate that the largest pay-TV providers in the US – representing about 96 per cent of the market – lost about 2,215,000 net video subscribers in 1Q 2023, compared to a pro forma net loss of about 1,850,000 in 1Q 2022, higher than in any previous quarter.
The top pay-TV providers now account for about 73.7 million subscribers – with the top seven cable companies having about 36.8 million video subscribers, other traditional pay-TV services having 23.4 million subscribers, and the top Internet-delivered (vMVPD) pay-TV services (now including an estimate for YouTube TV) having about 13.5 million subscribers.
Key findings for the quarter include:
- Top cable providers had a net loss of about 1,060,000 video subscribers in 1Q 2023 – compared to a loss of about 825,000 subscribers in 1Q 2022
- Other traditional pay-TV services had a net loss of about 760,000 subscribers in 1Q 2023 – compared to a loss of about 625,000 subscribers in 1Q 2022
- Top vMVPDs had a net loss of about 395,000 subscribers in 1Q 2023 – compared to a loss of about 400,000 subscribers in 1Q 2022
“Pay-TV net losses of about 2.2 million in 1Q 2023 were more than in any previous quarter,” said Bruce Leichtman, president and principal analyst for Leichtman Research Group. “Similar to recent quarters, the record net losses appear to be as much a function of a slowdown in new connects as an increase in disconnects.”
| Pay-TV Providers | Subscribers at end of 1Q 2023 | Net Adds in 1Q 2023 |
| Cable Companies | ||
| Comcast | 15,528,000 | (614,000) |
| Charter | 14,906,000 | (241,000) |
| Altice** | 2,475,800 | (60,500) |
| Breezeline | 300,684 | (8,943) |
| Cable One | 167,000 | (14,500) |
| Other major private companies^ | 3,440,000 | (120,000) |
| Total Top Cable | 36,817,484 | (1,058,943) |
| Other Traditional Services | ||
| DirecTV^ | 12,750,000 | (350,000) |
| DISH TV (DBS) | 7,098,000 | (318,000) |
| Verizon Fios (Telco) | 3,225,000 | (76,000) |
| Frontier (Telco)* | 288,000 | (18,000) |
| Total Top Other Traditional | 23,361,000 | (762,000) |
| Internet-Delivered (vMVPD) | ||
| YouTube TV* | 5,700,000 | 100,000 |
| Hulu + Live TV | 4,400,000 | (100,000) |
| Sling TV | 2,100,000 | (234,000) |
| Fubo | 1,285,000 | (160,000) |
| Total Top vMVPD | 13,485,000 | (394,000) |
| Total Top Providers | 73,663,484 | (2,214,943) |
Sources: The Companies and Leichtman Research Group, Inc.
* LRG estimate
** Altice now includes non-residential subscribers
^ Includes LRG estimates for Cox and Mediacom
^^ LRG estimate, includes DIRECTV, U-verse, and DIRECTV Stream
Company subscriber counts may not solely represent residential households
Top pay-TV providers represent approximately 96 per cent of all subscribers
Net additions reflect pro forma results from system sales and acquisitions, reporting adjustments, and changes to the list of top providers – therefore, comparing totals in this release to prior releases will not produce accurate findings