Traditional pay-TV services lose more than 1 million customers
- Growth in online TV packages slows after price increases
The number of Americans paying for TV fell in the third quarter, reversing a slight improvement earlier this year and deepening woes for the industry.
Subscribers to a traditional cable or satellite package declined by more than 1 million between July and September, the worst decline on record, according to research firm Moffett Nathanson.
The only bright spot for the pay-TV industry was the continued growth in online packages like DirecTV Now and YouTube TV — although growth in those packages slowed after price increases.
Executives at both pay-TV providers and network owners have said growth in the online packages would eventually offset the declines elsewhere, a claim that seemed to finally come true in the second quarter. That quarter’s increase now looks more like a blip due to an increase in new homes than a trend.