It is no news to anyone that digital cable and satellite were huge in the 80s and 90s. They have been the most common sources of entertainment and news around the world. However, in the modern age with all the technological advancements especially with on-demand online streaming services increasingly becoming popular. These have been challenging years for Cable TV and many consumers especially the millennials prefer to have their services on the go any time. This means that many of them have chosen to unsubscribe from Cable TV. One of the biggest perks of Cable TV is that they provide internet services as well which leads to bundled subscription that provide the best of both worlds.
So, even with the changes and challenges, Cable TV is still alive and kicking with millions of satisfied customers and growing. Let’s take a look at some incredible statistics of Cable TV in 2019;
1. Nearly 44 Percent of US Households Subscribe to Cable Service in 2019.
You may be thinking of or expecting a higher percentage but this amounts to around 143.9 million households with cable service. A huge majority of people still watch traditional television including live broadcasts of their favorite shows, local news, traffic and weather channels. Some of these channels may also be free of charge with an antenna. For those who think that cable TV is dying, there are currently 1775 television stations, 660 operators and 5200 cable systems reaching over 90 percent of the entire population. Many stats indicate that there was nearly a 34 percent increase in cord cutting rise in 2018 especially after the immense success of Netflix and Hulu among other streaming services like Amazon prime and Disney+ on its way.
2. Around 85 Percent of Americans Bundle Cable TV with Internet
With the rise of millennials and digital natives due to technological advancements and changing trends, online streaming services and devices on the go are more preferred. Older people like to keep things simpler and familiar as they have been accustomed to do so. Another stat indicates that around 60 percent of American adults have at least one person at home with a Netflix subscription and since Cable internet offers much better speeds, nearly 40 percent of all internet users in the US have switched to it. In 2019, nearly 60 percent of Cable TV customers keep their subscription because it is bundled with Internet which gives access to the streaming services they subscribe to.
3. Program and Advertising Revenue on the Rise
Cable TV has a number of revenue streams including advertising from different industries, programs, sports events and air time. From advertising and program revenue, the cable industry generates over $50 million annually. Additionally, sport events and ads during breaks generate an additional average of $25 million. Overall, according to Statista, the cable industry is estimated to be worth $81 billion as of 2016, however, this number has only increased since then even with the minimal decline due to streaming services.
4. Broad Range of Channels
Cable companies in the US provide tons of paid channels and bring them all together in the form of affordable bundles. This offers convenient options to customers with different lists of channels under different categories and prices. So, the cable industry is evolving the same way streaming services did in their earlier days. Providers across the US are still expanding their services so there are potentially around 200 million prospects from them to cater to. The industry is reinventing itself to thrive and it is not all doom as of yet.
That being said, the industry will have to reinvent itself to survive. The brave new world of online streaming is just around the corner – especially in the US.
