The balance of power in pay television is shifting. In one corner, we have Netflix. In the other corer, we have everyone else.
According to a new report from PricewaterhouseCoopers, the number of Americans who subscribe to cable TV is now on par with the number who subscribe to Netflix, and it’s only a matter of time before Reed Hastings and company pull ahead of the pack. Based on a survey of 2,000 consumers, PwC found that 73% subscribe to a traditional pay-TV service, down from 76% in 2016 and 79% in 2015. Meanwhile, the percentage who said they subscribe to Netflix is also at 73%–putting it dead even with cable.
The number of people who stream TV content from the internet is growing across age groups, but especially with people 50-59 years old, where 63% said they stream TV content versus just 48% last year. The number is not exactly surprising seeing how Netflix has been producing more content to rope in older audiences. Last week, Nielsen reported that more than half of viewers for the British historical drama The Crown are over 50.