Cable companies are still there in the game as they continue rolling out better deals and packages in the market. Check if you still need to pay for cable TV. With the rise of streaming services, cable TV does seem to be struggling. More and more subscribers continue to cut the cord and switch to any of their favorite streaming services. No wonder cutting the cord seems to be one of the hottest trends these days. Viewers are more interested in getting more content and better features for the price they pay. Cable TV is not dead and some people are happy than ever with their Spectrum channel line up or Cox customization features that work perfectly to fulfill their entertainment needs.
Do People Still Pay For Cable TV In 2020?
Those who are still reluctant to adopt newer technology prefer cable TV services as their source of entertainment and news. Having a closer look at the cable TV subscriber statistics will help us to understand more about the changing trends:
Interesting Cable TV Subscriber Statistics 2020
There has been a considerable decrease of as much as 30% of the paid TV subscriptions. Most of the people now preferably subscribe to any of their favorite streaming services. Studies in a comparative analysis have found that as much as 60% of people are using streaming services. The reason that we see more people streaming through internet TV services is the fact that they do not have to bear annoying ad breaks while watching their favorite content.
No wonder that the live streaming services are estimated to worth more than $70 billion by next year. The war for being the best streaming service among them continues. The one that wins will be the one with the biggest share of this massive amount as it will end up making more money.
The Dropping Cable TV share in the Market
Currently, the cable TV market share has dropped to around 50%. Globally, cable TV remains to be the main entertainment source but with the rising cord-cutting trend. Internet-connected TV services will likely be dominating the market as people keep switching the online streaming services.
Subscribers Claim Streaming Services Are More Entertaining than Cable TV
US residents usually agree to the fact that online streaming services are more entertaining and fulfilling as compared to cable TV services. This could be the result of accessibility to greater video content and the greater convenience where you can watch all your favorite TV shows or movies anytime you want. Also, you do not have to wait for the next episode to be on air since you have all the content available to binge-watch whenever and wherever you want.
Is it going to Become Obsolete?
Well, it is true to say that cord-cutting has taken a toll on the cable TV subscriptions. Most Americans want to watch local news or weather updates. But that is also available with an antenna free of cost and with the streaming services offering their massive online libraries at more pocket-friendly prices, the traditional needs to pay for cable TV might become obsolete in the near future if they do not push more to gain the interest of the viewers and make them happy.
It is a fact that services lost around a million subscribers. This is the reason more and more cable companies rolled out attractive bundle offers in the market to stay more competitive. Big names like Comcast, Charter, or DirecTV losing a significant number of subscribers last year has been an eye-opener and these major companies made quite a come back with attractive packages and bundle offers to attract consumers.
The Bottom Line
As suggested by the aforementioned discussion about pay for cable TV, though we do see people still intact to their cable TV plans. As a result, enjoying what they are paying for with the advent of newer, cheaper. So, with more convenient online streaming services, the cord-cutting trend might not halt and continue to increase. The cable companies are trying hard to combat the competition by coming up with more budget-friendly cable TV packages.
Vast channel line up and additional features. The bundle offers have a good impact on the businesses of cable companies. But the competition imposed by the popular streaming services may result in a further drop in cable TV subscriptions. The cable industry might need to revamp itself to survive this challenge.