New figures from MoffettNathanson show pay-TV continued to lose customers in the second quarter of 2024.
The equity research firm says the sector lost 1.629 million subscribers in Q2, on the heels of a quarter that saw an all-time high when it comes to cutting the cord. The Q2 result marked only a small improvement vs. the 1.732 million lost in the year-earlier period.
The U.S. cable industry led the way in losses with 1.03 million. The total pay-TV industry, according to MoffettNathanson, finished Q2 with 68.76 million subscribers. That’s a nearly 7% decline from 73.83 million last year. But leave virtual multichannel video programming distributors (vMVPDs) out of the picture and that rate of decline surges to 12.6% on a year-over-year basis.
“This marks the tenth consecutive quarter of double-digit declines,” analyst Craig Moffett wrote. “It is becoming increasingly clear that there is no longer any floor.”
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